The most universal kind of a consumer loan which is given by banks to physical bodies is a credit for urgent needs. The concept – “urgent needs” can be interpreted by the potential borrower extremely widely that allows him, not to disclose (and not to specify in the credit agreement) the actual reasons which have induced him to take the credit.
Thus, the consumer loan for urgent needs is multi-purpose that releases borrower from necessity documentary to confirm, which image had been spent the loan granted by bank. Moreover, such credit can be given (within the size established by bank counted on the basis of an estimation of ability to meet payments of the borrower) to almost any capable citizen.
The basic functions of consumer loans:
By the large, any credit, which bank gives to the frequent person, it is possible to consider as consumer since the purpose of reception of the credit is the satisfaction the borrower of the consumer requirements. Depending on the requirements and possibilities, the borrower can use credited means for purchasing of smart apartment or modest kitchen set, the car or the laptop, and also on acquisition of the whole spectrum of paid services: building-repair, educational, tourist, medical and etc. Nevertheless according to the developed practice consumer loans should be differentiated on functions and the corresponding functional groups one of which just and “classical” consumer loans form interesting us more all.
All so-called mortgage loans concern the first functional group, so called credits which are given to citizens on the security of real estate acquired on credited means — apartments, a country house, a summer residence, garage…
To the second functional group concern the credits given to citizens on acquisition of a car and car-techniques and also for auxiliaries of all car credits. More often, for the car credit acquire cars, but in coordination with the creditor the given means, it is possible to use on purchasing of an “abrupt” motorcycle, or, say, a trailer (small house-trail car).
“Classical” consumer loans concern to the third functional to group. They have extensive enough classification which we now will consider that dear readers, possessing the corresponding information, subsequently could without special difficulties, explain to the bank employee or the trading advisor not only what consumer loan is required to them, but also why.
So, consumer loans differ
• by the form provisions of obligations of the borrower — with provision or without, thus the credit security form can be various;
• by an accessory of credited consumer goods to commodity class or services;
• by speed and the maintenance of procedure of credit granting — express credits and ordinary or, perhaps, “slow” credits;
• by terms of granting which depend on the consensus reached by the parties can be qualified as short-term, medium-term and long-term;
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