There are many contexts in which we may need a personal loan: if we need a car, if we are thinking of buying a flat, to start a business … However, anyone who has ever made contact with the loan application will know that it is not All easy to get one. Banks that grant loans always have a number of requirements that may seem somewhat demanding, but getting personal loans does not have to be so complicated.
Here I have compiled 8 tips that will be especially practical to ask for a personal loan without problems, whatever your circumstances, to be able to have the money you need as soon as possible and with responsibility.
Calculate the amount you need
This is very important, since at the end of the day it will become one of the crucial reasons why they grant you the loan or do not deny it to you. Ideally, analyze your financial situation and what is the amount you will need to carry out your project, be it a car, a mortgage or a company. Do not get carried away by what you think you need to do and carefully calculate what it is that you really need to do, since if you apply for a loan of little money you may fall short and have to ask for another, adding other interests ; and, if you spend, you will have to know that you will have to spend more time paying it or failing that, pay higher monthly fees.
Compare the entities that offer you loans
As you may know, a loan can be obtained from the hand of different entities, but such a contract is not universal, which means that not all clauses of a contract of this type are the same. Ideally, you should analyze in depth what each one offers you and choose the one that best suits you and your situation. Along these same lines, you should remember to check the fine print of each contract, to make sure that you are not ignoring any conditions that may harm you in the long term.
Try not to ask for more than one personal loan
The more loans you request, the more loans you will have to repay with their respective interests. It is not advisable to apply for too many personal loans, since in the long run you can get much more expensive. Ideally, returning to the first advice, is knowing for sure what is the amount you will need and what is your true ability to return it, since that way you will have the security of not being eligible for loans that are above your return possibilities.
Find out about private credits
You don’t always have to turn to a bank to apply for a loan. In fact, it is likely that on more than one occasion you will have problems getting granted. If you resort to specializing entities in granting private loans you can access the money, even if your circumstances are not the most indicated, such as when applying for loans with ASNEF or in case you do not have payroll. Before choosing an entity or another, value your situation well and choose the one that best suits your needs.
Do not choose too long to term
This will surely depend on your economic situation and what you will be able to pay monthly. However, it is not a good idea to opt for too long repayment term, since it will only bind you for much longer to the debt. In addition, the longer the term, the higher the interest will end up, and it is something that does not suit you. Not only do you have to be aware of the money that you are going to request, but of how you are going to return it, just do not think that it will be easier for you to do it in the very long term and try to pay off the debt in the shortest possible time.
Check the conditions
Along the same lines in which you have to analyze the contract in depth and have all the clauses clear, reviewing the conditions of a loan is vital to ensure that, in the long run, you will not go wrong. Keep in mind what are the credit requirements that you request regarding the guarantee, what you can contribute and what use the entity will make of it. For example, if you are going to buy a car, either from a private individual, valuing options on the BenAuto top portal or through a dealership, with the loan money, the entity can take that same car as collateral, and the same would happen. with a taxi license or with a property.
Use a loan simulator
If you find it difficult to calculate the amount that you should request, and you would like to have a much more approximate idea of what it will be that you will have to pay when requesting a personal loan, resorting to a loan simulator will help you to know better what the consequences of your loan, in the sense of knowing the term it will take to repay the loan, the interest you will have to pay, and the most probable monthly installment.
Be very heavy
It is vitally important that you know the details of your loan. On more than one occasion they will try to be concise and make you understand that they are giving you all the information you need when in reality they are ignoring details that could be important. Before going to apply for a loan, create a list of the questions you want to ask and the information you need to know before applying for it, and insist that they answer all your questions, even if you think your questions may be absurd or obvious . Keep in mind that, in the long term, it’s about your money, and being heavy in this aspect will save you from headaches.