There are times in life when we need to apply for a personal loan, but you need to be very careful about the advice you take because of some of them can ruin your life. If your financial advice quality filter is not yet 100% calibrated, make a note of the 5 worst advice we’ve put together for you so you never consider accepting it.
1. “If you need to, ask for a personal loan. Then you see how you will pay. “
At the! Don’t act like problems don’t exist! More or less easy, a loan is always a commitment, so don’t be tempted. The loan has to be paid, ie you will have to repay more than the one you requested.
Therefore, you should budget your expenses considering the monthly installment to be paid to the bank (which cannot fail) and probably put aside some leisure activities. Evaluate the coming months or years well and be honest with yourself.
If you have already done this analysis and realized that you can actually get a personal credit, we advise you to consult all offers on the market. This way you can choose the financing that is right for you.
2. “I need you to borrow it for me!”
Yes, it does, but only if you feel like throwing money away. If you want to do a good deed and help others, borrowing someone else is not at all.
Firstly, if you are asked to borrow to “lend” the amount to you, for some reason it will be, and we can guess: perhaps the bank has already done the job that it is not up to you to do, which is either that person has possibility of repaying the loan. Even if you can find all sorts of arguments to do so, run away from this movie. At seven feet.
3. “Application form for loan? Write anything. “
It is understandable that you are not comfortable with making so much private information available at once, but remember that you are borrowing money and the bank needs to make sure that you are able to repay the loan.
Lying can put you in a tide of trouble, even cool ones. In this sense, it is really important to be honest with the information you share, the institutions will verify the accuracy of the information you share through the documents you have to submit to apply for credit approval.
4. “No one reads the small print of the contract, it’s no good.”
Wrong. It is often even in these little letters that you find important details that can make you reconsider the application, whether or not it is an easy loan. This is an opportunity to have the arguments all by your side and try to come to an agreement as you have not yet committed to anything.
In short, everything in the contract which, once signed, cannot be disputed.
5. “It’s not worth wasting time competing, lending is the same everywhere.”
Let’s face it: One of the main purposes of banks is to lend money. That is why all banks want to be the ideal choice and they do so by competing with each other for the most competitive and appealing offer.
Often, not only is there on the team or patience to be consulting banks one by one, but it is not known that there is an instant way to do this by simply having access to the internet! Through a quick simulation, it is already possible to compare the entire offer of the Portuguese market and even submit the loan application comfortably.
The best personal loan offer naturally depends on the amount you borrow and the timeframe you propose to repay. For example, if you need to request $ 5,000 over 24 months, Millennium Savers Bank has the best offer, with an APR of 10% and a TAN of 7.9%.
If the amount of credit is 10 thousand dollars over a period of 48 months, Activeline Bank offers an APR of 10% and TAN of 8%.
If finally the personal loan is 35 thousand dollars with a maturity of 96 months, it is Sandugo Door which offers the best deal among all institutions, with an APR of 11.1% and a TAN of 9.5%. .