10 previous tips before applying for a loan
Like many people in Spain, it is normal that at some time or situation in your life you find yourself in need of buying, acquiring or paying something for which you do not have enough physical savings in your power. And for that the loans were created. However, hiring a loan or credit is not a task that should be taken lightly, since it can cause us some headache if we do not act properly.
Therefore, in eldinerorapido.es we will provide you with a series of tips to take into account before asking for a loan, so that you have the maximum facilities and information at your fingertips. Keep reading and find out everything!
1. Do not go to the most comfortable. Rate more options
You may be a person who does not like to leave your comfort zone. But sometimes like this, where to ask for a loan is not free (unless the entity with which you request this, have some kind of promotion or offer), it would be good to have a wide range of options to choose which is the which is better for you
To begin with, you should think that there is not only the option to go to your bank. Today there are online platforms, a type of financial specialized in this type of products, which have a wide variety of credits and loans . You just have to go around the net to check which one or all of these entities offer what you are looking for.
2. Compare, it’s the best way to save
If you are a regular user of our website and our tips you will know more than enough that “comparing” is one of our best tips when it comes to saving and getting the best possible loan in relation to our needs.
So that you know what you are facing, you must keep in mind all the possible options. First of all, you must be clear about how much money you need, in order to be able to discard some entities or others (because not all financial companies work with the same minimum and maximum amounts of money).
Already with these discards made and with knowledge of the options that serve you, you must know both the requirements that are required from the entity (such as having a certain age, having a bank account, ownership of a telephone line, etc.).
But not only do you have to value these points. You also have to think about the situation in which you find yourself, and if it is compatible with what these entities offer and allow : if you are in a delinquency list, if you are working in unemployment situation, etc.
As you have these last appreciations in mind, and you stay with those financial ones that adapt to your needs and that approve your current situation, you will only have to choose which of them is the best offer, to make your request loan with her.
3. Do not skip the terms of the contract
We have already commented on the previous point. We must bear in mind those terms and conditions imposed by the financial institution in question in the contract that presents the user interested in the loan. Why? Because the breach of any of the clauses of the same one can suppose a serious increase of the final price of the credit .
In case of having any kind of doubt, you can always contact the customer service of the entity in question to resolve your questions, and do not sin to make an error in the face of ignorance. We recommend, so that you can feel more secure with the contract, that you request all the pertinent information in writing . This way, if you had any inconvenience, you will be able to make sure quickly.
4. Do not skip the imposed conditions
We want to place a strong emphasis on this point, which, although we have addressed it in some of the previous points, is really important and deserves its own epigraph.
Before accepting any contract, check the fine print and not so small. Each entity has its own conditions, with which they are strictly rigorous with their users when enforcing them
And it is that, a client of a financial institution not only exposes itself to the fact that the final price of its credit becomes remarkably expensive with the breach of some of its clauses. But it can even take legal measures and enter the user’s personal data in a file or list of delinquencies . That in the long run, it can mean some kind of problem if you want to buy or finance some good.
5. Take stock of your economic situation
This point is one of the most important pillars that we must take into account when applying for a loan or loan, and depending on the result we obtain from this analysis of our financial or economic situation, we can adapt in one way or another to hiring a loan product . Why?
First of all, we must weigh the expenses we have on a monthly basis . And divide them into fixed expenses (food, rent, mortgage, water, etc.) and secondary expenses (leisure time we can do throughout the month). Once we have these calculated expenses we will have to subtract them from our income, to know how much money we would have left a month to be able to afford a loan.
But not all that remaining money can be focused on paying our credit. Since if we had any kind of unexpected or urgent situation where we needed to take part of our money, we should be able to do it , without resorting to skipping the term of a loan payment.
With this we do not mean that you have to save a very high amount of money for emergencies. Think that emergencies do not happen regularly. But if it is convenient to have a reserved amount, in case the situation requires it.
6. Consider if it is absolutely necessary to apply for this loan
You should ask yourself this question seriously. Many times we believe that we have no other option than to contract a loan product, but is it really necessary?
- We always advise you not to use this type of credits or loans to pay more debts, because the shot can turn against you . Well, in case you do not reach one of the scheduled deadlines, you will be delayed, etc. Your debt may increase and seriously aggravate your economic situation.
- If you are going to use it to buy a product that comes out of your savings (prior to a credit request), think if that expense is really necessary, and it is not an impulse purchase .
- Avoid hiring loans and credits for game purposes such as casinos, slots or card games in which you play large amounts of money .
7. Be realistic and do not hire more money than necessary
Not many years ago, when a user of a bank came to his office to request a loan, the bank ended up offering him more than expected. However, we all know the situation that led to these bad actions.
Nowadays, the flexibility of banks may have become tougher with loans, and online financial institutions may have their credit limits set too high. Therefore, it remains with the user to continue with the responsibility of being cautious in terms of money figures that are requested.
Be aware that asking for a loan is a contract that is made with an entity (financial or banking) and that has to be fulfilled and returned with its conditions. Do not ask for more money than you need, and do not try to live beyond your means. You must be realistic and responsible in these situations.
8. How much and when are very important
It is clear that neither one person wants the same amount of money as another, nor that he can return it in the same period of time. However, why do we say that these two factors are important when applying for a loan?
First of all, you must be very aware that it is advisable for common sense that you do not ask for more money than you need. As we said before, unless the entity or bank in question has some kind of promotion in which you do not charge commissions, the more money you ask for, the more interest (proportionally, of course) you will have to request.
In addition, these interests have a direct relationship with the period of time that is requested to return it. And the more time you need, the more expensive you will end up getting the loan you want . Therefore, it is very important that you make a balance of your expenses and income, as we mentioned before, so that you are very clear on how much money you may be able to pay monthly (as a fee), in order to settle the credit as soon as possible.
9. Keep all your papers in order
Although today there are many entities that facilitate the contracting of a loan or mini-loan without paperwork or almost requirements, it is true that you always need a minimum of documentation to present in these processes.
For this reason, we recommend that before getting down to work with the initiation of the pertinent procedures to the application process, you should check that you have all the documentation required by hand and by day . That is, updated (as you do not have the DNI or NIE expired, for example).
10. Always be punctual with the payments
You may see punctuality or pay when you owe it as something normal, and that comes within your way of being. But you must bear in mind, that if paying a loan or credit, for whatever reason, you delay in the payment of the same, the consequences can be quite harmful for you .
At the time of signing the contract with the entity in question, always check and take into account the section in which they explain the penalty for non-payment or delay. There are entities that can grant you an extension, or a postponement of the quota (sometimes it entails a series of interests and extra commissions), but there are others that do not even offer that possibility.
In case you are not granted this extension, or that your entity does not have this option directly, you must take into account that you will have to pay an extra commission for the delay. If not only a delay, and you will not directly pay the fee that corresponds to you, the entity can take more serious legal measures, which can harm you in the short and long term, such as entering your personal information in a list of delinquencies as ASNEF, and claiming the money you have left to pay them through the courts. If this is your case, our comparison of microcredits with ASNEF may be useful for you Posted in Uncategorized.