Applying for a loan can sound like an arduous and complicated task. By doing quick searches on the internet we will find thousands of options. The simple idea of ​​having to decide on one can be exhausting. However, analyzing a couple of points, this decision may be easier than it seems.

The most important thing in our search for the perfect loan is knowing what we need, what things we already have and especially knowing under conditions we are willing to take on a short, medium or long-term responsibility. Once we take these factors into account, we can narrow our options down to a handful. Now there will only be one unknown, what are they going to ask us for when requesting the loan?


What are the requirements to apply for a bank loan?


Applying for a bank loan can sometimes be a good idea and an easy solution to meet our financial goals. This is because many times we already have a bank in which we have a history that can give us support and sustenance when requesting our loan. In the same way, the bank sometimes has your payroll history and it is possible that you even have a pre-authorized loan that could be the solution to your problem.

Despite the fact that you already have a pre-authorized loan, or that you are in the process of requesting it, having a trusted guarantee is an important step to be able to speed up the procedure and sometimes a good guarantee could make it easier for a larger loan to be given.

Having a trusted guarantee can be one of the most difficult steps for any loan, but once we have it insured, it will make our entire process easier. Here we tell you what a guarantee is and everything you need to know to get yours.


What are the requirements to apply for a personal loan?


Applying for a personal loan can be very easy and fast if we prepare in time. Having a good credit bureau status is one of the first factors to consider since it will open the door to larger loans and give the lender a guarantee of our behavior as loan contracting parties.

In the same way, it is important to investigate the requirements that the loan we want may need.

If we have a good relationship with our bank, this may become one of our first options. Sometimes all you need is to prove a fixed monthly income, proof of address, a telephone number and of course be a bank customer.

In case you need an immediate personal loan, the requirements may be simpler since you only need to have an account statement, your general information and an account in which we can receive the money.

Everything you need to know about personal money loans can be found in our article What are money loans and how do they work?


Can I apply for a loan while in the bureau?


If we have a bad rating in the credit bureau, it will be more difficult for us to get a loan. That is why the first recommendation will always be to clean our credit bureau to obtain the loan we need in a timely manner.

Cleaning the credit bureau can take time, but a little preparation and a couple of payments on time for a few months can be the difference between being approved for credit and being denied.

There are some money loans that can be granted even when you are in the credit bureau, but it is important to consider that the interest rate and the amount that we can access will be different depending on our credit history and our status in the credit bureau.

That is why we actively recommend monitoring our credit bureaus, and if possible, activate alerts in order to prevent and detect any movement that may affect us at the time of requesting our loan.


How to request my report from the credit bureau?


Requesting a credit bureau report is incredibly simple. The most important thing to have on hand is our personal information, name, address, and finally have a statement from our credit card or our mortgage information.

If you want to know more about how to obtain your credit report and all the other tools that can be provided, you can visit our articles where we talk in depth about the credit bureau report.

Once you have your credit bureau report and you have cleaned it, now it is time to select the best loan for our current situation.


Study the terms of your loan carefully


All banking and financial entities have positive and negative factors when requesting a loan. Sometimes it is difficult to compare this information so it is very important to read all the terms of our loan.

A primary tool to compare different loans is the APR. The APR is the Annual Equivalent Rate. This tool allows us to compare loans with different payment terms and with different amounts to analyze in equal terms, which is the most convenient loan according to the objectives.