Sometimes we can fancy a whim, we want to make reforms at home or we have to face an unforeseen expense, but we can not afford our salary. This is when we consider asking for a personal loan , a direct and in some cases simple way that allows us to obtain a certain amount of money to be repaid within the stipulated period.
According to the definition of the Bank of Spain, a personal loan is a banking product that allows the individual to receive a certain amount of money from a credit institution in exchange for returning it, along with the corresponding interest, through periodic payments. However, it is not always so easy to apply for a loan and it is important to keep in mind the following ten points before going to our bank:
- Use an online credit comparison to check the interest charged by each company or entity when granting the loan. It is also interesting to assess future commissions for granting credit or for its maintenance
- Check the price for early cancellation . In some cases there are no charges for the cancellation of advanced fees or the total debt, but in general it usually requires a minimum number of fees, plus a commission for the operation
- Most banks force the client to open an account in which to manage credits or direct receipts. It is important to weigh whether we are interested in carrying out these procedures or we can get money through another entity that does not involve a greater expenditure of money than the procedures of the credit itself.
- Talk to our bank in the first place. If we have been with them for quite some time, it is more plausible that they grant us a loan with better conditions, bearing in mind that they already know us and there is a certain confidence
- Always check the extra administrative expenses that you can create
- Read the credit agreement well . Do not sign anything if there are blank spaces or the documentation is incomplete
- Some of the data that should appear in the contract are: the total money lent, the interest rate, the form of payment, the installments, the interest in case of delay or the consequences in case of default by both parties
- Analyze the cost of the term to return the credit . Sometimes we can offer quite different periods that can range from 12 months, 24 months to 5 or 8 years. It is important to try to apply for the loan as soon as possible, since otherwise it would mean an exponential increase in interest
- Always require the creditor that the documentation is complete , both with the data on one side and the other and keep a copy of the signed
- It is also important to ask for a binding offer , always knowing what we sign and asking everything that is not understood
On the other hand, if what we really need is money and without further complication we can opt for mini-credits , an increasingly common option in the market due to the lack of liquidity of the banks and the few requisites they entail. However, it is important to keep in mind the high volume of interests they entail.