Never Make these 5 Mistakes when Applying for a Loan

Applying for a loan is a serious decision and so it is imperative to be cautious and transparent when entering personal information so that there is no error. However, not all people are honest when applying for a loan and thus omit information. With that in mind, we’ve brought you an article listing the top five mistakes made by applicants that should be avoided.

  1. Ask for a loan without thinking

    Ask for a loan without thinking

As already said above, applying for a loan is a super serious decision and requires a lot of responsibility from the applicant. Do not let yourself be taken by the emotions and act on impulse! Before you apply for your loan, ask if you really need this loan and still be able to make that financial commitment. Remember to calculate all your earnings and expenses and analyze Total Effective Cost (CET).

 

  1. Borrow without making a previous simulation

    Borrow without making a previous simulation

Do not ask for the loan without first researching a lot, and above all, make a prior simulation to find out what the best rates are, so compare the most diverse credit offers before hiring, it is not because you have been a customer of “X” bank for years which should close business without first doing an analysis in the market. Have you done a simulation with You Blue before making such a decision ?.

 

  1. Lying on the salary

    Lying on the salary

This is boring! Do not lie about your income and avoid being blacklisted when you have to prove your income. Also, it is not smart to ask for a higher credit than you can afford, be realistic with yourself, and get away from future problems.

 

  1. Ideological Falsity

Although it seems very obvious to be wrong, ideological falsehood is also recurrent, and of course, never use false or misleading documentation.

 

  1. Lack of financial planning

    Lack of financial planning

Make sure you can pay for the loan and have an action plan in hand. What is the use of having personal credit without control and planning? You may end up losing money rather than saving. So do not make a loan without having a financial plan, this is a precise commitment of focus and discipline.

By the way, do you need an online loan? Do your simulation here with You-White and get out of debt! With us it is safe, easy and without bureaucracies. You-White, you far from red.

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