“Personal credit”, also known as the “personal loan” is a financing cash flow requirement. This credit is not used to purchase a service or a specific product but can be used freely without the consumer who uses it has to justify the nature of his purchase from the lender unlike the appropriation.
Personal credit is a credit to the consumer, therefore intended to finance consumer goods.
Personal credit is not to be confused with the revolving debt, which is a pool of money available to the consumer and replenished as and when repayments.
Also, do not confuse personal credit and appropriation, which piggybacks on the purchase of a good or a particular finance that service.
The personal loan is to make available to the consumer, subject to acceptance of his case by the lender, a sum of money set, used at any time with which it can achieve or purchases of their choice.
The funds are not allocated to a particular transaction and may be used by the borrower for any type of expenditure, without control by the lender.
The amount of the borrowed amount can be up to 21,500 dollars (dollar limit for consumer credit), as consumer debt and repayment capacity rates.
The personal loan is repayable over a period ranging from 12 months to 60 months. This period may be extended beyond 60 months only in the context of redemption of credits.
As for a home loan the consumer knows the day of the conclusion of the credit agreement, the exact amount of your monthly payments, the loan and the total cost of credit.
Borrower insurance is offered to the consumer, but it is optional. However, it is recommended that this insurance to mitigate potential incidents of life. This insurance usually covers:
– The absolute and permanent disability
– Temporary incapacity for work
– Optional: job loss