What is a consumer credit? Or how to get a consumer credit? If you need access to these types of credits and do not know everything you need, this article is for you, since we answer what a consumer credit is and how to get it.
How to get a consumer credit?
Those looking to start a business or renovate their home or for another reason can do so by accessing a consumer credit . A consumer credit is a loan that allows to solve personal needs in different aspects. They can apply for a consumer loan in banks as well as consumer loans in clearinghouses or cooperatives, on their websites or in their bank offices, complying with the requirements they request.
What is a consumer credit for?
Bank customers usually request a consumer credit for finance the renovation of the home, make a trip, buy and change the refrigerator, the TV or appliances, as well as facing expenses of a wedding or a birthday of 15 or whatever.
What requirements do you usually request for a consumer loan?
Luckily the requirements to apply for a Consumer Credit are not usually demanding as are the requirements of other types of credits . Consumer credit is one of the financing options for quick and easy access for clients of financial institutions because it offers small amounts and they serve short-term purposes, so the requirements are not demanding or many. Each bank may request different requirements when granting a consumer credit, although they are usually similar, there may be some small difference.
In general, the requirements requested are the following:
- Have a minimum income or salary that is consistent with the amount of the loan requested.
- Comply with the minimum and maximum age required by law for the signing of contracts.
- Have a clean economic and commercial history, without debts.
- Be a Chilean citizen or have a Chilean residence.
- Have a minimum working age, and demonstrate job stability.
What consumer credit data should be known?
Before requesting a consumer credit, it is important to take into account, and much, the following variables, so as not to surprise us when paying the annual fee:
- Annual rate: Refers to the amount borrowed, the total cost of the loan being reflected in percentage, based on commissions, administrative expenses, and so on.
- Nominal interest rate: Applies only in the case of not establishing an annual rate, and its corresponding expenses.
- Credit amount: In consumer credit it is not important than in other types of loans such as mortgage credit.
- Number of installments to pay: Its importance is not as high as in other credits.
- The amount of each installment: Depends as if they are the same or vary.
- Periodicity of payment: It can be weekly, monthly, bimonthly, or that established by the entity.
- Constitution of guarantees: Regarding penalties and other expenses that may apply.
Knowing what a consumer credit is, what purpose it serves and the requirements to be met to request a consumer credit for whatever purpose, you should only choose your favorite entity or the one that offers the best consumer credit in the market.