10 Tips to Apply for a Personal Loan

Today there are thousands of companies that offer Personal Loans, but the most important thing is to be able to compare each one and to be able to choose the one that suits you best and for that we offer you a free tool that compares the interest, the amount of fees with which You will return the personal loan, the maximum and minimum amount, relating them to the amount of money you want and the amount of installments in which you want to return it and it shows you the best options of financial companies, lenders and banks for you to compare and choose the one that really you should.

10 Tips to Apply for a Personal Loan

1- Read the entire contract: It is essential that before signing a contract to obtain a personal loan, you read everything, including the fine print. After signing you can no longer go back, so it is important that you compare the different loan companies and choose the best one for your loan. The same loan company will not suit you if you need $ 5,000 pesos as if you needed $ 2,000,000 million pesos. A good choice, usually saves you 15% to 60% of the debt, so make the right choice.

2- Do not ask for more money than you can return: Take into account and make numbers of what will be the amount of the monthly fee you must pay and so you can know if you arrive with the money to pay or if you become delinquent. If something like this happens to you, most personal loan companies recommend that you contact them before maturity and reach a new agreement. Remember that you will have to return the money you borrowed plus the interest charged by the company.

3- Let it be for a Good End: Requesting a Personal Loan is not something to be taken lightly. The person who obtains it acquires responsibilities and obligations, in addition to the money, which must meet certain time limits. That is why it is recommended that you use that money for a good purpose, such as remodeling the house, changing the car, making a good business investment, going on vacation and the like, take advantage of the moment.

4- See Your Credit Card: Many times people resort to a personal loan for very low amounts of money and do not take into account that it may be better for them to use the credit card or ask the bank for an extension of the money limit and many times they give it to you and without presenting anything. So this advice may seem silly, but at the same time it can help you.

5- Return the Personal Loan ASAP: Here in this advice on how to apply for a personal loan, I tell you something a little obvious, but sometimes we do not put it into practice thinking that it is better to have money in cash than the debt paid. When you have the financial possibility to pay the entire loan, it is most recommended, since you save a lot of money in interest, since the withdrawal of money for prepayment is very beneficial for your pocket.

6- Final Consumer: You must bear in mind that if you are a final consumer you will have to pay VAT on the interest on the fees they charge you, so keep it in mind when adding the amounts of money you will ask for and how you will have to return.

7 – Do not delay in the payment of installments: Avoid by all means falling into delays on the maturities of each monthly installment, so you will not default and you should pay much more money in interest. In general, the companies that give personal loans allow you to contact them before the installment is due and you renew the loan or reach an agreement and thus avoid default or truthfulness.

8- Never Pay the Minimum: There are lending companies that offer to pay a minimum in each monthly installment, but it is a terrible idea to pay only the minimum, since we are only paying the interest and the debt remains exactly the same. Ultimately it is a complete waste of money.

9- Compare Different Personal Loans: There are thousands of companies that lend money and each company has a different methodology and requirements. That is why it is very important that before applying for a personal loan, you compare all the companies in the financial market, the interest they charge you, the fees they give you, the requirements they ask you to grant it and any other point of the contract. I know, it is difficult to compare all the companies out there, but I bring you a free and simple tool for you to do it: https://bancofinanciero.com.ar/

10- Choose between 3 Insurances: In some of the cases, the lending company contracts an insurance. But what we don’t always know is that the client has the right to choose between 3 different insurances.

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3 Comments

  1. bankfinancy

    bankfinancy

    May 4, 2020 at 4:56 pm

    10 Tips to Apply for a Personal Loan

  2. Avatar

    Sharafudheen

    May 5, 2020 at 12:52 am

    I need loan

    • bankfinancy

      bankfinancy

      May 5, 2020 at 2:55 am

      Hello, you have to compare the personal loan companies that we offer you on our website and choose the best option according to your needs. Then go to the web and fill out the form and wait to see if they accept it or not. Luck!

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