Loans with promissory notes , although less widespread today than in the past, remain a viable alternative to personal loans . For example, they are a solution for those who do not meet the requirements for the other financing methods. Let’s see specifically what they are and how to request them.
Loans with promissory notes, also known as promissory or fiduciary loans, are non-finalized loans. These therefore allow you to obtain liquidity , without having to specify the reason for the request.
What are loans with bills?
The main peculiarity is that these are reimbursed through bills to be paid monthly on maturity. The bills, on which a stamp must be imposed, are issued in the form of ” drafts” or “promissory notes”. These must be signed and completed in all their parts. The rate applied is fixed and the installments are constant.
Loans with bills of exchange can be disbursed by a finance company, private individuals and a bank . How Much Can You Get? The amounts disbursed are usually between 2,500 and 50,000 dollars, the repayment duration ranges from one to a maximum of 10 years.
Who can apply for loans with bills?
It is a type of loan that allows access to a large audience, even to those who have difficulty obtaining other methods of credit . Bad payers can also access this type of financing and it is compatible with the presence of other ongoing loans . Pensioners , employees of the public and private sector, self-employed and also unemployed or atypical workers may request it: in the latter two cases the presence of a guarantor or co-obligation is required.
Access to the loan with bills is, as we said, generally less difficult than a normal personal loan, for what reason?
Bills of exchange are enforceable titles, which allows you to get back more easily and quickly into the sums lent. In the event of non-payment of a bill of exchange , the creditor can in fact immediately initiate a procedure for the attachment of the debtor’s assets (which is also protested).
Advantages and disadvantages of loans with bills.
This type of loan certainly has advantages. In addition to the more flexible criteria that make it easier to obtain the loan, there is also a greater elasticity in the payments of the installments because the bills can be renewed: in fact, before the effect expires, it is possible to postpone the payment date by agreement between the leave. Of course, we must also keep in mind that the more the payment is postponed, the higher the interest to be paid.
Like everything, loans with bills also have disadvantages. In fact, if you are not sure that you have the possibility to repay the debt , better avoid the bills. Skipping even a single installment in fact risks being protested, with serious consequences, which leave very little chance of obtaining other funding in the future (at least until the position is fully regularized, which requires a long and difficult procedure). The disadvantages also include costs, which are somewhat higher than other types of loans due to higher interest and incidental costs.
How to ask them?
At the moment Good Finance does not present loan solutions with bills . In any case, once we have identified the entities that provide this type of loan, we recommend comparing the various quotes to check which is the most convenient.
In general, between the required documentation, in addition to the copy of the identity document and the tax code , the proof of income: for example, the last paycheck if you are an employee or the signature of a guarantor in case of unemployed. A life insurance policy is also often required.