What is meant by financial ? How do the loans provided by these subjects work and what are the differences compared to a bank? Let’s find out in this guide.
The financial term is commonly used to refer to a financial institution , ie a company whose business is related to financial products, such as loans, loans or intermediation. In order to carry out this type of services in Italy it is necessary for the financial institution to have specific authorizations for each type of product; moreover, it is generally not allowed that the same company carries out different activities that fall outside the scope of services related to the sector.
Regarding the scope of personal loans, there is no difference between the products promoted by the financial companies and those issued by the banks . The two subjects, however, are very different from the formal point of view, since as mentioned in the previous paragraph, the financial companies only perform activities related to the financial sector. In contrast, the services that banks can provide are much more extensive and differentiated from one another, even though in recent years even financial companies have increasingly expanded the services available, effectively bringing the field of action of the two types of subjects closer together.
With regard to the specific area of personal loans , obtaining a loan is subject to the assessment of the practice by the financial institution itself. At the time of requesting a loan, the financial company requests that the applicant’s identity documents , the last paycheck or pension slip (or the last income tax return) be provided. In addition, the financial institution usually requires the receipt of a paid user , such as an electricity, gas or telephone bill.
These documents are requested both if you are present at a finance office or online personal loans .
Subsequent to the request, the financial assesses the applicant’s profile to understand its reliability from a financial point of view. Once the practice has been assessed, the customer is notified of the disbursement, the rejection of the loan or the request for the presentation of further documents or additional guarantees , such as for example a person who performs the role of guarantor . In principle, obtaining a personal loan from the financial institutions is no different from what happens with loans granted by banks.
Many financial companies operate in Italy for personal loans. Here is a brief overview of the companies operating in Italy:
Agos : financial with offices throughout the national territory, also operates online and by phone. In addition to personal loans, it also offers different products, such as sales of the fifth, credit cards and loans. With regard to personal loans, the products available are different; among the many we point out the possibility of obtaining loans of even high amounts with a duration of up to 10 years.
Cofidis : international finance company specializing in the granting of small personal loans, with extended duration (up to 72 installments). It has no branches in Italy and offers exclusively online loans. In addition to personal loans, targeted loans and lines of credit are available.
Compass : is a company of the Mediobanca group. Widespread throughout Italy, offers the possibility to apply for personal loans online. Among the various products available are loans for the purpose and the assignment of the fifth. As for personal loans, Compass offers several products with different characteristics, such as the flexibility of the installment or the possibility of postponing payments.
Findomestic : part of the BNP Paribas banking group, it is a financial institution with branches all over the national territory that also operates online. It offers personal loans and products of different types, such as assignments of the fifth, mortgages and loans. It offers a wide range of targeted loans, in addition to general loans.
The financial indicated are only four of the best known , but bear in mind that there are many people who provide personal loans. To find the loan that best matches your needs, it is recommended to use a personal online loan comparator , which in addition to the best-known financial institutions, compares the loans offered by banks , including lesser-known (but not for this reason less expensive) or less reliable).