Personal loans without bureaus are a blessing for people who are in a predicament and need urgent funding, since this product is very simple to apply and is accessible to a large part of the population, with a loan of this nature you can leave to worry if you run out of all your money in half a fortnight or if you need to pay a fine, you can get financing at competitive rates with just a few clicks.
However, if you abuse these products you can put yourself in a complicated situation. Any type of credit has a positive and a negative side, it is like a double-edged sword that can do you as much damage as good, everything depends on your mastery to handle it. You must reflect carefully, before you propose to apply for one you must listen to these 8 valuable tips to choose a loan tailored to your situation.
Always look for a fixed fee
Depending on the company, personal loans without a bank can have different interest rates, some have a fixed rate that is maintained from the moment you contract the debt until the day of payment, while other products offer variable rates, which it means that it can be modified at some point and cause the interests to increase monthly. Before accepting any type of financial product make sure you know what it offers and what are the conditions you are accepting.
You analyze other sources of financing
Before asking for a loan of these, think about what other possibilities you have at your disposal, since these products are designed as an emergency tool, their interest rates are a little higher because they need to protect themselves in the event that the debtors do not liquidate your debt. It is like a vicious circle, the more risky it is for the issuing entity to grant a loan, the higher the fees it will charge. In such a way that if you have a good credit profile and can access other products, we recommend that you do so.
Do not use personal loans without a bank to pay other debts
If you use this type of product to pay other financial obligations, the only thing you are doing is adding fuel to the fire, since now you will have to pay interest to one more creditor. These loans are designed for emergencies in which you pay for something accurate and that does not generate more debt. It is common sense, when you try to settle a debt by borrowing more, the only thing you are doing is to increase and change the debt of place.
Consider all scenarios
You should always ask yourself the scenario of, what would happen if I can not cover my debt on the agreed day? You never know if you will encounter a difficulty or if it will be impossible to pay on that date, even if you want. Sometimes, it’s not about you not having the money, but something may get through, maybe you forget it or do not give it time. There are some companies that offer extensions without any penalty. That is why it is important that you ask about the charges or default interests of each company, in addition to their refinancing plans.
Check your credit history
How much do you know about your history? If you have a good qualification and your finances are healthy you can find a loan with better conditions. Your report in the bureau determines what type of financing you can access, you must start from there to know what is best for you. Banks are very strict and never want to lend money to anyone, and if they lend it, they take care that the process is long and tortuous. On the internet you will find alternatives, there are lenders who can offer you a better deal if you have a good track record.
Get closer to a professional
It is always good to have the opinion of an expert, that is why at Finance Mexico we analyze and classify different online loan options. We have focused on choosing the companies with the most attractive profiles and working in strict adherence with Mexican laws in financial matters. On our page you can find detailed information that will help you choose the loan that best suits you, you can trust 100% in our recommendations.
The Adhesion Contract Registry is a database managed where the accession contracts that banks offer when making a loan or granting financing are collected. It is important that you review the contract before signing it, usually many people sign without knowing the obligations they are contracting. So that this does not happen to you and you can be forewarned, you can enter the registry and carefully review the contract of the product that interests you. This database has more than 4,446 contracts of different nature from banks, savings banks and internet service.
Perhaps the most important advice of all is that you access these products in a cautious way, do not ask for more than one loan at a time and request only the amount you need. Having a healthy bond is easier than you think, all you need is to be cautious and not let yourself be dragged into debt. If your problem is not urgent or you can get the money elsewhere then do not ask for an online loan.
If you have already thought about it carefully and are completely sure that you need personal loans without a bank, then go to the Bonsai Finance Mexico page to advise you in the world of online financing. Our specialists are aware of what is happening in the market and therefore we can distinguish which are the most attractive and accessible companies for you.