Taking out a personal loan is usually 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 your home arrangements.
The reasons may vary, but the way you have to organize your economy in order to acquire your own loan is the same.
On the other hand, it will be essential that you know all the requirements to request a loan, which will depend on each lender.
Next, we share the advice that experts give us so you can take out your personal loan:
Keep bills paid in a timely manner
It would be preferable not to finance the payment of the expenses of the credit card, paying the minimum, since the interest rates that banks usually put are excessively high.
Think long term about your ability to pay
Taking out a loan means taking a long-term obligation. Clearly, the time will be decided by you, considering your ability to face the payment of the credit fee. It is for this reason that it is convenient to take into account the current and future situation of your economy and personal finances. As an example, it would be very risky to take out a loan while having an unstable job, because you cannot make sure that you will have a fixed income in order to be able to pay 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 expenses, to face 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 what loans are for: to pay for a family trip or help with the expenses of a child’s marriage, for example.
Loans we can also consider the credit we can have with the credit card
This means of payment can be very useful when we do not have the necessary cash to face large expenses in a single payment. For this, quotas are the best invention. Likewise, you will have to moderately manage its use to be able to cope with the payment of expenses incurred with the credit card. As we mentioned before, paying the total credit card is recommended to avoid interest rates. But it will also be essential to avoid excessive use . At the end of the month someone has to pay the bills.
Having knowledge about the interest rate of a loan is essential
To be able to choose the best loan to take out you will have to take into account its Total Financial Cost (CFT) , which includes the annual nominal 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 loan payment is covered. And on the other, there are variable interests 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 an end 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 fee may be higher than what you were informed at the beginning. Do not be fooled!
If you are going to take out a loan that enables you to cancel the installments in advance , either partially or totally, it is very important that you know their cost. If you decide to make a full cancellation in advance, the commissions will not have to be accepted when at least a quarter of the original term of the financing has elapsed at the time of making it, or in the case that 180 consecutive days have passed since its granting. If both terms coincide, the greater the one that applies.
All loan conditions must be in the contract. Check it carefully to avoid encountering surprises. It is important that you understand each clause and ask the parties that you do not understand. Once you sign the contract, you assume an obligation that you will have to respect and fulfill to the letter.
Selection of the lender
After having read the advice of those who know the most about personal loans, it is important to choose the right entity to take out the loan. For this part of the process, you will have to find out which entity has the best clauses and conditions that best fit your ability to pay and your personal situation.
When assuming an obligation such as taking out a loan, you have to take it very seriously and think carefully. Make sure you find the best loan, don’t make any decision to the rush.