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.Finalized and non-finalized loans: discover the differences

Finalized and non-finalized loans: discover the differences

It happens more and more frequently that in order to face a purchase or to face new unexpected expenses, the financing solution is resorted to. There are various loan possibilities on the market but we can identify two macro-areas which are those of the targeted loan and the non-finalized loan. Let’s see in detail what they are, how they work, and above all which one should rely on.

Finalized Loan: What it is and How it works

The finalized loan is a loan linked to the purchase of a specific good or service, or the sum disbursed is intended to buy only that specific product.

The practice of the finalized loan is initiated directly at the retailer of the good or service that we intend to purchase and the necessary sum of money is not paid to the customer but directly to the shopkeeper.

Resorting to a targeted loan allows the customer not to have to meet the expense using his money but to defer the installments over time.

This type of loan is provided by banks or financial institutions that agree with the retailer to offer the customer credit solutions for their purchases.

Non-Finalized Loan: What It Is And How It Works

non-finalized loan is a loan that does not have to be tied to the purchase of a specific product or service. Through the non-finalized loan, you get the amount of money you need and can be used for any need and for multiple purposes.

Non-finalized loans are usually disbursed based on the income of the applicant who can freely decide which institution to use, first analyzing the various estimates.

It is possible to request quotes either by going to the branches or online, a very popular method, especially lately. Among the most common types of non-finalized loans are personal loans or references for a student loan.

With the non-finalized loan, the customer receives the sum directly on his current account to then allow him to use it in total autonomy.

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