The technology sector is growing, thanks to smartphone loans

Italians always feel more satisfied with their personal situation and are ready to make investments again. The main dreams lie in the world of technology and in particular that of telephony, well supported by the numerous opportunities on the market to request a smartphone loan at much more advantageous conditions than in the past.

Compare rates online without obligation 

Compare rates online without obligation 

To reveal this dynamic we have thought about the latest Observatories curated by AstroFinance, an important company specialized in consumer credit that draws up monthly purchase intentions for Italian families. To tell the truth, the past month of August in general has been characterized by a certain contraction compared to the purchases of our countrymen a little on all fronts, but on an annual basis the results are certainly very satisfying.

Going deeper into the study, the IT sector at a general level has highlighted a negative sign at the economic level while at the trend level the dynamics of the sector appears positive, thanks especially to the desire of the interviewees to buy new smartphones. As we know, in fact, especially to buy a latest-generation phone, even quite substantial numbers are needed and many people choose to access a loan to complete the purchase. Smartphone loans fall into the category of targeted loans, that is aimed at buying a specific asset that are required at the time of the transaction directly at the store. This is a great opportunity that allows you to install the investment in installments and spread it over a longer period of time. Loans for the purchase of a smartphone have the same characteristics as a more traditional personal loan, and like this require very similar guarantees.

All those who, by necessity or desire, are thinking of completing the purchase of a new phone model also have other opportunities such as, for example, the subscription, which allows them to be purchased from the main telephone companies at the same time as the tariff plan even the smartphone. In this case, an advance and some contractual clauses that bind the undersigned to the company for a period of time that varies from case to case must be considered.

Loan estimate of 2000 euros

Financial: Sumple loan
Product: Personal Loan
TAN Fixed: 4.45%
APR: 4.65%
Loan duration: 60 months
Amount Financed: € 2,000
Total due: € 2,234

Monthly installment € 37, 24 Feasibility check 

Financial: AstroFinance
Product: “Your Projects” Credit
TAN Fixed: 8.55%
APR: 8.89%
Loan duration: 60 months
Amount Financed: € 2,000
Total due: € 2,465

Monthly installment € 41, 08 Feasibility check

Private loans for receipt – what you need to know?

Private loans attract an easy and extremely fast opportunity to get financial resources. They can be obtained on the basis of a receipt – without the need to complete a variety of formalities. Today we will try to understand what is the essence of processing loans against a receipt, and whether they can become a reliable source of financing current expenses.

What you need to know about loans for a receipt?

What is a promissory note?

What is a promissory note?

In Russia, for a long time, loans for receipt are known. The first legal rules regarding receipts were introduced in the seventeenth century. Such a document is one of the main evidence of the transfer of money for use from one individual to another and is equal to the loan agreement.

The debt receipt is drawn up by the borrower in print or written by hand. It should include the following information:

  • passport details of loan participants,
  • amount of money held
  • additional conditions, if any,
  • date of repayment.

Such a document can be notarized or signed by witnesses, but this is not a prerequisite.

Despite the lack of visible guarantees in payment, the debt receipt is an official document and can be used in court in a case of evasion of debt repayment. Also, a loan against a receipt carries the same legal consequences and after the death of the borrower, the debt is inherited by a close relative.

How to take a loan from a private person on receipt?

How to take a loan from a private person on receipt?

The popularity of borrowing money from private investors, both small amounts of several thousand rubles and large amounts of several tens and hundreds of thousands of rubles, is increasing every year. On the Internet you can find a large number of ads of this kind. And this is not strange, because even those citizens who for some reason were denied a loan from microfinance organizations, banks or other non-profit organizations can receive money. These include the unemployed, students or teenagers, because it is not legally possible to get a loan to a minor citizen in any financial institution, and in the case of students and the unemployed, the lack of stable incomes and low solvency is always a negative factor in credit assessment.

A loan with a bad credit history or even for the first time, that is, with a zero credit history, is even possible upon receipt. That is why a loan from a private person is one of the easiest ways to instantly get money. This option has no restrictions on the amount owed, it only depends on the lender how much he is willing to lend you.

One of the biggest advantages of a loan against a receipt is that the borrower is exempt from the need to pass scoring, he does not need to provide documents confirming creditworthiness, and the lender does not make a request for credit history.

Private loan against receipt – where to look?

Private loan against receipt - where to look?

Private investors often advertise their services on credit forums and various financial sites. Before contacting an unknown lender, it is worthwhile to find as much information about him as possible, try to track down past borrowers and get feedback on him. In no case do not agree to pre-pay additional and registration fees, as well as other payments:

– courier services, – postal service – notary or payment transaction – in most cases, fraudsters act in this way, trying to extract money from you.

A good way to safely find a private lender is to participate in P2P lending. This type of financial product is not yet controlled by the state regulator, but some of the interests will be protected not directly by the platform itself, which allows the borrower to communicate with the lender.

Loan against a receipt or a regular loan in the MFI – what to choose?

Given the specific nature of this document, a loan against a receipt can sometimes be very risky for both the borrower and the lender. It will be safer to get a standard loan in one of the legal microfinance organizations. Many IFC and ICC issue both short-term loans and loans for a long enough period. You can receive money on an electronic wallet, in cash or on an MFI plastic card.

Just as in the case of private loans, microfinance organizations make it possible to get loans online without unnecessary formalities with only a passport. The only factor influencing the decision of an MFI is the client’s monthly income, which may not be related to the availability of official work. Different types of social benefits are taken into account:

  • old age pension
  • disability benefits
  • child support,
  • scholarships, etc.

The state, with the help of the Central Bank of Russia, regulates the activities of microfinance organizations. Due to this, the borrower can choose a reliable company. In contrast, there is no regulated instrument to control private lenders, and it is much more difficult to verify their reliability. With any violations by microfinance organizations, the state will be able to protect the offended borrower, and with private loans, justice can be established only with the help of the court.

Observe safety measures.

Observe safety measures.

When you make a private loan against a receipt, always remember the simple rules of the borrower, and in particular the need to check the accuracy of all the data entered in the receipt. It is especially important to check the record of the amount of money borrowed, it is better to write the amount in parentheses in brackets to avoid further falsification, and also to check the consistency of the amount of interest previously agreed with the lender.

In the absence of such records, the lender will be able to enter an arbitrary amount of money without your knowledge. Thus, a loan of several thousand rubles can grow to several tens or hundreds of thousands of rubles.

From time to time the stories of people who were deceived in this way appear in the mass media. Always remember that there is no legal basis, under the pretext of which you could be asked to leave the column with the amount of money occupied empty.

Also, it is worth recalling that private loans are usually not insured against force majeure and inability to repay the debt on time. This can be a serious disadvantage. No one knows when it will be necessary to take out loan insurance, but this can save you from falling into a debt trap because of a job loss or poor health, for example.

Security measures for obtaining a private loan:
1. Avoid small rates (interest rates are too low compared to market rates). Usually such conditions are offered by fraudsters and scammers to create traps.
2. Try to enter as many conditions as possible into the loan agreement in order to protect yourself in case of force majeure.
3. Do not trust lenders who offer remote working methods: it is better to meet in person to discuss the details and sign the contract.
4. Private loans that are issued through a bank may simply be an intermediary service.
5. Do not make prepayments: even a copy of the passport sent from the lender will not return the lost money when it detects fraud.
6. Verify the contract with a notary. When a private loan for a large amount is better to use the services of a notary to draw up the correct document.

 

Loans for craftsmen: what they are and how to get them

Loans for artisans are a form of financing intended for those working in the craft sector, both in the form of an enterprise and individually. Given the strategic value of the sector, which has always been a fundamental pillar in the economic development of our country, over the years various measures have been introduced to support crafts in Italy, both through access to regional and national funds and Europeans, that through the possibility of obtaining subsidized loans.

One of the easiest ways to take loans for artisans is to request them from Artigiancassa, the credit institution created in 1947 specialized in financing the craft sector. Although the bank has long been privatized, it continues however in its original task of giving support to the sector by granting loans at advantageous interest rates, as for example law 949/52 provides.

The coverages offered by this and other national laws on loans and subsidized loans for the craft sector are generally linked to regional measures and coverage, also based on management decisions on the various national and European funds. Therefore, before submitting the request, the conditions offered at that time must be checked (on the Artigiancassa website or on the institutional portal of your region).

Types of facilities and funding

Types of facilities and funding

Generally there are different types of facilities and funding available. During this period, for example, if you meet all the requirements, you can apply to access the Fund for sustainable growth, Nuova Sabatini, the Guarantee Fund for SMEs, Microcredit and specific measures dedicated to partnerships and companies. individual firms registered with the Register of Craftsmen of Marche, Lazio and Tuscany. With regard to financing, short-term or medium / long-term loans are currently envisaged, loans for young people and startups, loans for female entrepreneurship, partnerships and leasing.

A concrete example: to start up your own business there are loans (from 10 thousand up to a maximum of 1 million euros, repayable from yours to ten years with a personalized pre-amortization period and repayment of installments which can be monthly, quarterly or half-yearly ) for the construction of laboratories or for the purchase of machinery, raw materials, various equipment or vehicles.

Loan estimate of 10000 euros

Loan estimate of 10000 euros

Financial: Sumple loan
Product: Personal Loan
TAN Fixed: 4.25%
APR: 4.44%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.117

Monthly installment € 185, 28 Feasibility check 

Financial: Ultranix
Product: Personal Loan
TAN Fixed: 5.16%
APR: 6.70%
Loan duration: 60 months
Amount Financed: € 10.146
Total due: € 11.735

Monthly installment € 193, 19 Feasibility check 

Financial: Astro Finance
Product: “Your Projects” Credit
TAN Fixed: 6.01%
APR: 6.18%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.602

Monthly installment € 193, 37 Feasibility check

Mortgage loan offers at banks | For an apartment and a house

Mortgage offers in banks and advice: how to choose a good housing loan by comparing banks’ offers.

Certainly, choosing the right housing loan, it is necessary to pay attention to several parameters of the loan. Of these, the nominal interest rate of the loan, the installment system, the bank commission and the amount of the required own contribution should be mentioned.

The cheapest housing loan is not the loan, which has the lowest nominal interest rate, but the real one, that is APR. The amount of the actual Annual Interest Rate (abbreviation APR) is affected not only by the nominal interest rate, but also the commission and other additional fees that we will incur in connection with the loan granted by the bank. And this factor should be particularly taken into account.

Interest rate on a housing loan

Interest rate on a housing loan

Before we start looking at credit offers of banks in terms of nominal interest, it is worth knowing what affects its amount. The interest rate consists of two parameters :

  • Gunyor 3M rates. It is the interest rate at which banks borrow money and its amount depends on the reference interest rate set by the Monetary Policy Council.
  • margin determined by the bank.

The margin is a constant factor and does not change over the duration of the loan agreement (which does not mean that you can not sign an annex to the contract and change its amount), while the Gunyor rate changes. Do you know what to look for? Yes, the amount of the margin. How to choose a good housing loan, it is only with a low margin. Lower margin is a lower installment.

The system of installments in the repayment of a housing loan

The system of installments in the repayment of a housing loan

The loan installment (each, not only in the case of mortgage loans) consists of a capital installment (repaid capital, i.e. debt) and interest installment (interest on the loan). In the case of equal installments, in the initial repayment period, the share of the capital part in the installment is lower, because we repay the interest primarily (the capital is relatively small). With each subsequent installment, the interest part will decrease and the capital part will grow, until finally the installment will consist primarily of the capital part.

In the case of decreasing installments, the installment consists of a fixed part of capital and interest. Interest decreases with each installment because the capital (liability) is reduced.

Which installment system is better? Fixed or decreasing installments ? In the case of decreasing installments, we will pay more interest, and additionally, it should be taken into account that at the beginning of the repayment the installments will be higher. What is the point of deciding for declining installments if, in general, the loan is more expensive? If we decide to have a housing loan for 20 or 30 years, at the age of forty, the repayment ends when we are already retired. And retirement benefits will certainly be smaller than your previous salary. And the same installments with each month approaching us to repay the loan will be a lesser burden on household finances.

Own contribution and housing loan

Own contribution and housing loan

No own contribution, no move. You can not count on getting a housing loan. And it is not small at all, because currently the minimum own contribution is 20%. the total cost of buying a flat. The higher the own contribution, the lower the cost of the loan, of course. Well, if we are smaller than the required 20 percent? Own contribution can be reduced to 10 percent. But in this case, the bank will certainly require us, unfortunately, additional collateral.

How to choose a good housing loan, i.e. choose a bank

How to choose a good housing loan, i.e. choose a bank

First of all, there is nothing to “catch the first better opportunity”. It is necessary to compare mortgage loans that we can do on our own (we already know what to look for). You can also make an appointment with a credit or financial adviser.

After examining our creditworthiness by the bank, we will receive an information form. It will contain the most important information about the loan, not in advertising folders. Each bank prepares this information individually tailored to our financial situation.

In addition, in the case of financial intermediaries, the information form will include the amount of the commission for the intermediary, if the loan is granted. But do not be afraid! It is not you who will pay this commission! The salary will pay the bank.

A loan broker does a lot of work for us and for the bank.

A loan broker does a lot of work for us and for the bank.

This is not only a comparison of loans, but also a number of other activities. The broker helps complete the necessary documentation, investigates initial creditworthiness and mediates in the conclusion of the contract. In fact, he leads his client from the beginning to the end.

Finally, the answer to the question is whether in the case of the selection of a housing loan in a specific bank, we are obliged to use other banking products. For example, the need to set up a bank account or choose a credit card? In other words: can the bank refuse to grant a loan if we do not use a specific additional product? No.

Currently, tying (cross-selling) is prohibited in this case. Banks offer housing loans without additional products. Of course, we can take advantage of additional products, because combined sales are not banned, but this does not affect the credit decision.

 

How online mini-credit algorithms work

Unlike in the past, calculations are made automatically, using computers, which receive the information of the customer profile and process it with the previously defined algorithm.

The result is well known: loans approved immediately, the amount of which reaches the applicant’s account in a matter of minutes. Now, what are the algorithms of mini-credit entities and how do they work?

What are the types of algorithms used by credit institutions

What are the types of algorithms used by credit institutions

The fundamental calculation carried out by all credit institutions -including those that grant microloans- is Credit Scoring, a kind of credit risk level score that each client presents.

However, little by little new alternatives are emerging based on different concepts, such as reputation in social networks.

How does the Credit Scoring work?

 The Credit Scoring is a scoring or qualification system, whose calculation is carried out an analysis of the economic data and the credit history of the individual requesting a loan.

The result is a percentage that expresses the solvency level of the prospective client and, in short, the probability that he will repay the loan under the agreed conditions or fails to make the payments at any given time.

The minicredit entities establish a threshold from which they are willing to grant credit or not. The level of risk tolerance that they assume is an internal decision. In any case, all those applicants whose Credit Scoring exceeds the established threshold will receive the approval of the requested loan. Otherwise, the loan will be denied or the request discarded.

How does the Big Data Scoring work?

The Big Data Scoring is a new approach when it comes to calculating the financial risk of loan applicants. Instead of being limited to the previous credit history and the usual economic information, we proceed to a much more global analysis of the person’s profile, through the collection of information presented on the Internet.

One of the main exponents of this new trend is the analysis based on the information present in social networks. The new Big Data algorithms analyze the contacts, interactions and multitude of content published and shared in social networks by the loan applicant.

It is from this information, how a credit risk score is determined, which determines the probabilities that the applicant will comply with the loan or not. Without a doubt this is a very novel approach that can work as a perfect complement and even substitute for traditional Credit Scoring.

What are the advantages of using algorithms for clients?

What are the advantages of using algorithms for clients?

The use of these advanced algorithms has allowed the minicredit entities to dispense with the usual procedures that traditional banking usually submits to the client.

Obviously, this is in favor of the user experience of the client, since this one:

  • They no longer have to go to a physical office to make inquiries and procedures to apply for a loan.
  • You no longer need to comply with an incessant paperwork, through which personal financial information is collected.
  • You can apply for the loan from the comfort and privacy of your own home.

In short, the new algorithms used by mini-credit entities have been a revolution in the financial field and have opened the door for many other entities to start offering financing services in a much safer and more agile way than some years ago.

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Collection Agency for a Non Refundable Personal Payday Loan

A collection agency is the intermediary between a lender and a borrower when the loan is not repaid. Generally, this type of agency is a company, a financial institution or a business, mandated by a creditor in order to recover a sum of money that is due to him.

In a non-refundable personal payday loan, it is often common for the company that owes money to use this type of recovery service to manage the file.

Why is it better not to deal with a collection agency?

Why is it better not to deal with a collection agency?

Generally, if you are applying for a loan you are not planning to be faced with a collection agency in the future since this would mean that you have not been able to repay the loan.

However, you never know what can happen, because managing your personal finances is not always easy and the accumulation of debt sometimes happens without warning or much faster than expected.

If you are in this case, be aware that the debt collector will contact you in writing. He can not call you directly, but if he does not have your contact information he can always join you at your job or ask your friends or even your employer.

The collection agency does not have all the rights

 The collection agency does not have all the rights

It is important to know that a collection agency does not have all the rights and that it must imperatively hold a license. The first contact can be established only by mail and thereafter the agent is authorized to join you only from Monday to Saturday, between 8am and 8pm, by presenting each time. You can also ask him to contact you only in writing.

Aside from joining the first time, the agent does not have the right to contact your employer or your entourage, or to disclose your financial difficulties. Of course, he has no right to ask you for more than your debt or to threaten you with arrest or criminal prosecution.

If you ever believe that he is violating any of the rules to which he is subject, contact the Office of Consumer Protection directly.

How to react when dealing with a collection agency for a non-refundable personal payday loan?

 How to react when dealing with a collection agency for a non-refundable personal loan?

If a collection agent comes in contact with you, do not panic. First, check its legitimacy and go to the government website to verify its authenticity with the regional office of the Office.

Find out exactly who you have on the phone, what business they work for, how much debt they owe, and who owes you money. Check that it is your debt and then contact the person again.

If it is your debt and you are able to repay it then, do it as soon as possible. If you can not afford it, be honest with the collection agency, and show them your good faith by offering other repayment alternatives such as multiple payments or a first payment.

Never send cash and be sure to always get a receipt once payment is made. From the moment you contacted a collection service also know that you no longer have to trade with the original creditor.

An error has been made: you have no outstanding loan

 An error has been made: you have no outstanding loan

If after studying your accounts you realize that no debt matches what the debt collector wants, then act quickly to avoid negatively affecting your credit rating.

Then order a copy of your credit file at no charge and prove to the original creditor and collection agency that you do not own such a debt.

Always keep in mind that you have rights when you are contacted by a collection agency for a non-repayable loan and you must act in the best way and as quickly as possible.

Cleopor loans, for those seeking flexibility in payments

 

Cleopor loans, for those seeking flexibility in payments

Cleopor loans, for those seeking flexibility in payments

What is meant by flexible loans and how do they actually work? The flexibility of a loan corresponds to the possibility or not of personalizing the repayment and above all changing the conditions even once it has started. Flexible loans are those that allow you to lower the monthly payment by lengthening repayment times or on the contrary to speed up the time to close the loan early and save on costs and interest. In other cases it may be allowed to skip the payment of one or more installments that are moved to the end of the loan, lengthening the time. This option is very important to overcome a temporary economic difficulty without consequences, because it avoids seeing the payment delay in credit history, which should remain as clear as possible to easily obtain new loans in the future.

Several financial institutions have studied solutions to meet an increasingly widespread need for payment flexibility. Generally the activation of loan customization options is offered at no additional cost, in doubt it is however best to check at the time of subscription, and the same applies to the possibility of partial or total early repayment.

The Cleopor loans bring into play all the possibilities described, allowing the customer to add to the basic formula Easy Classic, the options Change, Jump, or both, choosing the Easy Flex loan. The installment exchange option can be used 5 times over the entire duration of the loan, obviously lengthening repayment times accordingly, and the same is done with the installment jump option. By choosing to have both of them, the customer can skip or modify the installment using each option for a maximum of 5 times. As an alternative to the loans of the Easy range the customer can choose Total Flex, which focuses on maximum loan customization in the initial choice of installment and duration, plus options for exchange and deferral of repayment and free early repayment.

Loan estimate of 10000 euros

Loan estimate of 10000 euros

 

Financial: Sumple Loan
Product: Personal Loan
TAN Fixed: 4.25%
APR: 4.44%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.117

Monthly installment € 185, 28 Feasibility check 

Financial: Ultranix
Product: Personal Loan
TAN Fixed: 5.16%
APR: 6.70%
Loan duration: 60 months
Amount Financed: € 10.146
Total due: € 11.735

Monthly installment € 193, 19 Feasibility check 

Financial: Astrofinance
Product: “Your Projects” Credit
TAN Fixed: 6.01%
APR: 6.18%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.602