Taking out a personal loan is an increasingly regular measure among Argentines. Whether you need it to cover an exceptional expense, to pay off a debt or to finish paying for the repairs to your home.
The reasons may vary, but the way you have to organize your economy to be able to acquire your own loan are the same.
On the other hand, it will be essential that you know all the requirements for a loan, which will depend on each lender.
Next, we share with you the advice given by the experts so that you can take out your personal loan:
The ideal is to keep the bills paid on time and in good shape. It would be preferable not to finance the payment of the expenses of the credit card, paying the minimum, since the interest rates that the Banks usually put are excessively high.
Think long term about your ability to pay. Taking out a loan implies taking on a long-term obligation. Clearly, time will be up to you, considering your ability to pay the credit quota. It is for this reason that it is convenient to take into consideration the current and future situation of your economy and personal finances. As an example, it would be very risky to take out a loan with an unstable job, because you can not be sure that you will have a fixed income to meet the payment of the fee.
Use a loan only in exceptional situations. In order to have the best economic situation in Argentina, the ideal is to have a job that gives you a fixed monthly salary to meet your fixed costs, cope with unforeseen events and generate savings. It is true that this situation may not occur in some cases, and eventualities cannot be controlled all the time. This is why there are loans: to pay for a family trip or help with the expenses of a child's marriage, for example.
Within the loans we can also consider the credit that we can have with the credit card. This means of payment can be very useful when we do not have the cash needed to meet large expenses in a single payment.
To do this, fees are the best invention. Likewise, you will have to manage its use in a moderate way to be able to face the payment of the expenses made with the credit card. As we mentioned before, paying the total amount of the credit card is recommended to avoid interest rates. But it will also be essential to avoid its excessive use. At the end of the month someone has to pay the bills.
Knowing the interest rate of a loan is fundamental. To be able to choose the best loan to take out you will have to take into account your Total Financial Cost (CFT), which includes the nominal annual interest rate (TNA), added to all the additional costs of the operation such as taxes, insurance, among others.
There are different interest rates when taking out a loan. On the one hand, there are loans with a fixed interest rate, which will remain with the same percentage until the total payment of the loan is covered.
And on the other hand, there are variable interest rates that will depend on different factors. It is advisable to understand what parameters the lender will take into account to make the variation of the interest rate. Read the fine print!
In the event that the loan has to be taken out with insurance, the client has the right to choose between three different insurers.
If you are a final consumer, and you are going to take out a loan, you will have to pay VAT on the interest you have to pay monthly. This is important to know because your monthly payment may be higher than what you were originally informed. Don't be fooled!
If you are going to take out a loan that enables you to pay the monthly payments in advance, either partially or totally, it is very important that you know what their cost is.
If you decide to make a total early cancellation, you will not have to admit the commissions when at the time of making it have elapsed at least a quarter of the original term of the financing, or in the case that 180 calendar days have passed since its granting. In the event that both terms coincide, the longer term will apply.
Pay attention! All loan conditions must be in the contract. Check it carefully so you don't get any surprises. It is important that you understand each clause and ask which parts you don't understand. Once you sign the contract, you assume an obligation that you will have to respect and fulfill to the letter.
After reading the tips from those who know the most about personal loans, it's important to choose the right lender to take out the loan. For this part of the process, you'll need to find out which lender has the best terms and conditions that best fit your ability to repay and your personal situation.
When assuming an obligation such as taking out a loan, you need to take it very seriously and think about it carefully. Make sure you find the best loan, do not make any decision in a hurry.
As you can see, in order to take out a loan you have to think about many aspects. The fundamental thing is to feel secure in the lender and that it is trustworthy. Vivus offers all types of loans, from loans to entrepreneurs to online loans. You will be able to consult on our website everything you need to have, quickly and easily, the money you are needing.