Things everyone should do before asking for a loan
If you have already decided that what you need is a personal loan, there are a couple of things that you should consider before approaching the bank to submit your application.
Make a budget:
Take into account the amount that you are going to request and decide on what you will spend that amount, so you will see if it will be enough or if there will be any expenses that are not covered. A single loan should cover what you need, that way you will avoid borrowing at different rates and with different entities. Experts recommend paying those that have a higher interest rate, which in our country would be credit cards. Cancel your card fee and propose not to use it the following month, so you will catch up with the rest of the expenses.
Do not keep a single option: Maybe in bank A they offer you the sky, while in box B they offer you the same and also moon and stars. But how will you know if you don’t compare all the options first?
Take out accounts:
Once you know the interest and fees you will pay, you can calculate how much your monthly fee will be. If it seems to be a good amount, take your salary and prepare the new distribution. Achieves? Are any expenses left unpaid? If the accounts do not seem to add up, you should go back to the beginning and reduce the amount requested and, consequently, the things you want to do with it.
If the end of the month arrives and we realize that we spend more than we should and that the money will not reach us to pay all our obligations, it is time to prioritize which are the debts that we must pay first. Budget, compare and distribute. Once you have everything ready, request the loan that suits you and pay it thoroughly.