Targeted loans: how they work and what they are for


The purpose loan

The purpose loan is a loan related to the purchase of a good or service and can be granted directly in the stores at the time of purchase. In practice, instead of paying the asset immediately and in full, you get money from the credit institution to pay it in installments.

Loans are generally simpler and faster to obtain, especially for small sums: agreements between lenders and points of sale allow to stipulate contracts at the time of purchase, presenting few documents (identity card, the tax code, sometimes the paycheck). In the case of high amounts, the procedure is more complex and the bank will evaluate several elements before deciding whether to grant the loan (this is the case, for example, of the purchase of a car).

The purpose loan

A special feature of the targeted loans is that the amount is paid directly to the merchant and that the contract is bound to the purchase of a specific asset (which in fact is indicated in the contract itself). The sum received will then be reimbursed in monthly installments.

It is important to know that it is a real consumer credit agreement, although perhaps it is one of those cases in which it might not seem like it. In addition to having a good credit rating, it is advisable to be aware of our economic situation and be able to manage debt well. If for some reason we skip payment of an installment, the information will be recorded in the Credit Information Systems.

Even if the procedure is quicker and simpler, we read well the contract that is proposed to us, what will be the total cost, such as reimbursement methods, such as obligations and rights.

Whether it’s a mobile phone (even those related to a contract with a telephone operator!), An appliance or a new car, the watchword is awareness !

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