The 7 types of credits you should know.
To achieve your financial goals there are different tools that can give you the boost you need. One of them can be a credit. Today there is a wide and varied portfolio of credit products. At EconoMÍA we want you to discover the tools that can help you meet your goals. That is why we show you 7 types of credits that you have to know. Let us begin!
Commercial Credit
This type of loan is requested by individuals or legal entities in order to finance the costs of developing productive and organized economic activity. For example, if a company needs to buy raw material to make its products, with a commercial 직장인대출 it can finance that purchase. There is also the purchase of machinery, merchandise for sale, or the financing of accounts receivable when a sale is made in installments. An important aspect of this type of credit is that you must have the certainty of earnings. In other words, to conserve liquidity, it is necessary to know that you will receive money from the same productive activity in which you are investing.
Consumer Credit
This is a type of credit that is designed to finance the acquisition of consumer benefits and that can meet different needs: cover some unforeseen expenses, finance part of your studies, invest in goods and services, take a trip, among others. Consumer credit is one of the most popular among natural persons.
Microcredit and SMEs
Thanks to this type of credit, small and medium-sized companies can cover expenses related to their productive activities, their administrative expenses or human resources.
Guaranteed Credit
This type of credit works under specific conditions: here, the loan must be backed by a real guarantee. For this reason, the debtor offers an asset of its own to support the payment of the obligation.
Personal Credit
Here appears the figure of the co-signer. In this type of credit, in addition to the person requesting the loan, another person or entity will guarantee the payment of the obligation. This person is known as a co-signer.
Mortgage Credit
It is a medium or long-term loan that is granted for the purchase, expansion, repair or construction of a home. The acquired property remains as collateral or “mortgaged” in favor of the Bank to ensure compliance with the credit.
Revolving Credit
This type of revolving credit, also known as a reusable personal credit quota, is very attractive for people who need to have resources and cash flow constantly. Here the bank gives you a loan with an initial quota and this is constantly renewed as you make payments on your debt. If you want to know more about revolving credit click here.
Finally, remember that the best strategy to choose a loan that suits your needs is to really understand how much you need, how you are going to invest it, your payment capacity and the number of installments in which you will finish your debt.
