Bank loans are highly requested, that is, at some time in our lives we have requested one and if not, at least we have had it in mind. And, although many think that asking is a bad idea because of the interest and payment terms, the truth is that it is possible to find good financing options with multiple advantages of personal credit.
What are the advantages and disadvantages of the loan?
A loan will have advantages and disadvantages of short-term financing, depending on the profile of the person requesting it. Not all people have the same financial profile, according to this point, we can mention the following: benefits of a bank loan.
- You can know in real time your financial status and the debts you currently have.
- You will create your credit history and allow you to access larger financing such as mortgage or vehicle loans.
- You will be able to finance a good in a short time, paying in periodic installments.
- Meet short-term goals thanks to immediate financing.
What are the disadvantages of the loan?
- You must pay the loan plus interest for the requested money.
- Some financial entities require a guarantee to be able to grant the loan.
- You have to meet the payment dates, otherwise you will be involved in late payments.
What are the reasons we borrow money?
The reasons why we borrow money are multiple, but they all lead to a specific need. Some require it to take a trip, for studies or to buy some good. Others wish to acquire a property or a vehicle. And another group for emergencies such as health expenses or debts that cannot be postponed.
What are the characteristics of a loan?
- An amount of money is provided with a real contract, through a credit institution.
- The financial entity requires the debtor to pay interest for the consideration for having delivered the money.
- In case of non-compliance with the contract, a higher payment of default interest will be made and in more extreme cases an immediate seizure and possible execution of the debtor’s assets will be made.
5 advantages of requesting a personal credit
Personal loans can help you achieve goals or solve those emergencies that come when we least expect them. They are quite accessible and with minimum requirements such as proof of income and ability to pay. In addition, since they are not so large amounts, they do not require a long approval time and you can use them for different purposes.
Did you know that you get benefits when requesting a personal credit? Next, we will share some:
1. Approval is fast
The biggest advantage is the speed with which these types of credits are approved, so you can purchase your product or service in a fairly short period of time. This makes it an ideal option if what you want is to consolidate debts, remodel your home, travel, pay your children’s school fees, renew your technological equipment, among others.
2. They do not request so many requirements
To apply for a personal loan of this type, you will only have to present:
- Complete copy of your DPI
- Copy of a second identification document
- Copy of a utility bill (water, electricity or telephone that has your home address) no older than 3 months.
- Proof of income and the last three signed account statements and stamped (only if you do not receive your payroll payment at Banco Industrial)
3. You decide what you invest it in
One of the main advantages is that you can use the total credit for any purpose, since it is your decision. Whatever your goal, a loan can be the answer without compromising your assets or destabilizing your personal finances.
4. Accessible payment scheme
The amount approved will depend on your income, this implies a great benefit because you will not be putting your liquidity at risk. In addition, you can select the term that best suits you to cancel the credit.
5. Help your credit record
If you apply for a personal loan and you are a good payer (you pay on time and the amount agreed from the beginning), later you can be a candidate for a larger loan such as housing or vehicle, for example.
