If you’re looking for information on online loans, you’ve come to the right place.
This website, in fact, is a guide dedicated to 100% of loans with bills of exchange and bills of exchange .
The world of loans with bills of exchange might seem frightening to many by virtue of the fact that in the phase of guarantee or repayment of the loan this executive title is involved, the bill of exchange, of which the name is sometimes enough to instill fear. In reality it is nothing more than a guarantee that is added to the loan and that “comes into play” only from the moment in which one is insolvent. If you pay the installments regularly , month after month, you have nothing to fear.
Types of loans with bills
Although the functioning of loans with bills of exchange is still the same, there are different types of loans, depending on who requests them.
Drafts, to be paid or as a guarantee?
At this point it is necessary to make a distinction between personal loans repayable through payment of bills and personal loans to which the bill serves only as a guarantee.
The difference is clear.
Personal loans repayable by payment of bills will result in the balance, each month, of a bill of exchange, which represents the loan installment. Therefore, in order to have access to this loan, a bill is signed for each month of the loan term. It is a type of loan that most of the finance companies no longer do, except in really exceptional cases.
Read also: those with bills of exchange, are they a loan or a loan ?
Loans for which the promissory note serves as a guarantee only , instead, are classic personal loans where only one bill is signed, the amount of which allows to cover the entire loan. This bill is retained by the creditor (bank or finance company) and “made to act” only in the event of default by the debtor.
The bill, the executive title par excellence
In the phase of disbursement of a loan that has been changed, it is obviously necessary to fill in one or more bills, depending on the case.
The draft must be completed in all its main parts, namely:
- place and date of issue
- amount (in figures and in letters)
- Expiration date
- indication of the word “I will pay”
- debtor’s data
- signature of the debtor
Modified loans: advantages and disadvantages
The advantages of the changed loans are:
- Possibility of having a loan even if you are a bad payer;
- Ability to receive even large amounts of money, up to 30,000 or 50,000 euros depending on the credit company you are targeting.
Among the disadvantages , however, we can see:
- Rate of interest applied higher than a classic personal loan;
- Higher accessory costs as issuing a bill involves a certain expense which, of course, falls on the principal debtor;
- There is a risk of being reported as protested, since even an unpaid monthly installment is enough to start the bank’s execution of the bill.
Loans changed: our advice
If you are looking for loans changed because you have been reported as bad payers or simply because you have to subscribe to this security as a guarantee, the “secret” to increase the chances of obtaining funding are to prove fast and available in providing all the documents that a finance company requires for the feasibility assessment.
The more you show punctuality and the more you succeed in making it clear that you care about the financing, the greater the positive image you have on the financial and, depending on the case, you may also have a better chance of obtaining credit.
Some numbers on the spread of bills
It is interesting to note that in recent years there have been more and more people who resort to this credit to settle debts with banks or financial institutions, or sign them in order to have access to a loan with bills of exchange. .
Here are some interesting numbers:
- From 2009 to 2011 there was a 40% growth in signed bills to obtain or secure loans;
- from 2010 to 2011 about 530,000 stamps were issued (to find out more, we invite you to read our bill of exchange page );
- in 2012 about 550,000 bills were issued;
- from 2011 to 2012 the total amount of bills issued fell from 140 million to 135 million.
Where to find these loans in Italy
There are many financial companies that offer loans with bills of exchange, but certainly the two main ones are Rome and Turin.
The first, capital of Italy, has several companies specializing in these loans, we talk about it on the appropriate page , the second, one of the economic capitals of our country, is one of the most important from the point of view of financing in general, and as a result even those with the title change are much appreciated and proposed, even here we refer to our in-depth page .
Before closing, we want to give you 3 tips on funding with bills, which will allow you to better understand this world.
- Modified loans are not for everyone . Even if they are asked in a particular way by bad payers, it remains essential to have a salary (or any other income, such as an entrepreneurial activity) and it is better to have a guarantor;
- They are not as convenient as the classic loans, for the simple reason that the change title has a cost (the tax stamp) and that the applied interest rates are often higher than the average;
- There are no fast changed loans , which can be obtained very quickly. Even if the bank will obviously try to speed up the procedure, in any case there are analyzes and studies to be done on the applicant, which will take some time away.
To find out more about the world of loans with bills of exchange, we invite you to visit our web portal mondo-prestiti.it , you will also find advice on how to choose the best loan, the latest news on loans and loans and complete guides (as well as many tips) on how to orient yourself in this world.