Have you decided to ask for a loan? At this point you probably know that it is more complex than it seems; of entry, not all credits work the same. Your first step before taking action, should be to inform you at all times. The more aware you are of the different types of credit there are, the better tools you will have that will help you make good decisions with your money.
Therefore, we are here to tell you about the different types of credits and which one can best serve you according to your objectives. Keep reading!
The revolving credit is the one that can be used repeatedly. The bank gives you an amount called a line of credit each month, from which you can not spend more. If you pay the credit you have used on time, that credit is reinstalled and updated at the time your payment is applied.
An example of a revolving credit is the credit card. With your card you have access to the credit line up to the limit that has been established. Another example of revolving credit is the lines of credit that banks grant to SMEs, which work in the same way; a line of credit is granted, and when the deadline is met, it is renewed.
Term loans are the credits that a financial loan grants the user to cover some good or need. They consist in that the borrower agrees to pay his loan in payments of an equal amount, either by the institution or by the same user.
It is highly recommended that you pay your loan plus interest on time in case you plan to renew that credit. We also advise that if you have a credit installment by an institution, investigate how the payment process works, to see if they apply the unpaid balances, for which some financial reward you assigning a better interest to pay in advance.
Does kubo.financiero work as revolving credit or installments?
If you have a loan with us and pay well on time or in advance, you can have very good consequences:
- – Improve your Bureau score
- – Renew your loan easily
- – Get better yields
- – Reach your goals!
With us you can acquire loans in installments that can be used for your business, improve your house, payment for education of your children, payment for school supplies, among many other things. Cheer up!