Personal Loan – Many times we see information referring to different types of loans with a great variety of commercial names, ex. loans to the consumer, loans to the study, loans reforms, car loans, etc … Although, normally, all of them are included within what we know by ‘personal loan’.
The personal loan is a type of loan that is usually used to finance a specific need at a given time, such as a car, travel, study abroad or postgraduate, furniture, renovations, etc … and a not very high amount.
The personal loan is granted with personal guarantees of the interested party and the return period usually ranges from one to five years. The maximum amount to be financed by personal loan is based on the guarantees that can be provided and normally ranges from 3,000 euros to 30,000.