Do you need financing to make your projects a reality? It doesn’t matter if you need to apply for a personal loan to buy something, go on vacation or even start a business. Thanks to quick loans you can get the money you need and pay it back in comfortable installments.

To make the process of applying for a personal loan easier for you, we are going to show you the steps you should take to obtain the money as quickly as possible.

 

Currently, you can apply for financing through different means, but there are two big winners.

• Banking: Without a doubt, banking remains the main player when it comes to applying for a personal loan. Within this group, we can find a wide variety of banks to choose from. The important thing is to choose the alternative that best suits your needs.
• Online: This is another option that is becoming more popular when applying for a personal loan. We can find many very interesting financing options online. If you look carefully, it can really be a good option. The advantage of online loans is that they often do not require a link, so they are more convenient and cheaper than those offered by the bank itself on many occasions.

 

Keys to applying for a personal loan

If you are a person who is clear that you need financing, it is important that you take into account a series of keys to be able to be certain that you are really requesting the credit that interests you.

• Capital: It is important to be clear about the amount of capital we are going to request. We must always try to request the right amount of loan to avoid having to pay interest on money that we are not really going to need. A prior study will help us to know the real amount of money we need.
• Interest: When applying for a suitable loan, it is important to look at the interest rate. Each loan is unique, meaning each has its own characteristics and, consequently, its own interest rate. In order to make a good comparison between loans, it is important to always look at the APR, that is, the Annual Percentage Rate. You can look at the TIN, but in this case, commissions and other expenses are not included. The APR always helps to find the best option.
• Repayment period : It is vital to consider the time we have to repay the money. Normally, the more money we request, the more time is offered for repayment. It is important that the repayment period is adequate in order to obtain an affordable monthly payment.
• Linkage: When applying for a personal loan, not all of them are linked to a link. Banks usually include the link. If you have to contract linked products, you will have to see if they interest you or not. Sometimes the costs are very high and are not profitable.

 

What does the bank look at when applying for a personal loan?

When a person applies for a personal loan, they should know that the bank or loan company will carry out a study of their economic profile. The objective of this study is to ensure that the person applying for the money will be able to repay it.

• Regular source of income : This is one of the first things they examine. In order to grant financing, it is necessary that there is a minimum source of income to pay the monthly installments. The debt ratio is calculated, which should not exceed 40% of the monthly income.
• Assets: They also look at any assets that the person may have. These assets could be used as collateral.
• Number of holders : applying for a personal loan as an individual is not the same as applying for a loan as a couple. When there are two holders, it is easier for the loan to be granted.
• Financial history : the financial history is also examined. The objective is to certify that the interested party has no outstanding debts or is on a list of defaulters such as ASNEF.

 

To ensure that we are really applying for the right personal loan, it is important to be clear about the amount we need, the time in which we want to repay it and, above all, to make a good comparison.

It is important to compare in order to apply for a suitable loan. A good comparison can help a person save a lot of money on each monthly payment. And once the comparison is done, you have to choose the best option among all the online personal loan offers , taking into account the conditions and fees.