Silvana Saldisuri
08/27/2021 6:01 AM
Clarín.com
Services
Updated 08/27/2021 6:01 AM
As a result of the pandemic crisis, many people have to face expenses for which their income is insufficient.
Faced with this situation, in order to meet their objectives, they must borrow and in many cases resort to personal loans.
But sometimes
acquiring a loan
can become an
impossible task
.
At the time of the application, the banks evaluate the applicant's profile and based on that information they decide to
accept or reject the
loan
request
.
In that sense, it will be so important to be aware of the requirements to apply and the reasons why
a loan can be denied.
However, first it will also be necessary to know in detail what type of
commitment
is to be assumed and to carefully assess the
possible risks
to avoid over-indebtedness.
Many people turn to personal loans to meet their goals or pay off debts.
Photo: Archive
What is a personal loan
It is a sum of money that one entity or person gives to another in exchange for a certain price, which is normally established through the payment of the initial capital plus
interest
(that is, the initial amount loaned plus what is charged for lending) , distributed over a specified period of time.
The person or entity that lends the money is called the
lender
and the one who receives the loan is called the
borrower
.
The loan amount is called principal (or principal), which will be
repaid in one or more payments
(periodic payments).
The
repayment of the loan
(amortization) is normally carried out through the payment of regular installments (monthly, quarterly or semi-annual) over an agreed term.
Each installment usually includes part of the initial capital borrowed and the previously agreed interest.
A personal loan is a sum of money that one entity gives to another in exchange for a certain price.
Photo: Martín Bonetto
What are the most common mistakes when applying for a personal loan?
.
Asking for more than what is needed
.
There is a misconception that the more the better.
A personal loan is a responsibility that must be paid with interest and commissions, within a specified period.
And the less you request, the less you will have to pay back and, therefore, the less time you will be in debt, so it is convenient to ask only what is needed for a just cause.
.
Choose a very long-term loan to pay smaller installments.
In fact, in the long run you will be paying more on the loan in interest, in addition to being in debt for a long time.
It is necessary to be realistic and think about the possible term in which the installments can be returned without involving an economic difficulty.
.
Not finding out about the existence of products linked to the loan.
This usually happens with bank loans, where the granting of the aid sometimes requires the contracting of other products such as a credit card, an insurance policy or a pension plan.
.
Not comparing similar products
at the same term to see which one may be more profitable is another of the most common mistakes when hiring a loan.
.
If the loan contemplates the possibility of an
early
, partial or total
cancellation
, it is convenient to know what its cost is.
In the case of total prepayment, the application of commissions will not be accepted when at the time of making it, at least a quarter of the initial term of the financing has elapsed or 180 calendar days from its granting, whichever is greater.
.
All the
conditions
reported by the financial institution at the time of offering the loan must appear in the contract.
It is important to review it carefully in order to avoid sacrificing the demands on the clauses that the client is not aware of.
There are other loan options on the market for unemployed people, students, and retirees.
Photo: Andrés D'Elia.
What are the reasons why the application for a personal loan can be rejected?
According to the BCRA, to apply for a loan you must be between
18 and 74 years old
, have an Argentine or resident ID.
But what can be the reasons when the request is denied:
1. High level of indebtedness:
financial entities examine the applicant's profile and one of the variables they focus on is the amount of debts that the person accumulates.
With this information, it is possible to know what is the degree and the level of compliance in the installments for the possible new loan.
2. Bad credit history:
possibly the most important point.
If the applicant accumulates too many defaults, it may be more difficult for him to achieve his goal.
The way to counteract this negative data in the history itself is to regularize the credit with punctual payments, preferably with payments above the minimum.
3. Impossibility of proving income:
entities and companies that offer personal loans also analyze the level of income of the applicant.
If despite having a good record, you do not have enough income to assume the debt, they will not grant it.
It could also happen that you do not have the necessary proofs to be able to show more income.
In that case, if cash is received, it should be deposited in a bank account.
In this way, a profit record is created that will give more possibilities for financing.
4. Irregularities in the request:
irregularities (false or non-verifiable data) in the forms can be a reason to reject the order.
Therefore, it is essential to be honest when completing this request.
5. Seniority in the job position:
this requirement may vary depending on the job status of the applicant and the demands made by the bank.
In general, the requirement ranges from 3 months, one year and up to two years of work seniority.
However, there are other options on the market that can be evaluated for
unemployed people
,
housewives
,
students
and
retirees
.
In this sense, from the
City Bank they
informed
Clarín
that currently the possibilities of being able to access a personal loan are greater than the impossibilities.
Appearing in the Veraz
for unpaid debts, or having
arrears in the financial system
are
the most exclusive
.
But from the entity they explained that, for example, in the case of not qualifying in regard to the quota - income relationship, what can be done is to adjust the amount to which it is aspired so that this relationship is possible, but not at all. mode will be completely restrictive.
On the other hand, they also highlighted the "more accessible alternative that exists through
microcredits
, which allow, demonstrating an activity even if it is not formal, to financially include people in this situation."
LN
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