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Loans changed for self-employed

 

For all self-employed persons, holders of VAT number, it is possible to obtain loans or loans with bills of exchange for subjects that carry out business entrepreneurial activities (including professional ones), assuming the so-called business risk.

To finance its business activity, each independent entity can apply for a loan with a repayment of the loan by paying bills. Bills of exchange can be used to guarantee the repayment of the loan or in conjunction with other income, in order to satisfy the necessary guarantees for the provision of loans for self-employed persons.

Loans with bills for self-employed bad payers

Loans with bills for self-employed bad payers

Loans with bills of exchange for autonomous bad payers are non-finalized loans granted to subjects who carry out an independent business and professional activity, holders of a VAT number, who are not required to declare the reason for which they request the loan. Self-employed workers reported by databases such as Crif can apply for the loan with bills online by filling in the request for an online quote or by going directly to a credit brokerage agency or a bank counter.

For bad payers and self-employed workers, it is possible to submit the request for small loans thanks to the release of bills of exchange: this is a form of financing that is essentially based on the issue of debt securities, such as bills to guarantee the extinction the loan and the payment of the loan installments. Although the majority of banks and financial companies have abandoned this type of loan, in the commercial and operational practice there are several small financial agencies that, in addition to offering loans changed for any person hired with a subordinate employment contract, are able to finance the self-employed workers reported as bad payers, offering them customized financing solutions even in the presence of financial problems.

The disbursable sum is strictly related to the degree of reliability of the independent applicant for the extinction of the loan by paying the guarantee. The loan installments for self-employed bad payers are of a constant amount since the interest rate applied is fixed, which is much more expensive than those applied in traditional loans.

The estimates relating to loans exchanged with bad payers are free of charge and only after accepting the economic and contractual conditions of the loan, the self-employed worker will proceed with the stipulation of the loan contract with the simultaneous signing of the bills of exchange. In this case, being a self-employed worker without a paycheck, many credit institutions will require the signing of as many bills as there are installments to repay the debt contracted. The bill of exchange takes on a double “role”: as a payment instrument and as a form of guarantee to protect the creditor from any defaults.

Loan solutions for protested self-employed workers

Loan solutions for protested self-employed workers

For those who have suffered a previous protest for the non-payment of installments of loans or checks and are registered with the risk centers such as CRIF, a particular form of loan can be provided that of loans exchanged for protested subjects.

As with traditional protested loans, loans changed for self-employed individuals who have suffered financial difficulties or protests are ideal for obtaining a loan of minimum financial capital while possessing and presenting some additional guarantees in order to pay off the debt in a way. on time. To obtain a personalized quote, even if you are self-employed without a paycheck, you still need to provide personally the personal documentation, an income statement and alternative guarantees such as ownership of a real estate property.

Loans for self-employed individuals with guarantees

Loans for self-employed individuals with guarantees

Since this is a special loan addressed to those who are reported as bad payers or have suffered a protest or financial inconvenience, the loan disbursed with subscription of bills of exchange is more easily granted by credit institutions to self-employed workers with the presentation of a guarantor or a guarantee. real or mortgage.

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Since it is very difficult for self-employed workers to obtain a loan with the assignment of a fifth of their salary or pension, they can validly opt for loans exchanged with guarantor. The guarantor or guarantor is a third party, unrelated to the relationship between the first obliged and the creditor entity, who will commit their income guarantees in favor of the debtor and will honor the debt in the event that the applicant proves insolvent. In order to receive a loan with bills of exchange, the self-employed worker must present a guarantor who is not, in turn, protested and registered in the Crif register.

As an alternative to the figure of the mallevadore, the self-employed worker who has to take out a loan with bills of exchange and with guarantees, should be the owner of a property or a registered movable property: in these cases the exchange debt could be guaranteed with the activation of a mortgage guarantee or collateral such as a pledge. As established by civil law, the pledge is a guarantee right on movable things, on credits or on rights concerning movable property (article 2784 of the Civil Code) which is established by signing a pledge contract. The pledge contract that “engages” and perfects the financing with bills of exchange, is a real contract that requires the ” traditio ” or the physical and physical delivery of the thing or document that confers its availability (in this regard the first paragraph of article 2786 of the Italian civil code).

And when the bills are without guarantee?

And when the bills are without guarantee?

For self-employed workers who want to finance their business, taking out a loan with bills of exchange, without presenting further guarantees, is an increasingly demanded product in the current macroeconomic context. In fact, given the instability of the scenario and the precariousness of employment conditions, loans without paychecks and without guarantors are increasingly dynamic products and subject to the evolution of the context. These loans allow you to access the credit market quickly, securely and reliably : you can apply for them at financial branches, credit institutions and small financial intermediaries specialized in this type of credit offer.

Loans with exchanges are possible in the category of unsecured loans which allow to repay the debt contracted with the payment of bills, taking into account a certain expiration date established and signed by the parties. With this operation, the bill of exchange comes to represent the title of credit granted as collateral in order to protect the repayment and timely fulfillment of the loan. In some cases, the loan promoted to subjects without a paycheck is granted with the issue of a single promissory note to guarantee and extinguish the obligation, thereby protecting the creditor.

In fact, if duly filled in and stamped, the bill of exchange is a title of credit that protects the creditor’s right, in the event that a breach of the obligation occurs. Being a credit certificate or, better, a written form of payment, the bill of exchange allows the beneficiary to collect a debt (in case of non-payment) by direct action, without presenting an injunction and waiting for the bureaucratic “delays” and judicial. Therefore, the creditor has the right against the defaulting party to collect:

  • the unpaid sum resulting from the exchange effect;
  • default and legal interest at the Best Bank rate from the date of presentation;
  • protest charges and all secondary charges and fees.

Solutions with bills in 24 hours: is it really possible?

Solutions with bills in 24 hours: is it really possible?

In order to obtain immediate liquidity to meet all urgent expenses, a self-employed worker can apply for fast-changed loans, even online. In a very short time, we speak of less than 48 hours and, in some cases, even of only 24 hours, it is possible to receive a personalized loan based on financial needs and requirements.

The timing of disbursement of fast bills of exchange depends very much on the amount that is requested by the self-employed worker and on the time frame of the evaluation of the preliminary investigation with which the bank or financial company handles the paperwork. However, since the loans are exchanged, the pre-evaluation phase does not require such long timescales and it is estimated that in less than 48 hours from the date of acceptance of the loan, the check or transfer can be received with the required financial capital. By relying on online loans, the practices are usually much faster (speed is one of the peculiarities of the loans requested on the internet).

Can they be requested on the internet?

Can they be requested on the internet?

Speed is an absolutely peculiar feature of online loans and credit consumers are increasingly inclined to forward their own documentation by filling in the financial form available on the electronic market. Even for self-employed people who are preparing to apply for a loan with bills of exchange, they can benefit from this very valid alternative by attaching to the request for the loan also the documentation concerning their personal and income situation, with the faculty of the creditor companies to request a further form of guarantee or the stipulation of a guarantee policy.

By inserting a few simple personal data into the online questionnaire, the application is directly forwarded to the financial companies which, in turn, contact the potential customer for the assessment of the financeability and the communication of the outcome of the application. If so, the loan settlement with online bills takes place within 24 hours from the signing of the loan agreement in a single solution by bank draft or bank transfer. In certain cases, at the discretion of the self-employed worker, an advance can be requested within three or four days, an advance which is always paid by bank draft sent to the home by registered letter and the subsequent balance shortly.

Loans: contractual and economic conditions for self-employed

Loans: contractual and economic conditions for self-employed

As regards the contractual and economic conditions, loans with bills of exchange for the self-employed can be disbursed from a minimum of 1,500 USD to a maximum of 30,000 USD and, under certain conditions and guarantees, even up to 50,000 USD. The duration of the amortization plan can be up to 120 months, but normally it never exceeds 60 months and the promissory notes issued and subscribed by the debtor are all of the same amount, given that the interest rate applied is fixed.

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Loan for pensioners over 70

Pensioners receive an old-age pension from the statutory pension insurance and often a development pension and possibly an additional payment from the private pension insurance. The importance of company pensions is also increasing. The previous retirement age of 65 is gradually being increased to 67, and at the age of 70 a pensioner has been receiving retirement income for a number of years.

Lending to pensioners over 70 years of age

Lending to pensioners over 70 years of age

Many financial institutions are reluctant to grant loans to a pensioner over the age of 70 because they consider the risk of default to be high. The risk of death during the loan period no doubt increases with the age of the borrower. This also applies to the need for long-term care, which increases accommodation costs. For this reason, banks often require installment protection insurance for a loan for a pensioner with over 70 years of life experience. Alternatively, proof of sufficient life insurance for the repayment of the loan or the default guarantee of the future heir is possible. Today’s generation of pensioners is more responsible than many young people in financial matters, so that the personal willingness to repay loans is higher than average for borrowers aged 70 and over and the inevitable greater credit risk due to natural factors can be partially offset. The biological risk means that financial institutions prefer a short loan term for a loan for pensioners over 70 years of age.

The pensioner’s income

The pensioner

Income includes regular incoming payments. Financial institutions frequently frequently equate to monthly, so that they do not take into account additional private pensions that are paid out every two or three months, although the monthly amount can easily be calculated. Income from a rental is in most cases taken into account in the household bill. A possible additional income from a job that is still carried out usually does not count financial institutions in the income for a loan for pensioners over 70 years, since the probability of the job being done during the loan period is high. On the expenditure side, banks take the living situation into account, making it easier for retirees to own a home.

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How do you get the student loan?

Before 2005, the Credit Aid’s sole responsibility was to cover a student’s living expenses. As a result, credit was only available to students attending an expensive private university. However, since the assets and income of the parents are counted towards the Credit Aid, many students had problems to cover the costs even approximately. Therefore, at the beginning of 2005 the Federal Constitutional Court decided that there should be more loan models to support students. The first model was launched in autumn 2004 and others followed a little later. The best known student loans are the loans from the Lite Lender and the “Capital Lender” from Agree Bank.

Student loan from the Lite Lender

Student loan from the Lite Lender

The Lite Lender’s goal is to increase the number of university graduates and above all to help high school graduates to finance their studies, whose families are not wealthy. Compared to Credit Aid, this loan is very expensive because the amount paid out is a 100% interest-bearing loan. On the other hand, the Credit Aid is 50% an interest-free loan plus 50% government subsidy that does not have to be repaid.

The maximum funding period for the Lite Lender is ten semesters, with the amounts being redefined each semester. The student can decide how much should be paid monthly. The limits are between a minimum of 100 euros and a maximum of 650 euros per month. In addition, it is customary to deduct the interest accrued from the amount requested, so that a precise overview of the repayments is always given. Once the course has been completed, the payment phase is followed by the repayment-free phase (waiting period), which is 23 months. Once the first repayment has been made, the student has 25 years to repay the loan debt. The repayment contributions can be set variably. However, an amount of at least EUR 20 per month must be repaid every month.

Like any loan, a student loan also has advantages and disadvantages. For example, in contrast to Credit Aid, the Lite Lender student loan can be applied for regardless of the parents’ income. It is also possible to combine the loan with existing financing options. These include, for example, Credit Aid or an educational loan. For the application for the Lite Lender loan, it does not matter what type of study location or subject is visited. This financing option is also attractive for EU foreigners between the ages of 18 and 30. Here too, the only requirement is that a full-time degree is completed.

If you receive such a Lite Lender loan, it is possible to repay the amounts paid out at any time in full without incurring additional costs for the borrower. As the payment amount is reset every semester, the interest is also variable. Nevertheless, Lite Lender Bank guarantees an upper interest rate limit that applies for a period of over 15 years. The reference period for the loan ends after the end of the first degree or after the 14th semester, which can be determined when the loan is taken out. On the other hand, it is disadvantageous that proof of performance has to be submitted again and again to ensure that the loan is paid out again. Failure to provide proof of achievement can therefore lead to an immediate end to payments and thus endanger your studies.

“Capital Lender” from Agree Bank

“DbStudentenKredit” from Agree Bank

The “Capital Lender” can be applied for by any student at a German university or university who is under 30 years of age. Proof of income of the parents is not required with this form of credit either. However, the applicant must draw up a detailed curriculum that shows which services have already been performed and which still have to be performed. A prerequisite for getting a loan from the German bank is the student’s creditworthiness, which the bank obtains through Credit Bureau.

As with the Lite Lender loan, the student can determine how high the payout should be. In the first two semesters, however, this is a maximum of 200 euros, in the later semesters, however, a monthly amount of up to 800 euros can be paid. The maximum funding period for the loan is linked to the amount paid out and is at least one and a half years and a maximum of five years. When the degree is finished, the payments also end. Then the so-called career entry phase begins and the student has one year before the first installment has to be paid off. The repayment amount is regulated in a new contract. To repay the loan including interest, you usually have 12 years, but you can also choose to repay the entire amount at once.

But the “Capital Lender” also has some advantages and disadvantages. A precautionary measure taken by the bank towards the student is an advantage. The bank has set a total payment limit of EUR 30,000 so that the borrower does not go into debt until the end of his life, for example because his studies had to be canceled. In addition, this loan option is particularly suitable for students who want to study abroad, because then the amount of funding can sometimes be significantly higher than the 800 euros per month set for Germany. If, on the other hand, you are interested in the loan as a non-German, more requirements must be met than by German citizens.

Among other things, it must be demonstrated that the applicant has been in the Federal Republic of Germany for more than two years, has a permanent residence and an unlimited residence permit. Furthermore, experience has shown that it is difficult to finance an entire course of study with this form of credit, which is sometimes due to the payment limit of EUR 200 in the first two semesters. Another risk is that you can easily get into the debt trap with a loan, because it is not possible to always have an overview of the debt because the interest rate varies and is therefore difficult to control.

Other funding options are also possible

Other funding options are also possible

Although the Lite Lender loan and the “Capital Lender” are preferred for students, one should not neglect other offers. Another financing option is the so-called graduation loan, which is also the oldest form of student loan. However, this form is aimed at students who are already in the final stages of their studies but are no longer allowed to receive Credit Aid. Thus, the graduation loan has set itself the task of helping these students to cope with the cost of living and the tuition fees. The bearers of this loan are often regional and in some cases limited to individual universities. Most of these offers are also cheaper than other forms of loan because there are no processing fees and interest rates are kept very low. In addition to student loans, there is also an alternative way to finance your studies, such as the student fund.

These are not awarded by banks, but by companies that receive money from investors. This offer is aimed primarily at students who perform well to very well in their studies. The duration and amount of the payout is flexible and varies from company to company. The repayment, however, is made as a percentage of income and must be made directly upon entry into the profession. The advantage of this is that an income is almost certain, since the company that promoted you often offers the students a job after successfully completing their studies.