At some point in our life we may have the need to ask for a loan. For example, to pay for our studies, a trip, buy an appliance, buy a car, a house, etc. However, this financial service should not be taken lightly, as it carries many responsibilities.
What you should know if you want to apply for a loan
In this publication we will give you some tips that will help you if you have decided to apply for a bank loan soon. This way you will avoid falling into debt that is difficult for you to pay.
Know your personal budget
By knowing your personal budget, you will be able to know how much money you can allocate per month when paying the monthly installments of your loan. Ideally, you should be able to pay the maximum possible fee per month.
Ask for a realistic quantity
It is better that you ask for a loan only when you really need it or when you have scheduled yourself regarding payments. This will allow you to know how much you need to request it from the bank. Remember, it is better to ask for a realistic amount.
Compare the different bank offers
Do not choose the first bank that gives you a loan offer, compare the interest rates of different financial institutions to choose the one that suits you best. This information is available on the SBS website.
Ask for your loan in the currency in which you receive your income
If you are going to request a bank loan, it is better that you choose the loan in soles if this is the currency in which you have your income. That way, you won’t be exposed to changes in the exchange rate.
Solve all your doubts with the bank before applying for the loan
Ask the bank or financial institution all the necessary questions before signing your loan contract. For example, if there are penalties if you pay in advance, if there is any insurance attached to the loan, etc.