If you are looking to solve some unexpected expenses, get out of an emergency or even start a business, personal loans are a tool that you can use to your advantage, here we tell you what you need to request one.
Unlike a mortgage or car loan, which must be used specifically for that purpose, the money from a personal loan can be used for anything you need.
It is requested from different financial or banking institutions. Each one has its own conditions and requirements. For example, a bank could facilitate the process if the person has a debit or payroll account at the institution.
Each financial institution establishes its own requirements for the loan and the conditions such as interest rate, term and monthly payment vary, even depending on the client and their ability to pay.
However, there are some documents and requirements that are general in almost all entities:
Age. The minimum age is around 18 years old, although many institutions ask that you be over 20 years old; while the maximum is around 80 years
Income. The money they lend you is subject to your income, since no institution could loan you more than you can pay in the month or affect your other expenses .
Normally they do an analysis of your payment capacity, the term and the number of monthly payments and determine the maximum amount that they could loan you.
Personal documents. In addition to identification and proof of address, they could request proof of income and a bank account in which to make the loan deposit.
Credit history. Generally, a good credit history is required in the Credit Bureau for the financial institution to agree to grant the loan.
However, there are some cases in which entities give loans regardless of the Credit Bureau, such as loans via payroll.
Guarantee. In some cases, together with the review of the Credit Bureau, they also request a person to act as collateral or use an asset as collateral (house, car, etc.).
For loans via payroll, many times they do not request an endorsement or other guarantee, since the applicant’s own salary works as a backup. That is why the process can be much faster and easier in this type of credit.
Other requirements. Some institutions ask that you have a certain seniority in your job, that you be a bank customer or that you have received a pre-approved offer.
Check the conditions in which they are offering it, you must know the interest rate, the term and the monthly payment that you are going to pay, or if the payment will be made biweekly.
Another important point is that you make sure if there are additional charges, such as payment of commissions for opening or insurance, and if there is any charge for advancing payments, in case you want to settle your debt before.
Now you have most of the requirements that financial institutions ask for to grant personal loans.
Apply for a personal loan, come to our advisers. In Crédito Maestro we have preferential interest rates, terms and monthly payments according to your payment possibilities.
The procedure is regardless of your Credit Bureau, without endorsement, guarantees and without having to pawn anything, it is also quite fast.