Are you a candidate to take out a loan?
June 23, 2019
There are situations in life where our economy does not allow us Good Finance certain expenses. When our finances need urgent help, it is worth thinking about a personal loan.
Although it is an option, you must make this choice with tweezers. Remember that a badly planned loan instead of solving your problems could aggravate them.
If you have already evaluated your current situation
You know the responsibilities and have planned the monthly expenses that a loan will generate for you and you see that it is the best at this moment, it is time for you to investigate if you qualify for one. Learn in this note how to know if you can take out a loan .
Banks grant loans after credit evaluation. Through this they can know if you meet or have fulfilled the payments of your old financial debts. Ideally, you have a green credit history , which identifies you as a person to whom you can lend.
Do not wait to go to a bank to see if you qualify or not for a personal loan. You can get out of doubt by requesting your history on your own.
Banks will also evaluate your ability to pay , so they must access documents that prove your income for at least the last three months.
Based on your income, the amount that a bank agrees to lend can also vary.
When you apply for a loan from a bank
Compare well before choosing an entity. Choose the one that offers you the lowest annual interest rate and highest benefits. It is recommended that when you take out a loan, the total amount you pay for your debts each month does not exceed 35% of your net income, that way you will avoid indebtedness.