Among the consumer loans are those intended for the purchase of goods or for the payment of services for non-commercial purposes. In this category we find the free investment credit, revolving credit and liberty credit. What is the difference between them? Which one is better?
How to apply and where?
The free investment credit allows you to access the money you need quickly, the bank makes a single disbursement for the agreed amount and the payment is made in installments according to the interest rate determined by the banking institution. Normally, the interest rate is high since there is no guarantee on the credit (as opposed to vehicle or mortgage credit).
The liberty credit is a modality of the free investment credit with a single disbursement, which can also be used for what the user decides and there is no guarantee (nothing is pledged to the bank). The difference with the free investment credit is that it is directly deducted from the person’s salary, that is, by payroll.
This condition presumes that the default option is much lower and that is why interest rates are also lower. In addition, the requirements to access this type of credit are less strict than in other types of credit. The most difficult part of the bookings is that it is necessary that the company in which the interested party works has an agreement with the bank to which he wishes to apply. In recent years, it has become the preferred consumer credit of Colombians.
The revolving credit is another type of free investment credit but it does not have a single disbursement amount but a pre-approved credit quota that is available to the customer when he needs it since there is no guarantee.
This type of credit usually has a high rate
The way to disburse this credit is usually through a customer account, so when you need to use it, a transfer is made for the desired value (total or partial of your quota) to that account. In doing so, the client generally accepts that said loan be deferred to the term decided with the bank (usually 24 or 36 months).
The 3 types of credit are presented as valid options to access the amount that is needed and in Pip you can see the offer of financial institutions and the different interest rates offered to you.