Do you want more information about the loan with guarantee updated? You’ve come to the right place!
We have created a complete guide: read it all the way down and if you have any questions, ask with a comment and I will answer you in the day!
So let’s try to understand what the loan with guarantee , what are the main guarantees that will be required, how much they cost and how to get the best out of your next loan!
Loan with a pay check guarantee
Let’s start by remembering that the main form of ” guarantee ” for the bank will be represented by the paycheck , the pension or, in any case, by the “income” that you can insure.
The loan is in fact granted not so much on the basis of “ancillary” guarantees (which, as we will see shortly, can still be very useful to speed up the obtaining of a loan), but on your creditworthiness , or on your predictable ability to repay correctly the debt due to the fact that – working or receiving the pension – you can guarantee the monthly income sufficient to pay the installments .
Therefore, if you have a job or a pension , this is the main guarantee .
Loans with alternative guarantees
If however your salary / pension is not present or it is not sufficient to assure the bank that you will be able to pay the installments correctly, it is very likely that the creditor can ask you for a guarantee alternative to the income, or supplementary that income. What are they? Let’s see in detail the main possibilities!
Loan with guarantor guarantee
If your creditworthiness is not really strong, the bank could ask you in the first instance to find someone who can guarantee for you: the guarantor (for example, a parent, a friend, and so on), will become responsible for repaying the debt in the in which case you can no longer pay the installments correctly.
However understandable, the guarantor that you present will have to be a person positively known by the bank or, at the very least, a person who has sufficient income to be able – possibly – to intervene in your position in the payment of the debt.
The guarantee of the guarantor does not usually have specific costs, but provides only the moral and financial commitment on the part of the person who will guarantee for you.
It may happen that you do not have a job but, on the other hand, have a securities deposit with shares, bonds, mutual funds and other financial instruments.
In this case, the bank may propose to grant you a loan by securing the deposit of securities for an amount that covers all or part of the loan disbursed.
Also in this case it is a guarantee free of “live” costs: you must however take into consideration that the financial instruments that you will bind in favor of the bank and the regular repayment of the debt will not be available until the loan is extinguished or until the bank will not let you use it.
Loan with guarantee of a property
Another form of guarantee is that of a mortgage. As you probably already know, this is a “real” type of guarantee, to be applied to an immovable property of which you own the property.
Generally reserved only for very large loans, the mortgage guarantee has a variable cost (depending on the parcel of the notary) and is very well seen by the banks, considering that it is a “strong” guarantee, especially if it is first level (ie , there are no other lenders who can claim mortgage rights on the same asset).
Loan with youth guarantee
If you are young and you are thinking of requesting funding to be able to cultivate your dreams of study or business, try to understand if your bank participates in one of the many initiatives that at national, regional, or municipal level, are carried out in order to provide of honor loans .
These are loans that are granted not so much on the basis of the creditworthiness of which we have spoken several times in the last few lines, but of the “moral” or “economic” merit behind it.
Usually these loans have a guarantee from the State, the region or the municipality that promotes the financing , and will allow you to have a sum of money sufficient to be able to fulfill your wishes, to be returned calmly, even at a distance of years.
Loan with TFR guarantee
A loan form with a very common guarantee in the Italian credit market is the loan with the transfer of the fifth .
This is a very easy financing line to get if you are a pensioner or a salaried employee: the bank will bind a fifth of your salary or pension , and will hold the installment of the debt directly into your paycheck (or pension).
The economic conditions of these loans are quite advantageous, and it is now possible to obtain them in a short time, thanks to completely computerized procedures (first it was necessary to go to the employer or to INPS to ask for “transferable quotas” manually, which allowed the bank to carry out its assessment of merit).
Also take into consideration that these loans are obligatorily accompanied by some forms of insurance that guarantee the correct and regular fulfillment of the debt even in the most unfortunate cases (death, loss of work, disability, and so on).
Loan with guarantee of bills
Among the other forms of credit that we want to advise you in the category of guaranteed loans there are also loans that have been changed.
Modified loans , or loans with bills of exchange , are loans that are granted through the signing of bills, credit instruments on order and immediately executives, which for the creditor subject have a “strength” greater than the simple loan with installment charges on the current account.
By subscribing this loan the payment of the installments will be replaced with the payment of bills … and if you do not pay the bill, the bank can immediately make the title executive, referring back to you without having to go through the long legal documents.
Attention, however: generally, loans that have been changed have an average higher cost than “ordinary” loans .
On the other hand, they can be requested even if you have had some previous problem in the repayment of other loans, or you have suffered protests.