It has happened to all of us that at some point in our lives we have economic difficulties to make ends meet, or we can not even afford to indulge. If you have exceeded your credit card limit, you will need extra money.
You can ask for money without giving explanations with a type of personal loan with which you can not give more guarantees than your payroll or monthly income.
Despite the financial name, in both cases we talk about loans without guarantees. The solvency and payment capacity of the borrower, or holder of the loan, are the guarantees to secure the principal plus interest on the loan.
Hence, it is called personal loan, since the only guarantee lies in the ability to pay or the property that the applicant has. In addition, the only guarantee is the signature of the person, with which he / she commits to return the borrowed money.
This is why first, financial analysts, are responsible for studying the history of the borrower, to ensure your solvency and if you are enrolled in any file of unpaid and delinquent as the Asnef or RAI of Spain.
Advantages of getting money with single-signature loans
The most important advantage of these personal loans is the speed, so they are also included in the category of quick loans, both those that are microcredits and those that are not.
An example is unsecured loans, or loans to single companies in Mexico, that banks grant to the best clients. These products have a maturity period of 3 months, after which if they can not be paid, they are renewed for another 3 months after paying the corresponding interest.
Without a doubt, the greatest advantage of single-signature loans is that it is not necessary to provide guarantees, nor mortgages or guarantees from third parties.
To apply for this type of loans, it is only necessary to have a ‘recurring income’, which is usually a payroll, although it could also be unemployment benefits, rental income or retirement pensions.
Where to find lenders to single signature?
Both in Spain and Latin America you can find a private lender that grants loans to single companies and individuals, in whatever city you reside.
If you want to avoid frauds of illegal lenders, do not resort to Internet classifieds or street moneylenders. Enter directories of serious and honest lenders, select your city of residence and receive a personal and trustworthy treatment.
H3 Risks of single-signature loans
When dealing with personal loans without guarantees, their main advantage also becomes their greatest risk.
This makes them easy to obtain, either through financing entities such as banks, online credit companies, private lenders, or a combination of them.
It is for this reason that, since it is so easy to obtain loans from a single firm, the monthly installments accumulate and the debt of money increases, to such an extent that it becomes unpayable and obliges us to request a refinancing.