The Term to pay of the Loans will depend a lot on the amount of money requested and sometimes if the amount that is needed is less than 1,000 euros, you can look for other alternatives to the traditional credits of the banks. For example, having a credit card with cash. Or ask for an overdraft to the bank until the payroll amount is received.
Ask for Quick Credits to return in 6 months
Popularly known as Quick Credits that are mainly granted by online financial companies that operate on the Internet, the maximum term granted to return the money is 30 days and in some exceptions up to 45 days.
Therefore, a quick credit whose amount will be less than 1,000 euros will not be easy to get an entity to grant us a period of 6 months to return the money.
However, if the amount is somewhat higher to cover emergency expenses, there are other alternatives such as asking the bank where the payroll has an advance payment of the same. Generally all entities have a loan product concept of payroll advance. in these cases they usually advance up to 6 months of salary and grant up to 3 years to pay off.
Another alternative to get a loan to pay in 6 to 12 months, is to pay with the credit card and request the deferred payment of the debt instead of making the payment at the end of the month as usual.
Obtain a loan to pay in 12 months while in financial credit institutions
But what can happen if the applicant is on a list of defaulters, mainly the financial credit institutions registry.
We have already commented on other articles. The financial institution will first consult the records of unpaid. If the applicant is on a list of defaulters, surely their loan will not be approved. There are possibilities to get loans while in financial credit institutions. However, it is not the case of operations to be paid in the short term up to 12 months.
To get money with financial credit institutions, you have to have some property free of charges in order for the bank or savings bank or financial case to ensure the collection of capital and interest and in these cases deliver a not very high percentage about the value of housing. (probably up to 60% of the appraised value).
Fee or bill payable for credits to be amortized in 6 months
The interest rate paid for short-term operations to pay before one year. It is usually somewhat more expensive than long-term loans such as mortgages or car loans. For example, if you request a loan of 1,000 Euros to be repaid in 6 months. The monthly payment to be paid would be 170.08 euros calculated at 7% interest of TIN:
If the same amount of 1,000 euros is amortized in 12 months at the same interest rate of 7%. The monthly letter would be 86.52 euros.
Another example: 3.000 euros to pay in 6 months : monthly fee of 510.25 euros. And if the return period is 12 months : 259.58
Fee to pay for credit of 5,000 euros to be repaid in 6 months : Fee 850,42. If the Loan is paid in 12 months 432.63 euros.
You can make your own calculations for other amounts, terms and different interest rates in our Loans calculator