Is it your first personal credit? This is what you have to know

Asking for a first personal credit is sometimes necessary for Good Finance certain payments. However, applying for a cash loan is not a decision that should be taken lightly. And it is that like everything that has to do with money issues, it can affect your economy , in the future.

Know in this note, everything you need to know before requesting a loan or your first personal credit from a financial institution.

Calculate the money you need to be lent

Calculate the money you need to be lent

A loan should not be accepted just because they called you to tell you that you had a pre-approved credit . Planning should always be included when it comes to loans. Therefore, we recommend that you do not ask for more money than you need .

So, for example, if you need a loan to pay for vacations , you should plan your expenses: ticket, hotel, food, transportation, etc. costs. and from that you get an approximate figure to ask the bank.

You may not spend everything you estimated, but the difference will not be much and you will not overpay your loan later – not counting the bank’s interest and fees .

Consider the cost of interest and fees

Consider the cost of interest and fees

You cannot ask for a personal loan without knowing how much you will overpay for it. And it is that if they lent you 1,000 soles you will not only return this amount, but the interest and commissions of the bank according to the amount of months that you have established for the total payment.

Not all banks charge the same fees and interest . Experts recommend that the annual effective cost rate of different banks be evaluated and the one with the lowest cost is chosen in order to reduce the final debt.

Don’t ask for more than you can afford


When a loan is requested in soles or dollars, it must be taken into account that the adequate financial statement is available to pay that later. A loan should not be a cause of stress if the monthly installment payments are planned within your monthly personal budget .

Don’t just pay, save

You must always have a provisional savings while paying the debt. This allows that if in a month you have an economic mismatch you will not miss the payment of your debt.

If you are very tight with the monthly expenses you can start by saving 10% of your total income. You will see that it will be of great help for any inconvenience.

We are sure that with these tips you will succeed not only by taking out, but by paying your first loan in cash . It is important to always make payments within the stipulated date on your statement to avoid charges the following month for late payments. A good credit history makes you a candidate for larger loans: Take the opportunity!

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