There is no credit, it is not something that only citizens perceive. The banks know that they have to increase the business so as not to see their activity paralyzed but they do not want their delinquency to increase. For this reason, the criteria for a loan are becoming stricter and the guarantees demanded are higher.
So, what can I do to get a personal loan?
The complexity of the procedures and the large number of requirements imposed by banks to grant a personal loan, have prompted the emergence of online platforms that offer loans and fast loans online . For this we want to share with you the following tips to obtain the best personal loan in the market .
Before starting the online application process for the personal loan, we must be clear about:
What purpose are we going to give to the credit because it is not the same to ask for personal loans to finance the purchase of a car than to make a reform. It is convenient to accompany a budget that justifies in what we are going to spend that money. Reforms, purchase of vehicles or studies are the most valued justifications.
Adjust the amount you are going to ask for. We must request the exact money and avoid requesting extra money since the criteria to measure our capacity to get into debt are becoming more rigorous.
Return it as soon as possible. The exact time will depend on your monthly income and expenses. If the term is cut as much as possible, we will pay less interest and amortize the loan faster.
Your payroll is the best guarantee to apply for personal loans . Recurring and stable revenues are fundamental. Having an indefinite contract and seniority are essential requirements but they are not the only guarantees. The income of your partner, in the case of marriages in community property regime, also count.
Additional guarantees can be provided involving guarantors with property or shares.
And finally, there are the amortization and payment protection insurance, a mandatory condition. On the one hand, life insurance, which is mandatory, guarantees the return of the loan in the event of death or disability. On the other hand are the payment protection insurance, which covers the fees over a year in the case of staying unemployed.
You are ready to apply for your personal credit, now you must be able to analyze the personal loan options of the market .
Each entity defines the conditions, terms and minimum / maximum amounts of its loans . To achieve the personal credit that best suits your needs, you must take into account and compare the following points:
– Study commission.
– Opening commission.
– Cancellation commission.
– Availability (approval time).
– Deadlines (time to return the money).
– If you accept or not ASNEF.
– Whether or not it is exclusive for clients of the entity.
– Applied interest.
– Linked products.
– Added advantages.
To be able to choose the most advantageous personal loan, we recommend that you look at the APR of the loan. The Annual Equivalent Rate (APR) is the one that allows you to compare several personal loans with each other, since it represents the total annual cost of the operation. You should avoid using as a reference the Nominal Interest (TIN) , what is the percentage that the entity charges for lending us the money, since it does not include the costs of commissions or linked products that may include the entity’s personal loan.