Maybe on some occasion, when you have been interested in taking out a loan, you have heard about periods of lack. However, you probably don’t know what the meaning of this word is or what it is for.
If this is your case, do not worry. In Pointed Credit we will explain everything in detail. Would you like to know more? In that case, do not stop reading the following post. The information can be very useful and interesting.
The period of lack
Normally when we apply for a loan we do so knowing that we will be able to repay the borrowed capital. However, due to the unstable financial situation we have been living in Spain for some years now, unfortunately sometimes this premise is not fulfilled. In these cases there are loans that offer the client the opportunity to have a period of time in which they do not have to face all or part of the loan expenses.
Do all credits include grace period?
No, not all loans offer this alternative to customers. As a general rule, personal loans that are aimed at clients with a somewhat delicate financial situation do usually have this possibility. For example, loans with Asnef or loans without payroll.
In the case of Point Credit we can offer you up to 5 years of lack.
Types of grace period
Just as not all loans offer a grace period, there are also different types of loans. We can talk like this about:
- Total lack loans. In this case the lender gives the borrower the opportunity to enjoy a period of total deficiency during a certain period of time. What does this mean? That once the requested capital has been received, you will not have to pay anything for it (neither interest nor repayment terms) during the duration of the deficiency. These types of loans usually last longer than those without or with partial deficiency.
- Partial lack loans. When we talk about partial deficiency we do it to refer to those loans in which during a certain term (the one agreed between both parties), the borrower will only have to pay the interest of the credit.
Is it always worth betting on a loan with a grace period?
Not always. Everything will depend on our economic situation when we request the money. He thinks that offering these advantages implies an increase in interest. In addition to a longer repayment term.
Requesting the grace period may be fine in specific cases. As for example for students. If we are developing a master’s degree or a university degree, we can apply for the loan with a personal deficiency in order to pay the classes during the period of our student period. In this way in those years we will only have to worry about studying and passing. We will have the subsequent ones to find a job with which to pay the loan.
It may also be useful to go to these loans if we believe we can end up falling into default. Before reaching this situation it is better to pay more interest and extend the life of the loan.