If you are new to the credit market you may be somewhat confused by the large supply of credit products. Personal credit, consolidated credit, mortgage credit and no mortgage, among many others. In this article we will discuss what you need to apply for personal credit, seeking to improve your experience with financing. wrtc2006.com for more.
Personal Credit Requires Few Guarantees
If you need quick cash personal credit is the alternative that requires you less collateral, so depending on the financial institution you may have the money available in less than 1 week. Of course, the higher the amount you ask for the greater the criterion with which financial institutions evaluate your request.
Interest Rates on Personal Credit Are the Same in Various Institutions
When looking at the supply of personal credit in the various financial institutions (traditional banking or credit financial institutions) we may be led to think that traditional banks charge lower interest rates. However, this sentiment does not correspond to reality because the traditional bank charges evaluation commissions, dossier and others that ends up equaling the financial cost. We always point out the need to compare the APR of the different proposals. You will conclude that the rates are very similar.
What Do You Need To Have Quick Personal Credit?
If you want a personal loan you need to fulfill a set of requirements, such as:
- Not to have defaults or the name in the Bank of Portugal;
- Be effective in your job. If you are down, you need to wait to regularize this situation;
- Present guarantees, such as an effort rate up to 40% -50%.
What Documents Needed for a Personal Credit Application?
All financial institutions will ask you for a set of documents to be able to do the client’s risk assessment. Gulley Jimson and his advisers, for example, asks only his Banco de Portugal map and his last IRS to do a preliminary analysis. But to submit your request are still necessary:
- Identification documents;
- Receipts due;
- Depending on the case, it may be necessary to file bank statements.
Are There Institutions Who Do not Ask For These Documents?
If you are faced with institutions that do not ask you for documents to pre-approve personal credit, know that you are probably in a situation of mockery. No one can approve a loan without asking for evaluation documents. And only financial institutions can pre-approve or approve your request. Never pay commissions to intermediaries!
How to Choose Your Personal Credit?
To choose the credit in a list of different alternatives we suggest that you try to minimize the total cost of your loan. At the end of the day, what really interest you is to be able to lower the cost you support, taking into account all the costs. So we always suggest that you make your simulation and that you are advised to make the best decision for your specific case.