Characteristics of the Pledge Loans

Nowadays it is very common to hear about the pledge loans, since it is a loan very requested by the clients.

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Punctually mortgage loans serve to realize the dream of having a self- owned car whether it is used or 0KM.

In this opportunity we will talk about the Characteristics of the Pledge Loans so that you can know them and above all, know which is the most convenient.

A Pledge Loan is a financing contract whereby a financial institution (lender) provides a customer (borrower) with a certain amount of money (loan capital) equivalent to a percentage of the value of a movable asset that is delivered as collateral. A pledge contract is then established.

During the validity of a pledge contract, the owner of the property can not constitute, under penalty of nullity, another pledge on them, unless authorized in writing by the loanor. The garment can be:

  • fixed.
  • floating.

The fixed is when it is built on movable or semovientes (ie, moving themselves, such as livestock) and fruits or products, even if they are pending or are standing. The immovable things by their destiny, incorporated to a mortgaged property, can only be sued with the conformity of the mortgagee .

The floating garment is made up of merchandise and raw materials in general, belonging to a commercial or industrial establishment. This type of garment affects the things originally pledged and those that result from its transformation, as well as those that are acquired to replace them; and does not restrict the availability of all of them, for the purposes of the guarantee.

Details of the Contract:

The registration of the pledge contracts is done in the Pledge Registry that works in the national, provincial or municipal offices that the National Executive Power determines in accordance with the regulations that it establishes. The procedures before the Pledge Registry are subject to the tariff established by the National Executive Power. This body issues certificates and provides information at the request of the court, on banking establishments, public notaries with registration and whoever verifies an interest before the person in charge of it.

We must not forget that a pledge loan is a loan, that is, funds provided to a physical or legal person by a financial institution, with or without collateral, at different maturity dates (short, medium or long term). Your return can be in a single payment or in regular installments, and involves the accrual and payment of interest.

It is important that before requesting any type of loan you can lend to the Councils prior to the request , and pay close attention to the Total Financial Cost.

The Total Financial Cost (CFT) is the main variable that must be taken into account when choosing a personal, pledge or mortgage loan, since it is the best indicator of the overall cost that the client will have to face. The CFT is composed of the annual nominal interest rate (TNA) and for all those charges associated with the operation that do not involve the payment of a service actually provided or a genuine reimbursement of expenses.