Everyone can apply for a loan changed but first it is of fundamental importance to understand well what it is, what are the advantages and disadvantages of this type of loan and not least what guarantees are required to obtain one.
In fact, it is always a loan and as such, it requires coverage to be disbursed, whether this is granted by a financial company or by a private individual.
Without the necessary premises, we can go to see in detail what the loans with bills are and how they work, so as to clarify the topic well before moving on.
If, on the other hand, this information is already familiar to you, you can skip reading the following paragraphs and go directly to the reviews and guides located at the bottom of this article by pressing here.
1. What are changeable loans
The loan with promissory notes, also known as the promised loan, is a form of non-finalized credit, that is: there is no obligation to specify what you intend to use the money received for.
These fall into the category of fast loans and provide for a fixed rate of interest which therefore remains unchanged until the natural expiry of the bill.
The amount financed can be between 2,500 and 60,000 USD, while repayment must take place in a time between 12 and 120 months, this means that it is possible to pay the loan in installments thanks to the issue of multiple bills. Generally, the payment by installments is on a monthly basis, but it is possible – if both parties agree – it can be quarterly or half-yearly.
2. How a promised loan works in summary
promised loan works in summary” />
Synthesizing and simplifying to the maximum, a loan with bills of exchange works like this:
- bills and stamps are purchased;
- bills of exchange are completed and signed;
- bills of exchange are handed over to whoever grants the loan or to whom for him. The bill of exchange is returned to the debtor when he pays it.
3. Who are they for?
The great advantage offered by the promised loan is represented by the fact that those who have been reported to the CRIF ( Central Financial Risks ) database can also take advantage of it, since the signing of the promissory note does not provide for an investigation into the applicant’s debt situation.
In other words, this is an excellent opportunity especially for bad payers and for protesting subjects who can no longer access traditional forms of financing such as personal loans.
It is understood that there will be checks on the assets of the applicant’s assets to make sure that there are any attachments in the event of non-payment of one or more bills.
If the loan is granted, the borrower signs the bill of exchange, which, at the request of the grantor, can also be endorsed by a third party to further guarantee the repayment of the loan.
The bill of exchange is, therefore, an enforceable title in all respects and it is precisely the collectability of the credit without the need to take legal action that does not exclude the bad payers from the possibility of benefiting from the fast promoted loans.
In the event that the repayment of an installment does not take place, the institute that granted the loan with a loan can request the attachment of the assets of the person who benefited from the loan, without having a formal injunction order.
Such a guarantee causes the providers to issue the financing rather quickly (from 24 to 48 hours) especially in the case of a small amount. On the other hand, it is important to note that a further advantage of the fast loan with bills of exchange is given by the fact that the beneficiary has the possibility to pay off his debt in advance, without incurring the payment of any penalties.
Finally, we remind you that the monthly installments of bills cannot be honored through bank bills nor can they be withdrawn directly from your current account, but must be paid exclusively at a bank counter.
The beneficiaries of the loans with bills of exchange can be distinguished according to their professional category:
In order to apply for loans changed, self-employed workers are required to submit all the documentation relating to their income situation and to sign an ad hoc insurance policy.
Employees, on the other hand, in addition to income documents, must present the severance pay in relation to the contributions paid up to the moment of signing the promissory note.
Finally, the unemployed will have to provide certificates of property ownership or, alternatively, the endorsement of a guarantor.
The advantages of the loans changed are manifold and concern above all those who have had problems with the credit system, that is, those who have not paid a previous loan and have been reported as bad payers, or, even to those who have already been protested and therefore fall among those who need specific loans for protests.
Another advantage is that if you are unable to pay a bill of exchange, it can be renewed. Basically, if you are in difficulty to pay an installment, if there is an agreement between the parties, you can postpone the payment of the same. Of course, this will cost both interest and stamp duty.
It should be pointed out from now on that the bill of exchange is an enforceable title which allows the creditor to attach the debtor’s assets in the event that the debtor becomes insolvent. In the event that there are no foreclosed properties, this type of loan cannot be granted.
In the loan with a bill of exchange, the beneficiary is required to sign this title, which allows the creditor to recover the sum of money disbursed and which is characterized by a specific expiry date by which the debt must necessarily be paid off.
Another disadvantage, which is not insignificant, is the high cost of this type of loan, in fact there is the cost of bills of exchange, stamp duty and the high interest rate typical of loans exchanged.
In conclusion, if possible, better avoid bills! They are fast loans and are obtained even if you have been reported as bad payers, but you are at risk of losing your assets if, for some unexpected events, you cannot honor a deadline and the creditor sends the bill in protest.
6. Who grants the changed loans
Given that today these loans are now a rarity, you can try to request them from:
- banking institutions (not necessarily your own bank);
- financial agencies;
- to a broker;
- to private citizens.
Generally, the large banks and the most important national financial institutions do not provide exchanged loans, however some more innovative credit institutions offer this type of financing. On the web it is possible to trace the list of all the banks and the main financial companies that apply this credit solution.
On the other hand, there are numerous brokers, or independent financial brokers, who offer personal loans with bills to their customers. Finally, it is possible to resort to loans exchanged between individuals ; this type of financing, which is completely legal, can take place within the framework of one’s own knowledge or through the publication of advertisements on the net.