The main characteristic of the personal loan is that of not being aimed at the purchase of a specific asset, therefore the body that provides the loan will not require, at the time of the preliminary investigation, the purpose for which it is being requested. This occurs only informally as the motivation will not be reported on the contract, but in reality, at an informal level, each bank or financial institution will actually ask why you are requesting this loan in order to better assess the risks involved. with the operation.
Personal loan is a form of consumer credit and can only be requested by individuals.
The case in which you want to have credit by requesting a finalized loan is different. In this case, as evidenced by the word itself “finalized”, the loan is granted to meet a purchase of a good (a car or a household appliance for example) or a service (for example a trip).
The amount disbursed does not pass through the hands of those requesting the loan (final consumer) but is directly made available to the one who sells the good or service.
Which one to choose then?
Everything is a careful analysis of what is proposed to us by the bank or the financial company.
Very often, for simplicity, the finalized loan is offered directly by the retailer (through a financial, of course!) For practicality: the entire transaction takes place at the time of purchase directly in the store. Sometimes, however, it would be advisable to suspend the purchase for a moment and, after going to ask for information from your bank, face the decision with more knowledge of what you are doing.