“Have you decided that you will make the first personal loan of your life? I knew that according to more recent bank reports, there are several many reasons why people decide to get a cash loan. “
Apart from personal loans, car loans, buying homes, acquiring properties and pursuing personal or children’s education are the most prominent reasons. However, there are small cash loans that are required for multiple purposes, such as paying debts to consolidate them and everyday costs.
Every first experience we have ever forgotten. The first fall of the bike, the first job, the first boyfriend and kiss, all this and more had a first time and many more times later!
The First Personal Loan No One Forgets
- Do business and website reviews for comparison
- Select your loan type carefully
- Choose between secured and unsecured loans
- Consider your credit score or credit rating
- Make installments payments on time
- Maintain a good relationship with your lender
- Essential Check List Before Selecting Your Loan
- Top 5 Factors When Making Your First Personal Loan
The First Personal Loan No One Forgets
We are usually guided first by someone more experienced, older, by the parents or someone who already knows the subject. So we can say the advice by being welcome in many cases of people’s lives, emotional and financial as well.
Likewise, there are certain things that should be remembered when taking out a personal loan for the first time in life. Let’s understand how the process goes:
Do business and website reviews for comparison
When deciding to buy a cell phone, a car or a tennis shoe for example, you would compare many options and alternatives in the market, do the same with loans.
This comparison strategy is essentially known as comparative analysis. When you plan to make a loan, you should compare all the possible deals in various online banks and the financial system to find one that provides the same loan amount with the lowest interest cost.
Take into account all aspects, such as the interest rate, fines on late payments, the method of payment and repayment terms. After analyzing and studying all aspects, only then can you make a fair decision about the location and the lender to grant your loan. Make the request as fast and practical as possible.
Select your loan type carefully
There are several types of personal loans that financial institutions offer to the most varied categories of consumers. Carefully choosing the loan mode is one of the important priorities when deciding to apply. Mainly because they are classified into:
- Loans with guarantee
- Unsecured loan
In addition to being separated into these two categories, the borrower will have higher or cheaper interest rates according to his profile, eg if the borrower is with the taxpayer denied, that is, with a dirty name, he will pay more for it . Except for paycheck!
Choose between secured and unsecured loans
People often choose unsecured loans, it is a form that does not require collateral of any kind, but the interest rates are higher.
On the other hand, who wants to reduce the total cost of debt at low rates, depart for secured loans, but then you need to involve some asset or property in negotiating with the lender.
Consider your credit score or credit rating
Credit rating plays an important role. If your credit score is good, your on-appraisal will give you a better chance that your first loan is approved .
A credit score of 701 and above is considered decent enough to seek loans of any kind. A good credit score makes you get loans faster and with less documentation and hassles.
Make installments payments on time
This is another factor that can not be ignored. When it comes to repayment of the installments of loans, you can not get defaulted. Let installments delay account points and makes raise red flagging flags against the borrower.
Make the payments always up-to-date, put in debt to not only prevent you from paying the fines but also not to downgrade your credit score. Also, lenders are really skeptical when it comes to late payments – not paid, worth what the contract says!
Maintain a good relationship with your lender
When taking your first personal loan , rest assured, that is the end. There are definitely cases where you would need help again from your lender for a new loan.
With this in mind, keep your existing loan on time and without delays, you should be up to date with your lender and have more room for commitment of income.
First-time loan takers are just like those who are already experienced on this subject. But a little more guidance would not hurt anyone. These tips will definitely help you to know certain things that were you avoiding problems.
Essential Check List Before Selecting Your Loan
Applying for your first loan with one of the online lender who has partnered with Dorothea Brooke could increase your chances of getting your loan approved without many bureaucracies.
The first step to having a loan application made with ideal terms is to know with whom you are dealing, to know companies and trustworthy and legitimate websites have protected your integrity, your personal information and your privacy. Choose lenders online with exemplary approval level.
Top 5 Factors When Making Your First Personal Loan
Credit history : The credit history is a type of report to be useful to both users and creditors. It is a record that informs about the number of times the person took a loan, indicates the liability for payment, it also keeps records of how many debts the person left behind and did not comply.
When knowing a person’s credit history, the lender defines his ability to pay, knows if his credit is excellent, good, fair, reasonable, bad, or rotten.
Credit Score: It is a score that you have access according to your financial behavior. If you pay your debts without fail, your credit score increases. It also increases the chances of taking advantage of lower interest rates.
Whereas, if you do not repay a debt on time, and have an outstanding amount on your credit card that still needs to be paid, your credit score goes down until it gets bad.
So in short, if you are defaulting on any type of financial commitment, your credit score falls and your name (CPF) name consists of debtor getting negatived in the financial credit system. Having a score of 700 and above helps you get fairer chances of getting any loan approved first.
Your Income and Source of Income: The income on the application for the first personal loan plays has important and fundamental role. There is a minimum level of income for which a person needs to prove that they receive or earn regularly to have the loan approved.
If this criterion is not met, no financial institution shall grant personal loans of any kind.
Debts in progress: If you have other personal loans or other debts in progress, you are less likely to have new loan approved loans.
But it is not only to have several loans, if your commitment is consuming the power of payment eg: credit cards, electronic payments, etc, this may have a negative impact at the time of the credit analysis.
Financial Responsibility: You can create satisfying answers for lenders when starting score creation and credit score.
When the lender looks at your CPF, it seeks to know what level of financial responsibility you can allocate to your business. Use Serasa Consumer, Positive Registration and the Positive Consumer to create credit and make it easier to get your first loan or financing.
Well, as the cost of sight and purchasing power decreases, people will always consider taking personal loans as the opportunity comes. Many lenders offer unique advantages to get money borrowed with lower interest rates and instant approvals.
Grana Smart does not grant these personal loans, but we have and indicate business partners who are willing to make your loan with excellent terms, terms and interest rates. Visit this page with several loan offers – Click Here!
Make Life’s First Personal Loan Average 4.7 – 53 votes
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