Ask for a loan to unify debts?

Suppose you face a debt situation and do not know what to do to settle and finally sleep calmly: is it advisable to acquire one more loan to unify everything in a single debt? Snowball or not, we tell you if it is a good alternative to settle one debt with another.

Let’s start with the first thing: loans, credits and any type of financing granted by an institution are not a gift. When you apply for any of these supports you must be aware that with them you can buy things that you would not buy in the short term for its cost as appliances or even bigger things.

If instead, you are one of the people who think you can use the credit for any purpose, even to solve the necessities of your daily life, you are probably doing everything wrong.

Debt processes do not necessarily start at the moment we take out a loan, accept a loan or receive a credit card, but when we decide that we can omit payments from our credit card or when we consider that it is not necessary to pay only the minimum.

The loans are then an additional tool that allows us to move forward. A loan has advantages, but it also entails obligations such as liquidating the debt within the agreed term.

Asking for a loan or a credit means being aware that it is a commitment that you will have to pay in the future. That is why it is very convenient that you previously calculate your ability to pay so you can get ahead.

Is it appropriate or not to request a loan more?

Asking for a loan to pay another is not the most convenient and doing so should only be an alternative for exceptional cases.

It is convenient that you first make a record of your debts and evaluate them otherwise you will not know if it suits you to ask for the loan or not to liquidate that commitment.

A very useful way to audit your debts is as follows:

  • Write them all down
  • Start with the priority ones.
  • Desglósalas.
  • Determine what can be expected.
  • Add the total.

Auditing lets you know what your real capacity to pay is in the face of a debt situation. In this way, if the debt is minimal, you can consider a credit with direct debit or payroll discount to cancel the cards that are eating you.

By necessity, many times families choose to request another loan to settle their current debts even knowing that they will have to pay more money and longer. The important thing is that if you go through a situation like this, be aware of everything that can happen.

Fortunately, in the market, there are credits that offer fairly good payment solutions with adequate terms and low or even fixed interest rates. The thing is about looking for the best financing to be able to liquidate that debt that is eating us.

Before resorting to another loan, analyze the options you have

Before asking for money once more you can analyze more options that allow you to settle your debts.

First of all, we recommend you to act with caution. Have you heard about debt repairers? These companies operate without any regulation They offer to negotiate with the bank or with other financial entities to settle your debt.

They usually offer rebates of your debt of up to 70% or 85% and also offer “erasure” from the Credit Bureau. The important thing is that if you go to one of these repair companies be clear that their activity is not regulated by the CONDUSEF so, before a fraud, this institution can not support you.

In addition, the repairers offer to negotiate on your behalf the restructuring or discounts of your debts with the bank, and sometimes they offer to take charge of the calls of the collection offices.

The majority of these companies carry fees in exchange for concepts of integration, registration, and opening of administrative procedures. In addition, they charge a monthly fee or percentage of the debt they manage to negotiate that goes from 10 to 15% per month.

For that reason, before a situation of indebtedness, you have another more legal possibility and much more useful: to go to the institution with which you have the commitment of the debt. No one is exempt from the “financial bumps”, but knowing how to act in the right way the results can be the best.

When you go to your bank to the institution to which you owe, you can obtain the following restructuring plans.

A fixed payment plan

This type of agreement allows “lowering” the amount of the payment to be made month by month. The benefit is that this does not generate more interest on the debts and that facilitates the payment of the debt in a much shorter period than if you lived paying the minimum.

When you opt for this agreement, you must be aware that you will not be able to dispose of your cards until you settle your debt, otherwise, the amount will increase again to pay month after month, and in this way, the insolvency cycle repeats itself.

Debt consolidation


Debt consolidation http://www.mmotop200.com/most-readily-useful-debt-settlement-company-save-yourself-time-money-in-the-procedure/ can work very well if you handle many cards because, with it, a single institution allows you to group all the debts into one. It is the equivalent of transferring the balance of many cards to one.

The key is in the choice you make. You must choose the institution that offers the lowest Total Annual Cost (CAT) or the lowest interest rate. In addition, you must ensure that you have canceled the cards that originated your debt and that they are settled so that they do not generate annuity fees.

Restructuring

When you have fallen into a moratorium, that is, you have let at least 90 days pass without paying a single peso to your debt, this is the option you can request. With that, the bank makes a “takedown” with which the amount of your debt decreases and even, interest is eliminated.

The disadvantage, however, is that your credit history will be affected and will reduce your chances of obtaining new financing for at least the next 6 years.

Let’s suppose that your situation is not so serious (although being indebted is not good).

Is it convenient to borrow from family and friends?

Although it may not be pleasant, sometimes you can ask friends or family for help to get out of the financial hole. Some people believe that it is better to go to loved ones and owe them before the bank.

Others, consider that asking for an advance of your salary can be a great option. Anyway, either way, represents that asking for a new loan when you can not pay the previous one is digging a bottomless pit in which you also harm or worry those who love you.

What you can do

Analyzing how you got here is a great breaking point so that next time you can get out of the quagmire without any problems or without making bad decisions. There is a before and an after in situations of indebtedness.

Before

1. Read everything you sign, so you will know the conditions of the credit you are about to hire

2. Evaluate your ability to pay.

3. Keep in mind that your decisions will affect your credit history.

4. If you doubt any service, make sure you are registered with the Bureau of Financial Institutions.

After

1. Find a way to solve your debt.

2. Evaluate what is the probability that you liquidate it without help.

3. If you need help: ask for it.

4. Do not stand by.

The decisions you make at the peak of your debt can affect your entire financial future. So educate yourself financially and make sure you go with the best credit-granting institutions.

Continue Reading

Loans to pay debts: everything you need to know

A loan to pay your debts is the best option to give you a moment of tranquility while you have to liquidate.

If you want to start living the economic tranquility to be able to enjoy your family more, you do not have to wait any longer and on the contrary, you should start planning what you will do next with your money that will be free, safe and sound.

To begin, it is necessary that you learn to identify which are the payments that you should schedule in the short and long term. This difference is important so that, once you have paid off your debts, you can avoid falling into them again.

For example, if you are going to do the acquisition of a new room or furniture to do a remodeling in your home, the most optimal thing is that they are payments made in the short term.

That is to say, months without interest, this probably because in a short time you could change them or they could need fixes and then, you need to invest again in them.

Can you imagine dragging a debt for years of something that you do not even have at home?

This is a situation that must be horrible and also causes a sense of dissatisfaction in people, that is why to avoid it at all costs you must learn to differentiate the expenses that can be the short and long term, this decision should also be taken in accordance more convenient for you

On the contrary, the payments that can be long-term are all those that demand a much stronger economic investment and that your salary would not help you to comply in a short time.

For example, monthly payments to buy a house or apartment, buy a piece of land and build your future home completely to your liking and to the needs of your family.

A short-term credit through government payroll can be a great option to settle your debts, after reading this article, you will know why you should know Credifiel, where we provide loans for state workers.

Why is a short-term loan a great option to cover my debts?

High-interest costs are not generated: It is evident that the longer the period for which you request the loan, the longer you will be paying interest.

This translates simply and simply that if your account was for $ 50 thousand, for example, but you decide to pay it to 5 years, probably with the pure interest and the Annual Total Cost would end up paying double or maybe, up to triple the amount that You requested at the beginning.

This is unfair because if you requested the money for an amount because you did not have it, it is worse than after you end up paying much more. What would be, then, the benefit? Decide on short-term loans.

You can completely liquidate it in a few months: Between 12 and 48 months you can liquidate your loan 100% after having invested it in a way that you will thank for your whole life.

In this way, after having settled your account and settled all debts, your pockets will be ready to start again and then, you will be ready to request a new loan to help you now, to increase your capital to acquire new things and also, to think about the future of your family.

Stop giving things so many times, the best option is very close to you.

In a short time you can make new investments: For me, personally, thinking about payments that must be made more than 5 years ago causes me a sense of fear and extreme insecurity because it is as if your economy is tied to something for many years next.

Also, it is much easier to control or think about what we will be doing in 5 years than what will happen in 10, right?

This is why thinking about short-term credits to settle debts is a much more viable option, also because you can think that within 5 years you will have control of your finances and then, you could start investing in all those things that always you wanted

Your debts could be reduced: Debts with several banks? One of the possibilities offered by financial institutions is the possibility of paying 100% of your debts and also having the option that by making the payment in a single exhibition the amount is reduced.

In this way, in Credifiel we lend you the necessary money so that your accounts are reduced and you can settle them once and forget them for many years.

To make the most of your credit via payroll, we suggest that you first completely liquidate those debts with the highest interest rates, the small debts that, although they are still important, could involve a smaller amount of money.

Remember that to have optimal financial health and your family expenses should not be limited, it is best to always have a lot of organization in finance and also make a list of priorities in any circumstance.

Instead of making your debts grow and accumulating a large number of interests that in the end, seem to have no end and that is also impossible to liquidate with your salary, you’d better decide to liquidate them in a single exhibition.

Come to Credifiel and know our financial solutions that will give your life a new debt-free start.

All our payroll discounts are for government workers, so we make sure that everyone can have access to a better quality of life and wellbeing for their family.

Where can I apply for a loan to pay my debts?

Image result for paying a loan with a loan now that you know that a loan is a solution to your financial problems comes one of the most frequent questions, where can you find it?

Financial institutions are probably the most demanded option to apply for a loan; However, it is important to open your eyes to new scenarios and look beyond, you could find other interesting and beneficial possibilities for you.

Remember that not always the best-known option is the best, the best decisions are always those that have research and comparison as sustenance. If you are also wondering, where can I get a loan to pay my debts? here we are going to tell you.

There are endless financial options in the country that can offer loans and credit products, but in order to choose the best one and the one that best suits you, you must first know all of them.

In addition, it is important to mention that the services of many of the institutions that offer loans to pay debts in Mexico are only focused on companies. That is why you should verify that the institution you wish to approach gives personal loans.

Financial institutions: Banks are those institutions that are dedicated to attracting resources from their public with the objective of proposing different investment options to the sectors that make up the country’s economy.

When you go with a financial advisor and you mention “I need a loan to pay off my debts,” what he does is take other people’s money to invest it with you.

This is only part of the chain. Within this area, there are multiple options that you can consider to apply for a personal loan to pay debts.

Sofom ER: unlike banks, these entities grant loans, leases, and factories through the financial resources generated by the patrimonial links with other credit institutions or financial group holding companies.

Within these, we can also find the name of some banks that you surely already know, if you want to know more information about the Sofom ER to get a credit, check the link.

Infonacot: This is an institution that seeks and promotes the integral development and growth of the family assets of the workers, that is, through this institution you can obtain financing and credits to acquire goods, as well as cover the payment of services.

To apply for a credit with them, you must bear in mind that the money could not be used on a well-deserved vacation with your children.

Retirement Fund Administrators: better known as AFORES, these administrators are financial institutions that are responsible for saving and managing all economic contributions made by workers, employers and the government in order to create savings for retirement.

Previously these accounts were very common, however, now there are many more ways to create more and better funds for retirement.

Cooperatives of Savings and Loan: This type of institutions, even when they carry out savings and loan operations with their partners, do not have a profit motive and recognize that they are not a financial intermediary. They have a fund to avoid financial problems and among the most famous names is “Caja Popular”.

Credit Institutions: In a professional manner, these institutions deal with people’s financial transactions. If you question how can I get a loan to pay my debts? and you are worried that by checking the credit bureau you can reject your application, you can go to one of them.

Credifiel is a credit institution that offers you urgent loans to pay debts and advises you from the first moment. A credit with us is synonymous with a good investment.

The CONDUSEF, on its website, has a consultation tool in which you can know the status of the 2, 986 financial institutions that are within the 25 sectors.

This tool is better known as “Bureau of Financial Institutions”, remember that the CONDUSEF is responsible for protecting the financial rights of individuals and for this reason all institutions that provide this type of product or service must be registered with this institution.

If you want to know some specific data of an institution that is registered in the Bureau of Financial Institutions, you can do it from this link.

After reviewing this list, it is also necessary to mention where you should NOT request a loan since it could be a fraud that puts your finances at risk.

Those companies that promise to be “credit repair” and that help you negotiate your debts should never enter your list of options. One of the promises that usually accompany them is that they will grant you discounts so that your debt becomes lower, however, this is a trap.

Remember that only the institutions with whom you have debt can offer you discounts and ways to negotiate your payments. It is important to mention that these companies do not appear legally in Mexico.

This means that they are not contemplated by the law and do not have any kind of government supervision, so they have the freedom to work with schemes designed by the same institutions.

Recommendations for requesting a loan to pay debts

Now that you know that a loan to pay your debts can be the solution for your unfavorable financial situation and you also know that institutions can grant you the loans to settle your debts, it is time to know the recommendations and the requirements that are usually asked for. take out your loan.

The credit institutions have their requirements so that you can apply for a loan, but it is important that before thinking about it you as a borrower have your own requirements.

Here we give you 3 recommendations to choose the plan to pay your debts that suits you and make the election process easier. It is easier to choose a plan if you have a clear idea of what you need.

– Analyze the debt you have. Check the total amount you have to pay and select a credit that can fully cover that figure, this will prevent you from requesting a lower amount than you require and cannot settle that debt.

– It establishes the time in which you plan to pay the loan. Have a foresight and commit to pay the new credit in the stipulated time. Find a plan in which they lend you the money you need and that the time they give you to pay for it is within what you established with yourself.

This will make it easier for you to cover the fees in a timely manner so that you do not pay penalties or amortization costs.

-Investigate a plan that suits your economic capacity. Before asking for the loan, review all the plan options you can, with all the credit companies that you can, so that it is possible to find one that is better than the one you are going to liquidate.

This can be complicated, but with patience and perseverance, you will surely find one that is more benevolent than the previous one.

Since you have very clear what is the credit plan that you are going to request, comes to the much-feared process of procedures to get it. Contrary to what you might think, the application for credit has been streamlined, nowadays it is much easier to get an easy and fast loan.

The requirements to apply for the loan vary by institution, but usually, the companies that are dedicated to grant loans request their client’s similar things.

The requirements to initiate procedures for the settlement loan in many financial institutions are the following:

-Informal official identification: IFE credential, passport, professional identity card, SMN card.

-Proof of current address: land, electricity, telephone, gas.

-Proof of income: 3 consecutive payroll receipts.

– Commercial house settlement bill to be paid.

– Authorization for the payment of debts.

-Bank account status: Last 3 months.

-To have a checking account.

As you can see, the requirements are papers that you probably have, so you probably will not have any problem when applying for payday loan consolidation. ^^ are payday loan consolidation companies legit ^^ click here for info.

It is important that you have a favorable credit history so that the institution to which you apply for the loan seems a reliable candidate that has the ability to pay.

In the case of liquidating a debt, you must have been paying that debt in a timely manner at least. Having an excellent credit history will open the doors to the possibility of requesting the money you require.

Something you must have very clear is that this type of loan is used to pay off a debt that has been paid.

In case of failure in payments, it is very complicated that your status in the credit bureau is favorable, making you a person that financial institutions will want to avoid, due to the lack of commitment or economic capacity to pay existing debts.

If we think so, the paperwork requirements are not so important, the fundamental thing when it comes to asking for a loan to pay off your debts is that you have a good credit history that motivates the institutions to agree to grant you a loan.

It could be said that this type of credit is a change of company, you owe it to an institution to refinance that debt with another company that is more benevolent and that gives you the opportunity to pay based on your abilities.

With the knowledge of what the requirements of the institutions are and with the recommendations that we have given you, it should be easier to choose the plan you need to pay your debts.

It is essential that you know yourself and has your needs and capabilities clear. Asking for a loan is an important decision and is a commitment you make with yourself and your economy. Do not take that decision lightly.

We give you the following eBook with the tips to avoid making bad financial decisions that you can regret in the future.

Continue Reading