Among the best known and recognized, there is the depreciable credit. This is the most common form of borrowing for individuals. When it comes to amortizing credit, it can be a consumer credit such as a mortgage. The loan of the depreciable credit can be fixed-rate or variable rate. The characteristic of this type of credit is that each installment repays both interest and a portion of the capital borrowed, this is called capital depreciation.
The depreciable credit as opposed to the credit in a fine which only reimburses the interest but not the capital borrowed. Particularly suitable for rental investments, the credit in fine makes it possible to repay the capital in full at the last deadline.
Also highly in vogue, the adjustable or floating rate credit has an interest rate indexed to an index and may change throughout the term of the loan, up or down. Obviously, these rate changes can significantly change the duration of the repayment or even monthly payments. However, it is possible to cap the change in the rate from the initial rate. In this case, we will talk about the capped rate.
Other credit varies, flexible credit. This type of credit allows the borrower to adjust his credit as he wishes. Thus, it is possible to change, upward or downward, the monthly payments, or even to postpone one or more in case of financial difficulties. And in case of returning the money, it is also possible to partially repay the loan in advance. In general, mortgages fall into this category of flexible credit
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Your project is largely matured and all you need is finance to fulfill your wishes? You can actually resort to a credit application. Know that in terms of credit, there are different kinds.
Credit on the pledge, credit relay
Rarely, the credit on the pledge. The latter is granted in return for a property left as collateral. The credit unions of Municipal Credit grant this type of credit, without the condition of the resource.
The bridging loan allows for a new acquisition when the former home of the owners is not yet sold. It is actually a kind of credit in fine. The bridging loan is necessarily short-term.
Not to be confused with a revolving rate credit, the fixed-rate credit and progressive maturity are as its name suggests, a fixed-rate credit. However, each year, the maturity is increased by a certain percentage to allow depreciation. It has the advantage of obtaining lower monthly payments at the beginning, compared to credit with constant maturity. However, the credit with a progressive maturity will be more expensive than that with a constant maturity, even at the same interest rate.
Quite little used by individuals but not neglected despite everything, the credit repayment of constant capital. The principle is to repay at each maturity the same amount of capital. Since interest is calculated on the outstanding capital, the total amount of the maturity (principal repaid plus interest) gradually decreases over time. Be careful though, this type of credit often has a higher overall cost than the others.
Find your credit institution online
You have decided to subscribe to a loan but want to first learn about the internet, even if you want to find the most suitable credit organization for your project directly online? We advise you to use credit comparators. Numerous on the web, financial institutions offering credit online allow borrowers a significant time-saving.
Be aware that traditional banks are also very often involved in loan distribution: Harrison, McLeod and many others are among these financial institutions willing to lend you money. Most of them have easy-to-use websites and even offer credit simulators. In just a few clicks, all you have to do is fill in the information (the amount borrowed, repayment term, the total cost of credit, etc.) in order to obtain the returns within a few days and to be able to compare credit organizations online. Then you can select the most interesting rates before finalizing your project.