Either because you have a large project – such as buying your home – you need to consolidate debts, or make an extraordinary purchase, applying for a loan should always be a very thoughtful and especially informed decision. These are the main things you should know before making your request.
In 2009, national legislation mandated that the credit limit be determined by the percentage of income destined to pay debts, which could not exceed 40 percent. Although this article of the Credit Risk Management Regulation was repealed, many financial institutions continue to use that percentage as a reference, others use a smaller one and others a larger one, but in any case there is a limit to their borrowing capacity, which will vary by institution policies and the situation of each client. Using 40 percent I give you an example: if your income is $ 400 per month, the total debt payment together cannot be more than $ 160.
How much will it cost you?
This starts from the interest rate, but goes further. When you require a loan, you will first find out which format best suits your need and once you know it, it will be listed in all possible financial institutions. Depending on the type of loan, the rate varies.
Also inquire if the rate is fixed or variable (it can be adjusted at the discretion of the institution periodically), because sometimes we go “by mouth” for a lower rate, but then increase it and end up paying more.
Also consult about the disbursement commissions and, if possible, pay them immediately, do not pay them on the loan, as you would pay interest to that disbursement. Generally, in the banks the commission is around 2% of the loan amount, although it may vary or be assumed by the institution (if so negotiated).
What you need
In most cases the documentation required to process a credit is similar: identity or residence card, updated INSS cigarette butt (if you quote), proof of salary income or documentation that supports your income in case you are self-employed and references personal Generally, to apply for a bank credit, your monthly income must exceed 6,500, although each institution may vary its requirements and will also take into account your credit record.
In general, consumer loans (personal, vehicle, student loans, among others), microcredits and mortgages are not subject to penalty for prepayment. The Law on the Protection of the Rights of Consumers and Users establishes it in article 86.
This applies to partial payment of balances as well as full payment. And it must be done “with the consequent reduction of the interest generated on the day of payment and settlement of commissions and expenses derived from the contractual clauses agreed between the parties”.
This also applies to agricultural and livestock loans for an amount equal to or less than twenty-five thousand dollars (or its equivalent in cordobas) regardless of the term, as well as agricultural and livestock loans for a term equal to or less than 18 months , regardless of the loan amount
Mortgage loans are regulated by Law 677 (Special Law for the Promotion of Housing Construction and Access to Social Interest Housing), which clearly states that mortgage credit debtors who cancel the loan before the due date, “In the case will they be charged any penalty for their creditors integrated into the National Financial System or other non-bank financial institutions at the time of canceling said credit. “
No minimum balance
In the event that you have contracted a credit and that for your payment you have opened a bank account, I know that national legislation indicates that the institution cannot require you to maintain a minimum amount in that account, much less can it penalize you for not having it. If they have done so, you can report the institution.
Claim your documentation
Once the loan has been canceled, the institution that granted it must deliver its cancellation receipt in no more than five business days, just like the rest of the documents in which the procedure was formalized. Failure to comply with this period is considered an infringement and may be reported to the General Directorate for the Protection of the Rights of Consumers or Users (Diprodec), the Ministry of Development, Industry and Commerce. Having these receipts in hand will allow you to update or rectify your credit record if necessary.