Types of loans and EVERYTHING you have to know?

A loan is a contract whereby the lender (bank or private entity) grants an amount of money, with a fixed limit, which is made available to the client or debtor. Among the most common types of loans we can find personal and mortgage loans, destined for the acquisition of a home.

These financing instruments are important as they generally help to cope with improvisations or pay high cost items that, unless they have savings, represent a problem of liquidating in a single exhibition.

Types of loans

Types of loans

Among the different types of loans are:

* Car Loan: intended for the purchase of a vehicle. The loan repayment period is usually between 5 and 8 years either by a bank or financial institution.

* Mortgage Loan: intended for the acquisition of a property, land or house. The return period is usually between 3 and 20 years, either by a bank or financial entity.

* Personal Loan: it can vary from being made by a financial entity to an individual, such as a credit card, credit line, pawn of goods, among other things.

* Fast Loans: they are usually very small amounts of money and the repayment term is usually between 5 and 30 days, reaching a maximum of 3 months.

Personal loans are sometimes problematic since the demands of the banking entities are usually a large filter for those who do not have a guarantee or property to leave as insurance or do not have high income, however, the new times have allowed to introduce a safe and effective way to get fast personal loans: private credit companies.

We are going to put an example.

We are going to put an example.

Cashman is a private credit company that grants personal loans in order to support you with the quick money you need for any situation. Imagine you have an urgency and you can get the amount you need in minutes without having to wait long times at the bank, deliver infinite documents and with a lot of time waiting to get an answer about it … Cashman has that and more! 

The requirements are very simple as being Mexican, having IFE / INE and having an active bank account, it’s that simple!

Do not hesitate and look for the best personal credit option for you with Cashman.