Unless you are cautious and save every month a part of the salary for possible expenses, it would not be strange if you had to go to external financing to pay unforeseen payments or purchases of high amount.Click here.
These types of loans to which you resort to face a specific expense are called personal loans, and among them, depending on the purpose you are going to give the money, you can choose different types: studies, reform of home, travel, consumption or car, among others.
How to get started?
At first glance, the procedure for obtaining a consumer loan looks quitesimple – you need to choose the product you like in the store, contact a bank representative, fill out a preliminary application for a loan and, if approved, sign a loan agreement and make a welcome purchase. But in fact, this process is somewhat more complicated and has a number of nuances that need to be known and taken into account so as not to waste your own time and energy. In addition, it must be borne in mind that the conditions of a consumer loan depend on its type, and there are more than a dozen such types of loans.
The preparatory phase is the most important in the procedure for obtaining a consumer loan, and all other stages are more of a technical or formal nature. And how much you choose the right store for the purchase of goods and the bank that will provide you with the purchase of this product depends on the total amount of the loan overpayment, the size of the monthly payment and other additional features that are provided by the loan agreement.
Where can I ask for a personal loan?
When you decide to request financing, the first thing you should ask yourself will be where or to whom you will have to go to get it. If you are already a veteran in this task, you surely know exactly what to do, but, on the contrary, it is the first time that you are in this situation, the most certain thing is that you are a little lost.
- Banks: They can offer a wide range of loans.
- Credit unions.
- Private lenders (private equity companies): the products that characterize this source of financing are fast loans or loans, mini-loans or mini-loans, and online loans.
- Large stores, supermarkets and stores: these establishments do not offer you an amount of money as such, but instead, finance the purchase of certain products. The great advantage they have is that the interest rate is usually 0% during the first months.
- Credit card companies supported by financial institutions.
- Platforms that manage loans between individuals.
Is it better to apply for a loan or credit?
Once you have decided that you need financing and you have an approximate idea of the amount that you are going to ask you should study whether it is convenient to hire a loan or credit. Even if you think it is the same product and use both terms interchangeably, they are not really the same.
Between requesting a loan or requesting a loan there are several differences and, depending on the amount of money you need, the use you are going to give or the documentation you have to provide, you should choose one or the other.
Once they approve the concession, they will enter the amount in your bank account, and you will have the money. From that moment on, you will have to start repaying it along with the previously set interest.
When to ask for a loan?
If what you want is a mattress of money that you can have in case you see yourself in a hurry at the end of the month or if you have to face an unexpected expense, the best option is to ask for a loan.
According to my profile, should I hire a loan or credit?
At this point, many of your doubts must have been resolved. Now, if you still do not have it completely clear, from Rastreator.com, we have analyzed some of the most common assumptions to help you decide.
Loan to buy a car
One of the most common personal loans is the one for the purchase of a car. What is best for you in these cases? There are several options.
On the one hand, you can go to a bank or savings bank and ask for a personal loan. If you meet all or almost all of the above requirements and the entity sees you as a solvent and trustworthy customer, you will most likely be granted the loan.
If you are denied or are looking for other options, you can also inform the dealership directly about the financing plans they have, moreover, they will mention the possibility of joining one. Do not feel pressured by the seller to accept such credit, as it may be more expensive than the one offered in another entity. Look carefully at the interest and the APR (Annual Equivalent Rate) that you will have to pay and the years of repayment. Once you have made numbers, then you can decide.
Request credit for purchases
If you want to buy a computer, a television or a refrigerator, for example, there are several options. The most beneficial is usually a consumer credit granted by some large stores, establishments or even some small stores.These credits give you the ease of paying for your purchase in different terms that can range from six to 18 months.
Getting married, taking a master’s degree or going abroad to study, have a fairly high cost. Unless you have savings, you may need to go to a financial institution to borrow money if you want to carry out these projects.
Compare those offered by the different banks and savings banks, especially those offered by your entity, since most apply lower interest rates and APRs to those customers whose domicile is payroll and a minimum of receipts.
Also be sure to check the offers of other entities, especially those that are online, as the interests are usually reduced since they offer many products without commissions.
Loan without payroll or guarantee
In this same line, you can also find some private equity companies that skip some basic requirements demanded when granting loans. If you lack a payroll or guarantee, you can also access some of them to “borrow” an amount of money, but not all of them are so permissive.
Finding the financing that best suits the needs of the user can be a complicated task since entities have similar products but with different characteristics and conditions. Loan comparator is a useful tool in which the user can study all the options adjusted to his profile and decide the one that best suits him.