New York, NY (Top40 Charts) Not everyone is lucky to have money sitting at the bank or have an investment ready to be cashed out anytime. This is where applying for a loan becomes a challenge. Make sure not to end up with a disadvantageous loan agreement. So as to maximize the benefits you get out of your loan, do some research and gather all information before you apply.
1. Am I qualified to get a loan?
Check if you have a good credit record first. A good record means better deals. Keeping a nice record is very valuable to you as this information is used by banks and other finance companies when they are deciding whether to approve or not your loan or increase your borrowing limit. Settle any unpaid dues or outstanding bank debt as this might be the cause for the rejection of your loan. Show that you can handle the responsibility of repaying a loan.
2. Why am I applying for a loan?
You need to reevaluate the reason why you need a loan. Be truthful to yourself as to why you need additional money. Will it be beneficial to you or just to satisfy your caprice? Make sure it will not drain your capital and get you into more financial burden. If it is a personal loan, assign how much money will go for each loan if you have more than one purpose from that additional cash. This will make this loan work for you and avoid unnecessary cash drain.
3. What is the amount I can borrow?
Come to a decision on how much you really need and make a budget plan on where you are going to spend it. As a general rule, you are allowed to borrow up to three times your monthly salary for a personal loan. Bear in mind though that the amount you are applying for is subject to the approval of the bank. Refrain, however, from asking for a bigger amount which is more than you really need just because the bank is amenable to give it to you.
4. What is the most favorable payment term?
The customary term offered by banks ranges from 6, 12, 18, 24, up to 36 months. There are some banks that can offer loan terms up to 60 months depending on the amount you are borrowing. When you pay your loan, a monthly add-on fee is charged. Thus, when you choose a longer-term of payment, you pay lower monthly amortizations but will end up paying higher accrued interests. Therefore, if you have the capacity to pay your loan in a short time then do it.
5. Which bank should I apply for a loan?
Look for the most suitable bank that can offer the best services for your needs. It is better if you visit and inquire about the loan terms of every bank near you but if it is not convenient for you, call the banks about their interest rates, terms of payment, and other important information. These will give you an idea which banks meet your requirements so you can personally go and inquire for additional information. Be patient, shop, and compare which banks offer the best possible deals. Decide if you will go for auto-debit, post-dated check, or online banking. Also, consider the bank's processing time, processing fees, and other incidental charges.
It is important to go through these questions so that you can establish or protect your good credit score. All financial deals must be researched and scrutinized. There is no room for negligence as this pertains to your livelihood. An informed applicant will live to see another deal. After getting the best possible loan deal, then it is time to sign up.
Where can I get an emergency loan?
If you are in need of emergency money, apply at robocash.ph/articles/payday-loan. Robocash provides quick and easy loans without asking for too many documents. All you have to do is present a valid government ID, submit a working phone number, and qualify for the eligibility requirements. To be eligible for a Robocash loan, you must be 21 to 70 years of age, a Filipino citizen, and employed or in a certain profession. It is simple and convenient to apply for a loan on this website but make sure that you are borrowing money for the right reasons.
