Debts? One of the things that gives people more fear is debt, often generated by ignorance of the financial product that we have or lack of information for the optimal management of our finances. When this happens, the safest thing is that we think “can you ask for a loan while taking another?
When we talk about credit we always think that our only option is financial institutions and, therefore, we faithfully go to them to make our request. In the case of being accepted and that later we have the credit, we already know that with the interests and rules of the bank is not played, so we can not even think about having arrears. But what happens when we have a failure in our personal finances that prevent us from continuing with our payments correctly?
In addition to taking our sleep away, desperation leads us to think about requesting more borrowed money, either with the same bank or with the person we trust the most and we know that it has a solid economy to provide us with the help we need.
In this case, requesting a second loan is a possibility that we can consider when we have an active loan. However, for this to be a good idea, we must review what are the conditions so that we can request it. We will have to make an analysis of our current financial situation and the panorama that is painted in the case of having a second loan. All this will lead us to a conclusion that will be the first step to make the best decision.
Remember that applying for a second loan should be a great opportunity to heal your finances. Knowing the existing financial products in the market will facilitate the decision making and will allow you to choose the alternative that suits you at all times. Always keep in mind that the credits are a commitment, so we recommend you not to request one that in advance you consider complicated to fulfill.
Below we will tell you some of the conditions under which you can request a loan having another:
Unify debts: one of the situations under which a loan can be borrowed with another asset is when the debts come together and become one. It is common for people who have a loan that has become complicated to pay to apply for another financial product or ask for some type of loan with friends or relatives to pay the first debt.
Despair usually complicates our visibility and does not allow us to see that instead of ending debts we are increasing them more, and that now, possibly, instead of having only one, we have two that continue to grow large. If this is your case, do not worry, within the financial market there are options that allow you to unify your debts. One of these products is the “financial consolidation”, where through a credit you can pay all your debts and only pay a single account.
Have at least 50% of your first covered credit: if you think you can only request a second credit when the debts are torturing you, you are in a serious error since you can also do so when a large part of your first loan is covered. One of the benefits that you can obtain is that the second credit is adapted for the moment in which you finish paying the first, so that you do not have to give higher monthly or biweekly payments, depending on the frequency of your credit.
This means that you could start investing the second loan as soon as possible, so you can pay some debt if you have one, or you could use the money for some urgency or business. These types of financial products are known as “refinancing” and can be a great opportunity if you need to know if you can borrow another loan.
Request it in different institutions: if you have a loan with a financial institution and then want to request another, it is common that this process becomes complicated and that the second loan is not accepted. We know that banks are institutions that take care of and must secure third-party money, so if you do not have a good record within the credit bureau , it is more likely that you will not be given the opportunity to have access to a second option. of loan. But do not be discouraged, this is not the only option you have to apply for a loan .
In reality, outside the banks you can have access to great opportunities offered by credit institutions that can offer you a refinance even if you have not consolidated your first loan.
Something important that the debts should teach us and the situations that lead us to ask for a second loan is the administration of our money. This is a fundamental part for the growth of our personal and family finances. The financial issue consists of good and bad decisions, so if you have financial problems you should turn to see what you have been doing with each of your weights.
A good option to apply for a second loan is to obtain one with discounts via payroll for government workers . Behind these types of products there is the possibility of unifying your accounts under the concept of “financial sanitation”. On the other hand, the discounts, being payroll, will cause interest to be reduced and you can finish paying your credit in a shorter period of time.
Loans for government workers are like a balloon that opens up and elevate you when you are about to fall into a swamp full of debt. If you are a public education teacher you can request one of these credits and, in addition, get the money quickly to put your finances in order.