More and more of you are interested in the various banking services. Loans are indeed easy solutions both for the realization of a real estate project, personal or professional projects. It is also the quickest way to offset unforeseen expenses, etc.
Today, the majority of households in the country have already used a bank loan at least once in their life. Please note, however, that you should not borrow just anyhow. Several criteria come into consideration when it comes to signing a credit agreement with the bank. You can for example base your salary.
Why should you consider your salary when borrowing?
Whether you use a physical bank or an online bank, your service provider can always offer you a capital that varies between 5,000 and 75,000 dollars depending on your needs and your profile. But to ensure a stable financial situation, only borrow what you can repay. It is then clear that taking into consideration only the ideal sum for the realization of your project is not enough. You should also base it on your monthly income. But how much can I borrow with my salary?
Banks do not borrow for free. In addition to the requested capital, you must pay interest rates, which can be fixed or variable. These vary according to the amount borrowed, the duration of the contract, and the quality of the profile. On average, they only grant credit to people with at least 30% debt potential. That is to say that once you withdraw your cartoons, and the credit you request, you must still have 30% of your income in your account for your leftovers. If necessary, your request will be refused.
This ratio will increase as you go into debt. For a first loan, it is 30%. For a second credit, it will be 33% to 35%. For a third loan, it can reach 40%.
Calculate your repayment possibilities
There are different ways to calculate your debt potential. Among other things, you can pay a broker or do a free simulation online. In both cases, you will have an objective and need result of the best borrowing conditions according to your financial possibilities. You must provide some information to facilitate the calculation. Obviously, you must include your income in the form, but also all your expenses, including your current debts. You can still borrow, even if you have no fixed income or you are one without jobs. But in this case, you have to choose a small loan or a revolving loan.
It is a personal loan which is negotiated between 500 and 6000 dollars for a contract of 36 to 60 months approximately. As interest rates are set on the basis of borrowed capital, you are less likely to be in debt overhang with such an offer. In addition, the monthly payments will fit perfectly with your payment options. Revolving credit or revolving credit can be used for any expense. You can claim it as well with online banks as with conventional banks.
Since this is a personal loan, you do not have to provide proof of use. On the other hand, your file must include a CIN, a residence certificate, a RIB, the latest tax notices, social benefit payment forms, borrower insurance that you can take out with the bank or a specialized company. and a joint guarantee.