Personal credits When do I need an endorsement and when not?

6 Feb

Over the years the scenario of savings and credits has changed a lot. A more conservative mindset regarding money has been passed to another stage, in which the alternatives when it comes to having an economic injection from a third party have allowed many families to plan their day-to-day life in a different way and with many more possibilities.

Companies specializing in private financing have approached households the alternative of having fast and comfortable personal loans. An option aimed at offering an oxygen balloon when money needs cannot wait or when you want to face extra expense without compromising savings.

Different alternatives when applying for a loan

Different alternatives when applying for a loan

Within this range of options, loan applicants can have personal loans with or without collateral. These are two possibilities that must be valued well and studied in detail with their pros and cons on the table, before beginning the process to avoid the future headaches or misunderstandings with those who acted as “guarantors.”

The easiest and easiest thing is to use loans without collateral. This type of alternative is ideal when you need moderate amounts of money and you want to have the credit in a quick way, such as sitting in front of the computer and receiving authorization to dispose of that desired amount almost instantly.

Transparency, comfort, and speed: key factors when extra money is needed

personal credit

To apply for this type of loan you have to inform yourself well and bet on transparent companies, adjusting the money needs to the requirements that they raise, especially in the sections of the amount to request and repayment time. More flexible characteristics in which it is not necessary to have a guarantee as in the most traditional entities, where risk checks are extreme.

When evaluating the request for personal credit, it is important to adjust the amounts, the repayment terms and to assume the responsibility of dealing with the obligations associated with this type of operation.

In this type of operations with more classical entities, a guarantee will be requested, even if the amounts are small, if there is a lack of a high savings mattress or monthly income that allows to demonstrate a high level of solvency and low levels risky.

Guarantees and guarantors: a decision that must be thoroughly evaluated

personal loan

The search for a third, or natural person or a bank guarantee to support the operation must be a gamble too far. A step that must be taken in very specific situations, in which a high economic amount is required.

Family economics experts advise against betting on this solution, especially when family, friends or work personnel are resorted to who are offered the option of acting as guarantors with their money or their assets. A reality that according to the specialists, in many cases involves complications in the medium and long term.

Faced with this reality, whenever possible, it is possible that it is oneself who assumes responsibility and the risk of facing the repayment of the amounts borrowed by opting for the request for assumable amounts and realistic repayment terms. Operations, in short, that allows us to face the return of these fast personal loans in an affordable way and according to the economic possibilities of the family nucleus.

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