With a good use of credit, a large number of situations in the personal, family and business economy of these times can be solved. A bad use of credit can lead us to have an economic problem. The loan is therefore useful and the problems are caused by us, when we make an inappropriate use such as: contracting a debt greater than our ability to pay.
The loans can be for individuals or individuals or for companies or legal persons. To borrow properly it is important to take the credit indicated for our case, for example, to know exactly the amounts of capital and interest payments. A promissory note is a one-year loan, which requires quarterly payments of 25% of the capital, it is very likely that this type of instrument is not suitable for a natural person and it would be better to look for a loan by installments, say forexample to three years.
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The credits for natural persons are generally those of consumption (purchase of vehicles or credit cards). You can also borrow to set up a business or purchase an asset. The credits can be short, medium and long term, look for the option that suits you and remember, that you should not get into debt if you have doubts or do not understand exactly the obligations assumed. Obviously, the recommendation that we are going to give you is that you should get into debt with the bank of your preference, but always go to formal markets, to go to lenders you will pay usury rates, hence the importance of being banked.
It is say, work with banks, not only when applying for credits, also when it comes to trusting your savings. If you live in UK, you can try www.paydayloansnet.co.uk Do not place money in institutions, companies or with people who are not banks or regulated and supervised institutions.Another aspect of interest when it comes to borrowing is that the rates are attractive, even the highest credit cards are at 29%, since all rates are below inflation, is therefore a good opportunity to borrow and buy an asset or make an investment. If you also qualify for an activity that has regulated rates such as agriculture, tourism, manufacturing or housing, the recommendation to borrow becomes more important. It is a good business to get into debt, as long as you have the ability to pay.
In the case of companies, I am going to refer to the main modalities: They represent the money received from a financial institution and the net creditor balance of the current accounts that are in the books of the banks. Bank loans are requested for different reasons, among which the following can be cited:
- financing of working capital
- purchase of inventories;
- acquisition of fixed assets;
- cancellation of debts.
A loan is received for financing working capital, when a company requires cash to pay off short- term debts or to acquire a property that is quickly realizable. When this type of financing is requested, there must be reasonable assurance in obtaining sources of income for the cancellation of the debt.
The second option for which a loan may be required from a financial institution is for the purchase of inventories, which are goods that are made in the short term. The third reason is the acquisition of fixed assets, which is intended to take a debt that will be invested in the acquisition of a long-term asset that must be used to generate operating income.Also a loan can be taken for the cancellation of debts, in which case the structure of the liability does not undergo any modification or alteration since the money received will be applied in the decrease of another liability, that is, there is an exchange of values between items of the same nature.