Consumer credit: an ally or an enemy of personal finance

2023-08-22 11:00:00

Properly managing personal finances is essential to enjoying a healthier financial life. Not in vain, in this way debts and unnecessary expenses are avoided. Today, precisely, we are going to know if the consumer credit it is a good ally or an enemy to take into account in your personal finances.

When it comes to facing unforeseen expenses, nothing better than saving and smart investment. People who manage to have a balanced budget enjoy greater economic stability. It does not hurt to have notions regarding financial education to make the best decisions in economic matters.

What is a consumer credit?

A consumer loan is a type of personal loan with which you can cover a series of personal financial needs. In fact, with it you can face the payment of a debt, a trip, the payment of an unforeseen problem, medical expenses, studies, etc.

The applicant must meet a series of requirements to have the money. Although, in most cases, these are basic requirements and less than those of a traditional bank.

The amount of the consumer credit, the interest rate and the repayment term are agreed at the beginning of the application process. A very popular financing alternative that has acquired a huge boom in recent years.

Advantages of requesting a consumer loan

Consumer loans have a series of more than interesting advantages for anyone who requests them. Some of the most prominent are mentioned below.

Acquire it with a savings and credit cooperative

A savings and credit cooperative usually offers much more favorable conditions when applying for a consumer loan. Especially with regard to interest rates, since, in general, they are more competitive and the payment terms are more flexible. In addition, the fact of being local entities also has benefits for the applicant.

Not surprisingly, the treatment will always be much closer and more personalized. Unlike traditional banks, credit unions advise their clients to make the best decisions. Thus, the applicant not only receives financial support, but also some education to ensure their financial well-being.

liquidity injection

Applying for a consumer loan means having an injection of liquidity quickly and immediately. An excellent alternative, therefore, for those people who need to meet an expense in a very short time. All this without having to alter the monthly budget of each one.

The economic amount received can be used for various actions: defray a debt, deal with an unforeseen expense, a medical emergency, pay for a trip or studies, make a home renovation, pay the down payment on a house or a car, etc. .

Speed ​​of application and granting

If we compare it with other types of personal loans, consumer credit provides a very agile and efficient process. The application is made online, so the loan can be requested at any time and from anywhere. The procedures are very simple, fast and affordable for everyone.

Through a mobile device, you can submit your application and receive the money in a very short time. The response to your request usually only takes a few minutes. A more than interesting advantage for those who need money urgently.

Flexibility in installment payments

The entity that offers the consumer credit agrees with the applicant a series of payment conditions. In most cases, they can be adapted to the needs and financial capabilities of the person concerned. In this way, you can select longer or shorter terms as you consider.

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