Personal Loans With Cambiali

We analyze a type of personal loan available in Italy but often little known: the personal loan with bills of exchange , also known as a loan that has been changed .

What is a bill?

First of all, let’s start with what is meant by a bill of exchange . According to the legal system in force in Italy, a promissory note is a credit instrument issued to postpone the payment of a debt. The bill of exchange is physically a paper form issued by the financial administration, even if in theory nothing prohibits the use of any sheet as a promissory note, provided that it is filled in with the required validity characteristics. The use of the bill is widespread as a security for the payment of debts of various kinds, including those contracted through a personal loan.

Modified loans: what they are and how they work

Image result for modified loanWe have said that a bill can be used as a commitment for the payment of any credit received, including a personal loan.
In the case of a loan that has been changed, the bank or the financial institution requires the signature of a number of bills equal to the number of installments to be paid for the repayment of the loan. From the point of view of operation, the loans that are changed are therefore not different from a common personal loan; what changes, however, is the way in which the applicant agrees to repay the loan. Often the deadline for bills of exchange is monthly , as is the case with many personal loans, but nothing prevents identifying different payment deadlines.

Personalized personal loans can be issued for any amount and duration of repayment of the loan; however depending on the financial or bank choice these two characteristics can vary considerably. It should also be noted that personal loans with online or offline bills are not the most common type of loan; in fact, they are not proposed by all the financial institutions and banks and for this reason finding a subject that can send them could take a little more time compared to a standard personal loan.

When to apply for a loan that has been changed

The changed loan is usually suggested if it is not possible to obtain a loan of a different type. Usually this type of loan is proposed to the categories of subjects that do not have sufficient guarantees for the provision of another type of loan, as can happen with the protested or those who do not have a paycheck . In fact, the changed loans are also granted to those whose names are reported to the risk centers , as the bill itself constitutes a more binding payment commitment than the subscription of a common type loan. Moreover, the loan can be represented as a solution even for those who, although not reported as a bad payer, is not able to provide sufficient guarantees for the amount of the loan requested.

Loans changed online

As is now the case for all types of personal loans, even personal loan can be requested online , from banks and financial sites that offer this type of product. Unlike other loans, however, it is necessary that at the time of approval the applicant physically signs the bills, usually in one of the branches of the financial institution or bank that grants this type of loan. Some financial also offer the possibility of signing the bill at the domicile of the applicant; however this service is offered only by some subjects that issue loans. For this you need to inquire beforehand about this possibility in case you are unable to go to a bank or financial office. As regards the presentation of documentation , even for online loans, it is possible to send the requested documents (such as identity documents) via the internet site of the donor, as is the case for online personal loans.

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