In times of crisis, the personal loan proves to be an outlet for those who are in debt and want to regularize the financial situation. Get help from banks and financiers and exchange a high debt and Expensive credit and / or overdraft cards, for example, may be a good idea, but before knocking on the door of institutions to borrow money, it is essential to take care not to have the headache in the future.
Check out four tips not to go wrong in finding your personal loan and taking the first step to balancing your financial life:
1. Research interest rate on various banks and lenders
To make sure you are doing the best business, it is important to do some research and analyze the interest rate charged to various banks and financials. The value varies greatly from one institution to another, so separate the companies that charge the best rates and negotiate only with them. At the time of doing the math, don’t forget to write down the other fees, such as late fees. Also compare the Total Effective Cost (CET) charged by the companies, which comprises all the costs of the loan you are asking for. To help you search, Peter Pante offers two options: the site with the rate comparison and the comparator within the app itself.
2. Arrange your finances to know your current ability to pay.
After researching the best personal loan options, it is time to organize your finances to find out what your current repayment capacity is. After all, it is not in use getting a loan and in the future not being able to repay the installments to repay it. So put down all your fixed and estimated income and expenses and consider what the amount is. amount you could afford monthly to repay the loan without staying in the red. Ideally, the amount you pay for debts is at least 15% of net income, not more than 30% of what you receive per month.
3. Be careful of scams
In the search for a personal loan, you will surely come across offers that at first glance seem incredible, offering cash without bureaucracy, below-market interest and other benefits that are too good to be. truth The point is that they probably aren’t true at all. When it comes to applying for a personal loan, redouble your scam care and borrow money from reputable, reputable institutions.
4. Control your expenses
Personal lending may be the best way to settle debts and clear your name, however, to have a really balanced financial life, making spending control a habit is accurate. Manage everything that comes in, and especially what comes out of your accounts, and put the brake on if you’re spending more than you earn. This is the key to a healthy financial life.
Getting a personal loan may be the way you need to pay off your debts and catch up with your financial life. Follow our tips on getting stuck and keep in mind that spending control is the only way to keep your checking account away from red and balanced finances.