In recent years where the crisis has taken hold, and even more so during 2021, with COVID-19, many people or companies have had to enter the field of credits and loans.
Perhaps you are one of them, you need to start or finish your university education, acquire a vehicle, start a new project or start as a self-employed person. But it scares you or you think you don't have any of the types of collateral requested to support a loan.
In Prestalo you can get all the information and advice possible to make your dream come true. One of the elements of a loan are the guarantees and endorsements that financial institutions require to prove the recovery of the borrowed money.
The guarantees are usually of two types: personal and real, we will delve a little into these types of guarantees so that you are convinced when deciding.
What is the guarantee of a loan?
Every bank or financial entity, when granting a loan, requires backing the loaned capital. The guarantees are all those mechanisms that are established to ensure the return or reimbursement of the borrowed money.
Having guarantees does not ensure obtaining a loan, it is essential for these financial entities to verify that the company or self-employed person has the ability to pay. That is to say, the guarantees are a precaution, the idea is not to have to resort to judicial instances to recover the borrowed money.
What is a personal guarantee?
They are all those where the contracting party of the debt or borrower, natural or legal person, responds with all their assets. Without establishing a specific one, they can be current or future assets and/or rights.
These are the obligations and commitments that you contract with the bank when contracting a loan. In this case, the banks do not have preferences for any particular good, you can continue to enjoy your properties.
Unlike real guarantees where your movable or immovable property is reserved. Among these types of guarantee are the bond, the letter of guarantee and the surety policy.
What are the implications of granting me a loan with a vehicle or mortgage guarantee?
The vehicle or mortgage guarantee are part of the real guarantee types. In other words, the guarantee that you must give as a safeguard to the bank is a home or a vehicle that you own.
It does not mean that you are left without your vehicle or your apartment when you take out a loan of this type. It is just that when you do not respond with the commitments made with the bank, it can initiate legal action to recover the loan money.
You should know that a loan with this type of guarantee is very different from a mortgage loan, because the purpose of a loan with a mortgage guarantee is not to acquire a home, but rather to use the money to carry out other operations.
What is an unsecured loan?
It is a loan where your apartment is not at stake. Most young people currently do not have their own home, so for them and insurance for you, loans without mortgage guarantee and loans with personal guarantee are the only option.
We tell you then that there are several types of guarantee that you should know when requesting a loan and that the issue is sometimes complicated, but we can provide you with the appropriate advice in Prestalo, so that you decide on the credit that suits you best.
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