Apply for Credit brings many responsibilities, so you have to consider several factors before deciding whether you should continue with the decision and a headache will not go back.
1. Do you really need to take out a loan?
Having a debt require responsibility, since you have to continually pay to complete the amount and on the due date, which can harm your finances, whether personal or family for a long time. Only if it is really necessary you can opt for a loan, do not take out a loan without a clear goal or opt for pre-approved lines.
2. Some reasons why you should not borrow - Holidays, travel or go to fun places. - For consumer purchases like furniture or appliances. - Things luxury or high need as cars or jewelry. - Payment of bills overdue for purchasing products. - Make reforms.
3. Are you sure you can afford?
As noted above, having a debt required to impose certain limits and responsibilities, one of which is to have an amount to pay each month, which will be impossible if you've agreed to a fee that does not fit to your financial reality. What is recommended is that the monthly payment of the debt does not exceed 25% of income, otherwise if you pass this percentage could roughing on the payment date.
4. Causes of leaving or not paying on time debt
When budgeting, timely payment dates must be the top priority in relation to other expenses.
- Interests that are often higher apply. - Interest and commissions are accumulated, reaching a higher stipulated debt. - You can start a legal claim, plus debt continues to increase.
5. Suns or dollars?
The rule is you have to borrow in the currency in which the income is perceived, any type of loan is an uncertainty, so it is best to take a conservative approach in this case: making the loan in the same currency that you perceive and so you forget currency risks. The dollar is often changing and can generate impact on monthly loan installments.
6. Election of the rate
The interest rate is the extra money you pay for the credit requested, a key tip is to know the Cost Effective Annual Rate (TCEA) of each bank, which summarizes the actual percentage that will pay for the loan type: annual interest rate, insurance, management fees and expenses. When you meet each percentage you can buy the one that suits you, it is preferable to compare and choose either not to lose money.
7. Determine the financial institution
The financial institution chosen will depend on the interest rate that provides, as it reflects the true amount you'll pay. Each entity has an obligation to inform you of TCEA (Cost Effective Annual Rate) for the requested loan.
8. What do I need to get a loan?
The common requirements are not being registered in a central risk having an income of S /. 700 S / 1000 according to the financial institution of your choice, work more than a year in your workplace, ID and utility bill to verify the address.
9. Know your rights
You are entitled to them to explain everything that firms can not afford to sign without reading, some points have to know thoroughly to be careful with your personal finances.
10. Review your credit history
It is imperative that the bank review your history and if you are delinquent is certainly no credit, corrects problems immediately, anyway have to wait a little longer to apply for that loan that you crave.
11. Do not go into debt to other entities at a time
Shown as a desperate act into debt while using credit cards, mortgages or car loans, it is a situation that hurts you. Apply a single loan and wait at least six months for another.
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