What should you consider if you need a loan?

If you are considering applying for one, either to invest in real estate or accelerate your company’s growth, this is a good option; however, some important points must be taken into account. Although using personal credit will allow you to speed up the construction of your projects, it is advisable to resort to it only if you do not have outstanding debts. In this way, the expense you have planned to cover monthly will not affect your finances.

Suppose you are investigating the various options that exist in the market. In that case, they recommend that you analyze the conditions offered by banking institutions and take into account the following recommendations to choose the best choice:

  • Request according to your solvency (ability to meet your payments and financial debts)
  • Stay under 30% of your total monthly income.
  • Compare at least 5 options in the financial sector that suit what you are looking for
  • Check the interest rate. The rate varies according to the amount of money requested and the payment term. However, you can find 10%, one of the lowest percentages according to the comparative statistics of some banking institutions.
  • Avoid credit fraud.

Apply according to your solvency

When you request your credit, they advise you only to keep in mind the amount you need since you will have to return the money the bank has lent you, including the interest or commissions that the institution manages. Make sure you have the necessary solvency in your budget to cover this amount month after month and avoid a financial imbalance. It also considers possible unforeseen events so that they will not hinder your loan payment, and you have available savings focused on emergencies.

Stay under 30% of your total monthly income.

Choose a Credit9 with a moderate instalment payment and adjust to your economic reality, respecting this percentage as much as possible to maintain your financial health and peace of mind. It is essential to pay on time to avoid any penalty for interest payments and your credit history.

Compare options

Suppose you are already sure that a loan is a product you are looking for; investigate the available options and choose the one that best suits what you need. In that case, you can rely on credit simulators and calculators.

  • How much money do you have to pay and have liquidity during the term of the credit?
  • Which bank charges you the lowest interest rate?
  • Which institution charges you fewer fees?
  • What time frames do you offer?

Taking these points into account will allow you to request the credit that gives you more advantages and payment conveniences according to your specific needs.

Check the interest rate.

You may need to choose between a fixed or variable interest rate when requesting a loan. Each bank may handle it differently. For example, at the beginning of the loan, they can charge a fixed rate. After a few years, the rate can become variable. For this reason, before signing the credit agreement, you must read the contract carefully and verify the type of interest rate that is handled and then, yes, decide if it suits you.

Avoid credit fraud

The procedures to obtain a loan can sometimes take time, so it is essential not to fall into fraud, which is distinguished because you get the money quickly and without conditions. Generally, they ask you to pay an advance, and the interaction is not with a trusted or professional institution, for example, express credits, online credit purchases or spam mail promoting loans.

Conclusion: Having access to a credit or loan and knowing the correct way to take advantage of it is essential for your financial development (that does not mean you should always ask for one). Apply Credit9 in the best possible conditions for you can be the way to achieve your goals and even boost you in a difficult moment or event of an unforeseen event.