What do I need when taking out a loan from a financial institution?
Taking out a loan can be somewhat cumbersome or a simple procedure, depending on the information you have about your own financial health when obtaining a loan, so in this article we leave you answers to the hard question we ask ourselves.
What do I need when taking out a loan from a financial institution?
Firstly, a loan is a credit, which can be granted for personal consumption (a car, a trip, expenses, gifts, an unforeseen event), mortgages, that is, for the purchase of a property, the characteristic of this loan is that it is of a larger amount, generally issued by a bank, its terms are quite long, greater than 10 or 20 years and with the particularity that the guarantee is the property itself.
On the other hand, there are business loans, those that are granted to a legal person, a company can take out a loan to buy machinery, rent or lease land, pay salaries, etc.
To obtain a loan it will be necessary to enjoy liquidity and financial health, generally personal loans can be a single signature or the person's account statement, the debts they have, and their income are consulted.
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For that you need a salary receipt and not have more than 35% of the salary in debts with other financial companies.
Not all countries have this same rate, however we make it clear that the option to obtain a loan is through a legal financial institution or a bank, any other type of loan is not within the legal framework.
What is the difference between personal loans?
Can you take out a personal loan to buy a house? Yes, you can, the difference with the mortgage loan is that the house or property will be the guarantee of the loan itself, not on the personal.
