Quick Home Loans: Pros and Cons
Loans changed : the peculiarities of those at home
The credit system, and therefore the loan offering, has specialized over the years. In this way, forms of financing have developed which are suitable for particular needs and aimed at specific categories of users. Among the sui generis products we find home loans, credit lines characterized by two essential aspects:
- The first consists in the possibility of receiving the financing at one’s home, that is, having it conveniently sent in the form of a check. In this case the times are fast, at most they can lengthen in the event of problems related to the postal system. From this point of view, home-based loans are an opportunity to be seized for those who do not have a current account. Obviously, it is possible to request and obtain the receipt of the financing through your current account.
- The second peculiarity consists in the transformation of the installments into bills. These can have monthly, bimonthly or quarterly deadlines and are enforceable. This means that the lending company can proceed directly to the attachment of the assets even if the debtor has skipped only one installment.
Each bill of exchange must be paid in the dedicated bank branches, therefore it is not possible to repay your debt by means of the postal bulletin. Lastly, home-based loans allow the disbursement of fairly limited loans: generally the maximum amount does not exceed 30,000 USD, and the amortization period does not reach ten years.
Loans exchanged at home are also known to the general public as fiduciary loans, and represent a type of financing that implies a process of repayment by installments of the amount granted. It is a solution designed, mainly, for those who need to solve specific financial situations and cannot access common types of financing.
The agreed sum is sent to the customer’s home, by check. The repayment plan is predefined and provides for a return through a bill of exchange that has an amount at an expiry date. Up to 30 thousand USD can be obtained, although the sums in question frequently do not exceed 5 thousand USD.
Home loan applicants do not need to have a bank or postal account. In addition to the amount requested, the bills of exchange, which constitute the credit reimbursement procedure, are sent home.
The maximum duration of the repayment process is ten years, while the installments can be paid on a monthly or quarterly basis. Finally, we remind you that the amount granted cannot change during the amortization plan.
Changed loan : who it is for
Loans exchanged at home, precisely because of the “changed” nature of the installments, can be dangerous instruments: if you do not pay the installments, unlike what happens on the other forms of financing, you go to foreclosure.
This particularly aggressive approach is offset by the extremely flexible nature of the financing. It is in fact aimed at those categories which, theoretically (and often also practically) cannot access loans. The bill of exchange instrument therefore constitutes a resource for the institution that provides financing on the front of protection against insolvency risk
Loans exchanged at home, as among other things also “simple” changeable loans, can also be obtained by those who appear as bad payers and protests. The former were guilty of not paying the installments on previous loans. The latter issued checks not covered.
This form of loan is also accessible to those who do not have an open-ended employment contract. It is sufficient to demonstrate that you have a stable income, regardless of the contract that regulates your work.