Looking for extra money? 3 aspects to consider before applying for a Loan

When saving has not been our specialty and there is a situation that will escapes our budget, the very first option to face it is to demand a loan. Whether you’re looking in order to finance a trip, home fixes or in the worst situation, an emergency, a free investment mortgage is one of the easiest and quickest ways to get the necessary cash.

However , not to end up being easily accessible should be taken gently. Something that you should not forget is the fact that every credit demands the responsibility and implies dedication, therefore , it is necessary to consider a few key points to ensure that you are choosing the best alternative. So , prior to applying for the loan you are searching for, these are three points that you need to consider carefully:

Your own ability to pay

Your ability to pay

Just before borrowing, verify how your own ability to pay is, which is, how much you can pay 30 days by month for the credit score you will request. For this, you should verify how much you are indebted, how much you spend monthly, just how much you receive and finally, when you have remaining. If your borrowing capacity can be minimal, the best thing you can do will be forget the credit.

That will you borrow?

Who will you borrow?

Within Colombia there are many options that you could turn to, so instead of concentrating only on traditional banking institutions, you should also consider Cooperatives and Fintech. The idea is to compare the particular alternatives, until you find the one which gives you the most competitive rates of interest.

To compare all of them, you can access different internet tools, including Sir Freddy Polo’s free investment credit score comparator.

The problems of the entity

credit loan

Every financial institution is independent, consequently , it may have different plans from the others. In every case, it is better to find out about problems such as: making prepayments, just how long it will take to approve the particular loan, benefits for trying to get the loan, among others. The fact remains that information is strength, and the more you know, you can make much better decisions, making sure to take treatment and keep your finances in good shape.