You have a project that is close to your heart, but you do not have the funding to achieve your goals. You want to have the wedding of your dreams, you want to start your own business, you want to buy yourself that car you’ve been dreaming about for years, or you just want to finally take that trip you’ve been putting off for years. Whatever the reason or the project, the personal loan can be the miracle solution to boost your projects. Moreover, like any type of loan, the personal loan is also governed by specific regulations. Through this article, you will understand the BA.BA of personal credit.

Understanding personal credit

Like revolving credit or assigned credit, the personal loan is one of the different types of consumer credit. Therefore, the personal loan is made to finance any project of any kind, according to the needs of the borrower. It can go up to 75,000 euros and its duration ranges from 3 months to 5 years maximum. If, for example, you urgently need to do renovations and work in your home without having the funds, you can definitely take out a personal loan. Depending on the banks, personal credit may be unaffected. That is to say that the consumer will not have to justify why he needs this money and what he is going to do with it. For example, you can buy a car by taking out a personal loan instead of taking out a car loan. In order to best estimate the credit you wish to request,

How is the repayment of a personal loan?

The bank that grants the personal loan online without proofmust specify the repayment term, the amount of the loan and the different terms concerning repayment in the loan agreement. Usually, the repayment of personal credit is done monthly according to the terms specified in the contract. Moreover, it is quite possible to make a prepayment in the event that you have a timely cash inflow such as an inheritance, a donation, a bonus… From this moment on, the bank cannot refuse your prepayment quest. Fees may also be requested by the latter, but this should be no surprise since this case should be stipulated in the contract. In the event that the sum borrowed is below 10,000 euros, there is no need to pay additional fees if you prepay. On the other hand, in the event of difficulty in repayment, it is possible to request an extension of the due date. This deferral is usually granted twice in a year. You can then suspend repayment of the loan for a later date.