Tips para que puedas acceder a un crédito sin afectar tus finanzas personales

How to access credit without affecting your personal finances

Building a good history generates a reputational guarantee, which allows later access to better credit opportunities.

In general, Peruvians seek access to credits or loans to achieve personal and business goals. However, it is important to make these financial decisions responsibly to avoid becoming over-indebted.

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In accordance with the above, and taking into account that entities have various products and services, Sergio Rivera, commercial manager at Experian Peru, shares four recommendations to access credit while taking care of your personal finances.

1. Evaluate your financial situation

It is common to access credit for various reasons, such as the financing of some good or to start a business. Before acquiring a new financial obligation, it is important to take into account your income and expenses, if you plan to take a vacation trip or an investment for a new business, plan it in advance, determining how much capital you will need and thus avoid over-indebtedness.

2. Find out about the important details when applying for a loan

Information is power. It is essential, especially if it is the first time you apply for a loan, to take into account certain concepts such as terms, interest rates and monthly payments.

First of all, the term refers to the total time it would take you to pay the full amount. Second, the interest rate is the part of the amount to be paid that represents the income that the financial institution or bank obtains for giving you the loan.

Finally, the monthly payment refers to the amount of money that will be paid each month until the debt is paid in full.

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3. Check the payment conditions

Along the same lines as the previous point, the conditions offered by financial institutions must be the most convenient for you according to your needs.

There are some types of credit that have direct discount options, fixed interest rates, options in case of unemployment, among others. It is important to take all these considerations into account because in an extreme case they could be a lifesaver against debt.

4. Build a good credit history

The credit history begins when the decision is made to acquire a credit commitment with any entity or company that grants credit or sells on credit.

Experian explains that the construction of a credit history generates a reputational guarantee for the holders of the information, which allows later access to better credit opportunities.

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