Credit is a type of loan. This is a financial product, as a rule offered by legal entities, namely credit institutions (eg banks), while anyone can (from a natural person) loan a loan. As with any loan, the loan represents lent money in exchange for paying interest and returning money after a certain time and in an agreed manner.
Credit is a standardized financial product, which means that most conditions are predetermined by the lender. A credit transaction is concluded by signing a standardized credit agreement that defines the conditions such as interest rate, repayment period, loan purpose, depreciation plan, loan insurance, etc. The repayment of a loan may be in one or more installments, depending on the arrangement between the lender and the borrower.
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Although credit is a standardized product, the types and forms of credit is extremely high. They are usually tailored to the customer segment (borrowers), the purpose of financing, or some other criterion. Below are some basic breakdowns by type.
Types of bad credit loans guaranteed approval Columbia:
short-term loans (repayment up to one year)
medium-term loans (repayment from one to five years)
long-term loans (repayment from five to thirty or more years)
According to purpose, loans can be divided into:
residential / mortgage
consumer (without special purpose)
dedicated (car, holiday, equipment, etc.)
loans for the financing of current assets
project loans (project financing)
Depending on the type of recipient, the loans for people with bad credit Columbia into:
loans for natural persons (retail)
loans to state institutions
bank loans (interbank market)
Loans can still be segmented according to the type of interest rate:
loans with a fixed interest rate
loans with variable interest rates
These are just some basic categories of credit. There are many more. Each loan segment has its own specific characteristics, which is mainly reflected in credit conditions.
Wider meaning of the word “Credit”
In principle, a credit may also have a non-monetary form. Namely, any form of receiving goods without immediate payment is a type of loan. So, the word credit is not just a financial product, but in the wider sense it covers any transaction in which payment is postponed for some time and somebody becomes a debtor from a business relationship.
The dictionary of the American literary language clearly defines this. The loan is defined as all material assets that the creditor is obligated to pay to the debtor with the obligation of a subsequent repayment, or the loan is the relationship between the creditor and the debtor arising from the placing of such material assets.
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The product presents:
a favorable bad credit credit facility at a favorable contractual interest rate.
The product can also be combined with other forms of incentives (eg incentives for specific target groups of young businesses or other products).
Loans for poor credit Columbia
The purpose of the product is to enable businesses or specific target groups of companies representing a certain market gap in USA, access to favorable sources of financing (entrepreneurship in rural areas, increasing the share of companies exploiting natural potentials (healthy food, clean environment, rural tourism, ..), companies doing business in problem areas, …).
Product is intended for companies or specific target groups of companies:
to facilitate access to affordable sources of finance,
to finance the growth and development of companies, investments and current operations.
By implementing “bad credit twins”, eligible companies will also receive a content support program tailored to the needs of companies. With this content program, companies will receive additional training in different areas of business (marketing, organization, design, etc.) and consequently increase the performance of their investments.
How to get a loan with bad credit in Columbia?
micro, small and medium enterprises; specific target groups of companies, which will be defined in individual public tender and are older than 5 years.
Benefits for final recipients
Direct bad credit loans are more favorable for recipients due to:
lower interest rates,
lower insurance requirements,
maturity of the loan and
the possibility of using a moratorium on the repayment of loans …
Eligible costs are:
material investment costs,
costs of intangible investments
operating costs of current assets
More specifically, the eligible costs are defined at the level of each tender.
Loans for those with bad credit Columbia
All formally complete applications that qualify for candidature and are consistent with the purpose of the public tender are evaluated by the commission for the allocation of funds on the basis of a qualitative and / or quantitative assessment. Based on this assessment, the application obtains a positive or negative opinion.
The Commission allocates a proposal to the bad credit for decision-making on all formally complete and legally formal applications with positive and negative opinions. The bad credit takes the final decision with the decision on the approval or the decision on the non-acceptance of the application.
Precisely defined criteria with a scorer are an integral part of the tender documentation.