How to plan a personal loan to secure its concession

Have sufficient income to pay the monthly fee and provide all required documents are key to ensure obtaining a personal loan.

It is common to reject the application for a personal loan because the applicant does not meet the requirements. To prevent this from happening is essential to know what the criteria are used by financial institutions, as well as the precautions that must accompany the credit request.

What is a personal loan and its features

A personal loan is one that is intended for general expenses of the applicant, such as a trip or the purchase of a car, as opposed to a company credit, for example. It also differs from a mortgage in that the latter is used to acquire a property on which a guarantee to ensure payment.

Normally, the personal loan is granted for reasonable amounts with lower pay periods to a mortgage, from one month to ten years, although at a higher interest rate than this. The monthly loan repayment should not exceed 20% of the applicant's income, and if you have other loans, like a mortgage, 40%.

How to Plan a credit application

To ensure the provision of a personal loan please note this monthly revenue ratios. You can use a loan simulator and place the amount of the monthly rent, the payment period and the interest rate will know the monthly payment and the maximum loan amount that the bank could grant.

If rents are not sufficient for the amount of credit that is needed must be submitted guarantees, that is, other people who are willing to pay the debt if the applicant does not, usually a close relative. A guarantee may even improve the interest rate.

For a personal loan should be collected all documents normally required the financial institution, such as the ID or green card, last three payslips, the last income statement, as well as extracts of bank accounts and property titles the goods of the applicant to demonstrate their creditworthiness, as a car, for example.