26 Apr 7 Tips before asking for a loan
Are you going to ask for a loan? Well, better than before, read these 7 best tips before asking for a loan or credit online.
Keep reading if you want to know infallible recommendations to save money before closing the financial operation.
7 Tips for requesting a loan
In this guide you will find the best advice you should know before applying for a loan to the bank or any other financial institution. happiness
Applying for a loan online is a very simple process but if you do not have enough knowledge it can be an expensive and complicated process.
There are several basic concepts that you should know and that you should keep in mind before.
In Financer we want to help, that’s why we have highlighted these tips to facilitate the process:
1 – Analyze your financial situation
Before processing the operation, calculate how much money you spend each month and the income you have.
Analyze which expenses are mandatory and which are optional.
Once you know how much money you spend, you will be able to know how much money is left for incidentals and whims.
Always calculate a margin for contingencies.
There are always unexpected expenses, leave a monthly margin for when that time comes.
It does not matter if this margin is very small, unforeseen events do not happen every day.
This analysis is not easy, but you can find free applications that can help. Read our complete guide to learn how to carry your personal finances without having to put a lot of head spin.
LEARN PERSONAL FINANCE
2 – Analyze the amount you need and when you can return it
Before asking for a loan, analyze the amount you need and when you can return it.
Do not choose a return period for a longer period of time than necessary.weather
The later you return the money the more interest you will pay.
It is also not good to establish a very tight depreciation period as there may be unforeseen events.
Establish the return of the loan according to your income , if you have problems with this decision contact the lender, they will guide you in the decision to take for these cases.
If your work is on the line, do not apply for a loan with a long term repayment term.
You have the option of microcredits whose return can be between 10 and 60 days.
3 – Make a comparison
Make a comparison to find the entity that offers the best interest. Buy the interests and commissions of each lender. compare2
Investigate all possible options, from loans offered by your traditional bank to loans announced online.
The market is full of financial entities, and each offers different offers to attract the customer. Take advantage of these offers.
Equally, it is very important to find a loan that suits your circumstances.
Some credit institutions may have a higher interest but will be less stringent in terms of confirmation.
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4 – Save for future economic emergencies
Analyze your economic situation coldly: what economic pleasures you allow yourself and what economic pleasures you could suppress:money
Do you eat every day in restaurants?
Do you make leisure trips every weekend?
Do you buy clothes weekly or monthly?
You can not imagine what you can save in the day.
150 TIPS TO SAVE
If the job is volatile and you do not have a linear monthly income then be careful when applying for the loan.
If for example you are self-employed there will be months that you will bill more than others.
Our advice is that you apply for the loan with the lowest possible amount and save those months that you have the most income.
Save the money in a savings account for when you have less income or unforeseen events.
5 – Should you apply for the loan?
Be honest with yourself and ask yourself what you need the loan for.
5. 2 – Do not apply for a loan for impulse purchases:
Before buying a product think if it really is necessary.
A tip that works a lot is to wait 72 hours before making the purchase.
Have you needed that product in those 72 hours? If the answer is no, then the safest thing is that this product is only a whim and not exactly a necessity. attention4
5.1 – Do not apply for a loan to pay another loan:
If so, you would enter a vicious circle and it would be very difficult to leave.
If the date of the return of the loan approaches and you do not have money to pay it, contact the lender and tell them your situation, request an extension of the term of the repayment of the loan .
5.2 – Do not apply for loans to pay for night outings or special occasions:
Assume what you have and what you can afford. Carrying a higher standard of life than you can assume will only be good for you to live in a bubble.
This bubble will break sooner or later, and reality can be disastrous.
5.3 – Do not apply for a loan to play in casinos, slots or poker:
These games can create addiction remember that they are games intended for pleasure and fun and not for making money.
5.4 – Do not request more than one loan at a time:
Do not enter the vicious circle of requesting loans from different entities, wait until you have paid the one you have pending to request the next one.
6 – Read the conditions of the contract
Always read the terms and conditions of the lender.Attention 2
Always check the payment conditions and conditions in case of default or delay.
Contact the entity if necessary and request all information in writing.
In Financer you can find in the descriptive of each entity the conditions they demand.
7 – Meets the conditions of the contracts
Plan and manage your money well in order to settle the loan with the financial institution.
Comply with the obligations to return the loan on the date, otherwise your financial history will be affected and you would have problems for future requests when you need financing.
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Now that you know the best rabbits before you ask for a loan.