The average repayment duration
Read on and find out! Usually, when it comes to personal loans, the average repayment duration is around 60-84 months. In this range we find many loans for the purchase of the car, for the payment of debts or the start-up of one’s own business, or for the purchase of furniture and furnishings. It is an average duration, with which it is possible to dilute the cost of the loan over time, but without exaggerating in taking it with you.
It is also a segment with the best interest rates, with many chances of being able to obtain excellent contractual conditions. In this case basic requirements are the paycheck, the tax return, the pension slip or some real estate as guarantees or the signature of a guarantor. The average amounts requested with these loans are around $ 25,000-30,000.
Then there are the long-term loans, repayable up to 120 months, that is 10 years. This is the upper limit for many loan categories, such as the assignment of the fifth. In this case, the interest rate is slightly higher, even if diluted over a longer period of time, and the average of the amounts requested rises slightly, reaching around $ 40-50,000. In this sector we find many loans for building renovations, the purchase of expensive furniture or for the payment of advances on the purchase of real estate.
Normally almost all the various types of loans stop here, with some exceptions.
Fast loans with 180 month repayment
In some cases, the 120-month limit may be exceeded, for example to meet specific needs that require longer repayment and amortization times of the loan. Not all lenders offer this option, and when it does, it is usually limited to a specific service or asset.
For example, Nice Bank, of the Crédit Agricole group, offers the possibility of requesting a loan of up to $ 75,000, repayable up to a maximum of 180 months. This is a specific loan for the purchase and installation of photovoltaic panels for your home, with the possibility of choosing between a fixed or variable interest rate.
Combine the loan with a multi-risk insurance coverage
Furthermore, it is possible to combine the loan with a multi-risk insurance coverage, to protect against any type of unexpected event. This offer of Nice Bank is positioned in a sector where the market needs are of a rather long amortization plan, given the high costs and the slow recovery in the following years. Another possibility is that offered by Best bank with Lender Bank, the flexible personal loan with which you can request up to $ 50,000, repayable up to a maximum of 180 months. You can change the installment amount up to a maximum of 5 times, or skip the payment of an installment up to 5 for the duration of the repayment, postponing them to the end.
One of the great advantages of Lender Bank is that it is possible to request it to cope with many different purposes, such as restructuring, liquidity, debt consolidation or the purchase of technical work goods. Furthermore, in the event of early repayment of the debt, no penalty or additional commission will be paid.