Applying for a personal loan through a bank is complex and tedious , in addition to the fact that certain documents are needed that the bank will require of us in order to proceed with the study of our application. In addition, the study of the application itself can take several weeks, so accessing financing through a bank if we need the money urgently is not an option.
However, we can always turn to private lenders to access quick private financing using a real estate property in our name as collateral. If the only income you have is your own pension, but you have a property that you own, you can access financing through private lenders easily and quickly. Next we are going to describe the entire operation.
Personal loans with the pension
tzedakahhouse.org is specialized in opening financing channels through private lenders to other individuals and companies. The great advantage of private financing through private lenders that you can access a loan even if you cannot justify your income, which means that technically only with your pension you can access a loan. However, in the event that you have a pension, it will also be necessary for you to meet the mandatory requirements in two to be able to access one of our loans.
How to access a loan with the pension
All the loans and financing channels that we open in tzedakahhouse.org are of the mortgage type , which means that a real estate property is needed in the name of the applicant and free of charges to guarantee the operation. In addition, a minimum of $ 20,000 must be requested, an amount that is technically infinite since it depends directly on the value of the property (the more value of the property, the more money we can request).
To start the process of applying for a loan with the pension, you just have to contact us electronically and an advisor will make a call to you in a maximum of 24 hours.
However, remember that you must meet the two mandatory requirements mentioned above: have real estate in your name and request $ 20,000 or more. We are going to describe these two requirements in detail below.
Have a real estate property
Real estate is one of the assets that loses the least value over time, since it is a real estate that wears off economic crises very well and is perfect to guarantee financial operations. For that reason a property is the perfect guarantee that we can offer to any investor if we want them to lend us money.
tzedakahhouse.org accepts any type of property to be used as collateral for the loan with the pension, so it does not matter what type of real estate you have. We accept houses, flats, apartments, commercial premises, hotels, garages ...
The only real estate that we do not accept is land, since it is difficult to value and the market for buying and selling it is very limited.
The real estate that you give as collateral must be free of debts (or in the case that you have debts, they must be very small).
If there are debts, if they are for a small amount, we can extend the initial loan to pay them off.
To determine the debts that weigh on the property and obtain the basic information of the property, we request a simple note from the Property Registry that the owner or applicant can send us electronically. Otherwise we can also request this simple note ourselves as long as the owner gives us the details of the property (personal data of the owner and exact address).
Request € 20,000 or more
tzedakahhouse.org is not a fast credit or microcredit company , but we work with a large group of private lenders willing to finance other individuals and companies. This means that we do not open financing channels for small amounts such as € 300 or € 1000. Our loans are authentic financial operations signed before a notary. Setting a minimum amount of $ 20,000 we achieve two things:
- Keep the interest rate in a very competitive range compared to our competitors. All of our loans have an interest rate that ranges between 9% and 12%, depending on the total amount requested and the repayment conditions.
- Advance costs for the client . The applicant never has to advance any cost during the study and signature phase of his loan: tzedakahhouse.org takes care of all expenses and apportions them within the loan in the event that the client must assume them.
Characteristics of a loan with the pension
tzedakahhouse.org is very flexible in terms of repayment conditions for its loans, allowing the client to design the installments, the duration and the general conditions under which they want to repay and repay their loan. In general, all of our personal loans with the pension can be designed as follows:
- The client can choose the duration , returning his loan from 1 to 10 years.
- The client can choose the recurrence of the installments , paying monthly, quarterly or semi-annually.
- The client can choose the type of amortization , the most common being the French (linear installments) but it is also possible to repay in grace or through the American method (installments of only interest plus final payment of capital).
- If the client's risk profile allows it, we can grant grace periods.
- All our loans are signed before a notary , and we are regulated by the same regulations that regulate mortgages (Law 5/2019 regulating mortgage-type loans). *
* In our blog we have written a lot of information regarding the study and signature of our loans:
- Study protocol and signature of our loans
- The transparency of mortgage loans
- Early return
- Real estate appraisal regulations for a loan
- Regulations on insurance linked to a loan