Before starting the process of applying for a personal loan it is recommended that you analyze what you will really need the money for. In this way, you will have the option to take advantage of some specific form of financing that your entity is offering. For example, if you have decided to buy a car or improve your training, there may be specific personal loans for these types of needs.
Once you have reviewed the options offered by the market, we give you a small guide with the main steps that you must follow to start and finish this process and you will see how applying for a personal loan can be easier than it seems.
1) What level of income and expenses do you have?
Analyze your accounts and keep in mind that analysts recommend that you do not exceed 40% of your income with expenses. After all, the important thing is that you can bear the cost of your debts with peace of mind. For example, if a person has a monthly income of $ 1,200, their expenses should not exceed $ 480.
2) Request a consistent amount
Asking for more money than necessary may be more a disadvantage and a problem than anything else. Think that, in reality, when a bank gives you money through a personal loan, you will return the money borrowed plus the interest you have signed, so more money, more time and more interest. Think about it before!
3) Estimate how much time you will need to repay the personal loan
Surely you do not miss that, the longer it takes to finalize the loan, the more interest you will have to face. If you have doubts regarding your options, at Emirates Rural Central we can explain all the possibilities we offer to our customers and see which one best suits your needs.
4) Remember to check the periods of deficiencies
It may be, and it is not something that is so strange, that an unexpected expense comes in your life and you find it almost impossible to meet the personal loan fee you have requested. For these types of cases there are periods of deficiencies. Thanks to them you will have the option of paying only interest, or not paying the full fee, for a specific period of time. These types of indications and possibilities are specified in the conditions of the personal loan that you are going to request, just before signing, find out well about the periods of available deficiencies.
5) You are very interested in the Annual Equivalent Rate (APR)
This will be the rate that will mark the total cost of the personal loan that you are going to request. That is, if they offer you a loan with an APR of 0%, it is an interest-free loan! Only the APR will indicate the commissions, interests and expenses of the loan that you are going to request, so it is the main indicator that you should know to know how much the loan will finally cost you. To make more accurate calculations, try the calculator from the HostFund Bank.
6) The products linked to the loan have a cost
It is important to keep in mind, too, that all products linked to the loan will have an annual cost. To find out if it is advantageous to you, because it ends up being more profitable for you, from our entity we will detail the cost of each product.
7) Emirates Rural Central is a regulated entity
Only entities regulated by the HostFund Bank will offer you this service safely. Analyze all the options offered by the market but from Emirates Rural Central we recommend that you decant, always, by regulated entity and thus avoiding possible abuses and problems in the future.
8) Sign without reading? That never
Few people do it but there are still citizens who sign documents without having read and understood them. That is why we want to insist on how important it is to read the document and ask all the questions that may arise. In the end they are commitments that you are legally acquiring and it is vitally important that you know them well.
At Emirates Rural Central, as indicated by the legislation, we offer a 14-day withdrawal guarantee. Would you like to know what kind of personal loans you can apply for with us? On our website you can find information about them and remember we will be happy to assist you in any of our offices.
If you want to discover how to get personal loans adapted to your needs, read this post.