Number of years living at this address: Home phone no.:
Email: Do you own or rent your home? Mortgage amount (if any):
EMPLOYMENT DETAILS
Occupation: Employer’s name: Number of years in your present employment:
INCOME DETAILS
Gross annual income in this employment: Other income:
LOAN DETAILS
Amount of loan required: Loan repayment period (in months): Purpose of loan:
Signature: Date:
Evaluation of term loans Amount: The amounts available can be relatively large (thousands of euro) for the fi nancing of durable goods, such as cars and furniture. Cost: Interest on term loans is cheaper than for credit cards. However, the term of the loan should never exceed the life of the item being purchased as this would be very expensive. Risk: When a loan is used to buy an asset such as a car or a house, the bank uses the asset as collateral. Collateral is something used as security against a loan that a bank can take from you and sell if the loan is not repaid. If the borrower cannot repay the loan, the bank can take over the ownership of the car or house. When that happens, the asset is said to have been repossessed.
