Online personal loan bad credit -Tips before applying for a loan for people with bad credit
There are many times that we have raised, or we have decided to carry out, the hiring of some kind of fast money online. And, however, not all the websites or platforms are correctly informed about the best and safest way to perform this type of online operations.
And, in addition, not only we want with this post to make a summary of a good form of contract, but we also offer advice to take into account before this process- imp source.
Tips before applying for an online loan for people with bad credit
- The first and most basic thing to keep in mind, and you should think about it with a cold head, is to assess if you really need to apply for the loan or credit you are looking at. You must value the monthly income you have, the fixed expenses and calculate more or less the variables, etc. and analyze if you could take charge of the monthly payment of the quick loan you want to ask for.
- We must bear in mind the economic level we have. And try not to live above our means by spending what we do not have. Therefore, it is strongly discouraged to acquire any type of quick money product, whether credits or mini-loans, to finance whims or expenses that are not really important and necessary.
- Do not make these quick money contracts a regular or frequent use, although you can afford it economically. It resorts to other methods of saving and always values if the expense is necessary.
- Even if you’re certain expenses that you can have in a month, you should try to leave away a portion of your income for the unexpected: a visit to the vet, the car workshop, or a traffic ticket, they can pose a considerable outlay to be pay at the moment. Therefore, we advise you to always reserve money for these inconveniences.
- If for whatever reason the amount you generate your income is not enough to be able to afford to seek and hire a minipréstamo, we suggest you try to save your usual expenses to get the money you need to buy what you want:
- Try to save on food: if you eat out of the house take a lunch box with food
- Suppress expendable expenses. The coffee, infusion or skewer that you can buy daily. A month are many euros that we do not realize we spend.
- Save on household expenses: take showers instead of bathrooms; controls the lights on; uses energy saving light bulbs, etc.
- Look for cheaper alternatives in your leisure. If as a general rule in your leisure time you usually go to restaurants or the movies, change those plans for cheaper ones like hiking trails, going on a picnic, etc.
Choose and compare before hiring fast credits
Before hiring any type of financial product you must find yourself in a position and situation of stability.
That is, if at work, for example, do not you feel uncomfortable and think you could leave, or could terminate your contract, you do not risk committing to any entity. A delay or non-payment in one of the installments can suppose a very considerable increase of the account and even the inclusion of your data in delinquency files.
Not all loans and mini-loans are the same.
You must inform yourself well and conscientiously about the characteristics of them to be able to take into account which are the ones that suit you the most. For this, you can obtain information about the quick money products offered by the various private entities in our mini-credit comparison.
When you have several entities that offer what you are looking for, read carefully the requirements they demand from their clients.
- Although many entities already accept users whose data is in Financial Credit Institutions or other files of defaults, there are many others that do not. Other common requirements of entities are usually:
- Have your official DNI or NIF and in force
- That your habitual residence is in Spain
- Have monthly income
- Be a bank account holder
- Not in all entities the requirements are the same. Therefore, they must be read carefully, to discard or not that entity at the time of requesting one of its products.
- Another of the most common mistakes is trying to solve a doubt with a credit institution or fast microcredit contracting another of these products. Do not do it. If for any reason the return of this second complicates you, you will enter a loop of defaults that can be really expensive. And not only economically, but also these private financiers can make your data included in lists of defaults as Financial Credit Institutions.
- Never sign or formalize a mini-credit agreement or loan with a private financial entity without having read and understood the conditions and requirements detailed therein. Failure to comply with any term of the contract may result in an increase in the final fee that must be paid.
- In case of having any kind of doubt, either at the time of signing the contractor in the same application product, contact the entity for it to solve it
- At the time of making the request for the microcredit or loan in which you are interested, you must coherently select the field of the return time. It is clear that the sooner you want to settle the account, the cheaper it will come out. However, we must be very rigorous when choosing deadlines.
Your income should be high enough to be able to pay the fee that you have filed – taking into account the monthly expenses you have, as we said at the beginning of the post.
- If you delay or do not pay the installments, your personal data may be included in delinquency files that may harm you in the long run. In addition to having to pay your debt, which can be increased with commissions for the delay.
- If, on the other hand, you choose to choose a longer repayment term, the microcredit can be very expensive too, given that the commissions increase.
Another of the most common mistakes when hiring this type of economic services is to request more money than is needed
We want to remind you that the ideal is that this money is contracted as long as it is really necessary. Therefore, inflating the amount that really should be requested, taking advantage of the operation, for other less important tasks, would have its consequences. Since the interest will not be the same, since it depends on the amount and the repayment terms.