One of the most common financial problems is hanging on credit installments. paying off your personal loan is a big hassle. Keep in mind the following keys that will surely be very useful if you are thinking about applying for a loan either for housing, education or free investment.
These are the some tips:
- Always think that a credit is not an asset; debts are a liability that has to be paid at some point. If you have a credit card it is not richer to have it, it helps you buy things and get some liquidity, but it is a liability that you have to pay sooner or later.
- Think about the amount that will be lent. If an excessive amount of money is requested, it is incurred to return money that was not necessary at a higher cost. And if you request an amount less than what is needed, you will have to resort later to informal lenders which can be more expensive.
- Depending on the purpose of the requested resources, it is important to choose the credit modality. Since depending on the different modalities, the loan rate and the guarantees required may vary.
- Analyze the personal loan interest rates offered by the different entities in the market. This information is available on the page of the Financial Superintendence of Colombia.
- The flow of present and future income and disposable income that one expects to receive. If they are constant, how much can I get into debt? If they are variable, what is the minimum income that I should seek to cover the traditional expenses and the credit installment?
- The variable income and disposable income are very relevant to make the decision to take the personal loan online because it is the basis to avoid future problems of over-indebtedness. Do the accounts very well. How much is my monthly income, what is the value of my expenses.
- Think of possible contingencies that may occur, that is, those additional household expenses that may occur unexpectedly. In addition to an unstable situation in the sources of personal and / or family income such as employment. You could think about the insurance possibilities for this type of events.
- In the same way, when the entity is offering the different installments at low interest personal loans to which the loan may be left, it is important to evaluate the time that the debt is to be paid.
- Different credit institutions have their own policies on best personal loans that the creditor must incur. For example, in a consumer credit the entity can demand as a credit guarantee that the claimant must take life insurance, unemployment insurance, cancellation of the cost of the automatic withdrawal, etc.
- Payment facilities. If the credit can be canceled online, by telephone, by a non-banking correspondent. If there is a branch of said bank in the place of residence? Also, check if there is a penalty for the advance payment of the credit value for the personal loan.