Personal loans can be an alternative to contemplate if we need liquidity to carry out a reform, a project, buy a car, etc .; But access to financing has some costs, the credits have interests, links, and commissions. Although not all, since the entities and private equity companies offer the possibility of hiring personal loans completely free of commissions and, in some cases, also.
What commissions can we save?
If we request a personal loan without commissions we will be saving money, since we will not have to pay money to formalize the financing or cancel it. Next, we present the usual commissions for consumer loans:
- Study commission: as its own name indicates, this commission must be paid by the mere process of the entity analyzing whether our application is viable or not. Its cost may vary between 1% and 3% of the amount borrowed.
- Opening commission: a fee that we will have to pay to lend us the money. Entities simply include it to formalize the operation and its cost can range between 1% and 3%, with a minimum amount.
- Commission for amortization: the bank will charge us if we pay the amount totally or partially before the deadline. However, unlike the previous commissions, the cost of this fee is limited by law. Therefore, it can not exceed 1% if the term to conclude the financing is greater than one year and at no time may it exceed 0.5% if the term is less than 12 months.
In personal loans, they could also charge us for carrying out some modification in the contract, such as changing the payment date of the installment, extending the term, etc.
What other expenses can personal loans include?
In addition to the opening, study and amortization commissions, the hiring of a consumer credit can entail another series of associated costs. An example is notary fees. If the entity requires that the signing of the financial contract be carried out before a notary, we will have to cover the official’s fees, but not in advance, but this cost will be financed along with the requested capital, for which we will pay interest for it.
Linkage is another cost that may affect the total amount of the requested funding. Some entities will require us to contract a linked product together with the loan, such as unemployment insurance, a life policy, etc. And although it is not mandatory by law, the fact is that the bank can refuse to grant us the financing, or make it more expensive, if we do not hire the linked products, claiming that we do not meet the necessary or sufficient requirements to apply for the loan.