If you want extra cash for a project, surely you have come to mind asking for a loan from a bank. You are not the only one. The credit granted to families grows 22% per year, especially for housing, which is 28.4%. So in all likelihood, there will be someone around you who has a loan or some open credit with a banking institution.
If you are seeking for the best options for bank loans and want to avoid future problems with high interest, or know better the consequences that you could face in case of default, from Ferratum we give you several tips to take into account before asking a loan.
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Make your calculations carefully
The same financial institutions make the predictions of almost all the loans, but when it’s about exploring all the options, we recommend that you also make your numbers and then compare them with those that your advisor has given you. Many times there is some room to choose the monthly payment, and we tend to be tempted to pick one extreme or another: either pay a shallow one or pay one that will free you from the loan as soon as possible. In the center is the virtue: choose a monthly payment that allows you to return the investment with comfort and continue enjoying your life, without stress.
Check the contract in detail
We suppose that it will not be necessary to remember it: Always read, always, the fine print. The details of the deal are vital. Before signing a loan contract, read it carefully. Twice. Each clause and each point can make the difference between a loan that is easy to manage and another that is not, and that may cause problems in the future.
Choose the term that suits you best
When deciding on a loan from one bank or another, the deadline to return it is a crucial element. For a mortgage, the term can be more than 30 years, while for a personal loan, maybe only 5. In general, it is best to tend to loans with a shorter term, but you should always keep in mind what is most comfortable for your specific situation. In any case, we remind you that it is still a good idea to create an emergency fund.
Document everything you can
This advice applies to almost all decisions, but it never hurts to remember: research, documentate, read all the information you can. Ask your acquaintances about their experiences. Enter the pages of all the options you manage. Consult forums. Ask again The more you know about the subject, the easier it will be for you to decide on a loan.