19 Feb 5 tips to ask for personal loans and reduce risks
The loans Personal are extremely useful tools for people. Through these financial products, citizens can acquire goods or services, pay medical expenses or have the necessary liquidity to face a short-term emergency. However, it is key to take into account several variables when requesting this kind of credits. That is why Zona Financier shares five recommendations to request personal loans without major risks.
✔ Eduardo Rivero, professor of accounting at the Universidad del Pacífico, suggests that people prepare a monthly budget of their fixed income and expenses. “With these you must evaluate if you can get into debt with a personal loan. It is necessary to be careful with variable income, since normally the exact date in which they will be received is not known, “says Rivero.
✔ A payment date must be agreed that is consistent with the date on which we receive our income. “In this way we minimize the risk of not having the cash to make the payment,” says Jean Pierre García, a professor in the Administration and Finance course at the UPC.
✔ According to García, if our income is in soles, it is not advisable to assume debts in dollars, because variations in the exchange rate will affect the ability of people to pay monthly installments.
✔ It is recommended that any additional income to the monthly salary (utilities, CTS of free availability, gratification) be used to lower the debt of the personal loans that the financial entities grant. “It is key to remember that the fees of this loan become a fixed type of exit,” says Eduardo Rivero from Universidad del Pacífico.
✔ An interesting suggestion is to use these loans to consolidate debts of different credit cards. “At the time, this type of loan can be helpful: the interest rate is lower than that of a credit card and can be extended to a longer term. It is important to remember, however, that this will imply greater indebtedness, “says Rivero.