Do you want to apply for a loan? Experian Peru shares these four useful tips – Business Empresarial

2023-08-16 00:13:12

Business Empresarial.- Usually, Peruvians seek to access credit to cover expenses or finance projects. Indeed, the idea of ​​requesting a loan sounds attractive, especially to face unexpected expenses that come out of regular planning.

Currently, financial institutions offer a variety of credit products to mitigate these expenses. Therefore, if you have already made a financial commitment, remember that before opting for another credit, it is important to analyze all the options, related costs, payment terms, among others.

Experian Peru recommends that before requesting or accepting this type of financial product, we analyze in detail the offer of the products that are offered. It is because of that Juan Carlos Venturogeneral manager of Experian Peruprovides us with four important and useful tips:

Evaluate the possibilities and decide how much money to request according to your needs and expectations: It is important to determine the exact amount we need before choosing a loan. Sometimes we tend to ask for more money than we really need, which exposes us to unnecessary expenses. “Spending more than necessary can result in a higher interest payment than expected, which we must avoid in order not to affect our budget and financial situation”explain the future.

Determine the payment term to which you commit: Remember that the longer the payment term, the lower the monthly fee, but we will also accumulate more interest. It is important to make regular payments to reduce interest and, if possible, pay more than the established minimum amount.

Review and verify interest: When the bank provides us with the interest rate, make sure that it is the TCEA (Annual Cost Effectiveness Rate), which includes all credit costs (commissions, interest, charges, etc.). Before applying for a loan, it is advisable to compare the rates offered by different financial institutions.

Make advance payments: In recent years, payment facilities for credit cards have been offered. It is important to remember that paying before the agreed term does not always mean benefits or debt reduction. However, if we have an extra income, it is advisable to repay the capital to reduce future interest. If we manage to reduce the interest, we can also reduce the time of payment of the loan.

“In the process of choosing a loan, it is extremely important to avoid hasty decisions and have complete information to make informed decisions, even in situations of economic urgency. Applying for a loan to cover a previous credit without an adequate evaluation can generate an accumulation of debts that negatively impact your current financial situation.concluded Juan Carlos from Experian.