Personal loans have many benefits, but some institutions have practices that affect the economy of the borrowers, charging a lot of interest and forcing them to pay for quite some time; The aforementioned then causes the loan at the end of the day to be really expensive (we talked about it in our article “Little payments are more expensive”)
Therefore, and so that we can really make a change in favor of the Mexican economy, here are some tricks to pay less for a personal loan.
1. Advance payments
For this, you first have to find an institution that does not penalize the advance payment, Bankate in fact allows advance payment without commission or penalty.
All loans have a payment term, and the interests agreed in the contract are paid off month by month. Then, if the borrower decides to request a 12-month amortized loan, but has the possibility of advancing it little by little so that the monthly amount or the payment time is reduced to 10 months, the interest generated by the last ones will be saved. two months, making your loan even cheaper. For this you must take into account the outstanding balances.
This technique depends on the liquidity of the borrower, but it is certainly a valuable practice that contributes to having much cheaper personal loans.
2. Debt Consolidation
The safest thing is that, as a matter of urgency, many people are already within the institutions that charge a lot of interest and at a very high price. In such a case, it is best to consolidate debts, even if there is a penalty for prepayment, it does not matter because it really results in less expense for the creditor.
The easiest way to consolidate debts is with a personal loan, and what must be done is, first, add all that is owed and obtain a total number; This number will be the one that must be paid in full by means of the loan, but the most important thing in this method is to respect your strategy, that is, get the personal loan for the sum of your debts and allocate it exclusively to it, and nothing else .
We also recommend the reunification of debts to have greater control of your money and expenses, in addition to institutions such as Bankate can offer you a lower rate than what you are paying outside. This way you will end up paying less interest on your loans.
3. Compare and decide
Internet is an ocean of information; There are already sites that compare credits and personal loans. One of the most visited and those that are most successful for their safety and performance is Astro Finance, all you have to do is enter the site and choose the capital to request (how much money do you need) and the term in which You would like to pay it, by clicking on the “ search for credits ” button automatically the system will list the loans from the cheapest to the most expensive, select the best option and thus ensure that you will pay less for a personal loan.