What is a consumer credit?

If you want to know what a consumer loan is and what it is, and if it can help you to start your business or furnish the house; In Compare you can find all the necessary information to know if it will be useful to you and make the best decision.

Do you know what a consumer credit is?

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Consumer loans are loans that are intended to meet personal needs. Usually, people ask for a consumer loan to finance the furniture in the house, take a trip, buy appliances, celebrate a wedding or birthday, among other things.

According to a Sernac study, a person could pay up to $ 357 thousand pesos or an additional 31% to request a consumer credit of $ 1 million in 24 installments, depending on the bank or financial institution where they request it. The key to not avoid incurring unnecessary expenses is to inform yourself and compare between the different alternatives.

Which bank or institution is most suitable for what you need

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In Compare you will find all the key information on consumer loans from banks such as Good Lender Bank, Lender Bank, Capital bank, Cream Bank and many more. There you can compare the interest rate, CAE and operational expenses.

If you are looking to know what is a consumer loan from a clearinghouse or cooperative, on the site you can also find out about the requirements of different entities such as Caja Los Andes, Caja 18 de Septiembre, Caja Los Héroes, Coopeuch, among others. The most important thing you should know about what is consumer credit is that it is a small amount of money for an immediate expense and that you can return in a few months.

Main characteristics of consumer loans

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When understanding what a consumer loan is and what it consists of, it is important to review some common characteristics that offers from different financial entities have such as:

.- It is not always offered by a bank, it can also be a financial institution or an insurer and the relationship is with a client who receives the money to attend to a personal or family need.

.- The personal loan is in writing in a contract and the client takes a copy. It must have the signature of both parties, otherwise it is not valid.

.- It must contain certain information that ensures whoever requests it, the knowledge of each of the financial data that is collected in the operation. Some of these data are: interest rate, number of installments, prepayment conditions, among others.

Key data to consider in consumer loans

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In the contract, some of the personal loan details that appear are:

.- Annual rate: corresponds to the amount loaned and is the total cost of the loan expressed as a percentage, taking into account commissions, administrative expenses, etc.

.- Nominal interest rate: applies only in the event that the annual rate is not established, with its corresponding expenses.

.- Amount: the amount loaned.

.- Number of fees to pay.

.- The amount of the fees (if they are all the same or vary).

.- Payment frequency (weekly, monthly, bimonthly, etc.).

.- Constitution of guarantees, penalties and other expenses that can be applied.

Once you are clear about what a consumer credit is and how to use it, keep in mind that when contracting it, the rights of both parties must not be absent during the entire process of granting and paying the loan, general conditions, and also, delimit that this Credit does not have a specific purpose, but the client can use it for what they want, without having to report it to the entity that lends the money.

Now that you know what a consumer loan is and the characteristics it has, enter the comparator and quote your loan, see the differences in interest and choose the most convenient one. Do it totally free and without leaving your house.

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