According to a Data-Experian study, 44% of Colombians request their first loan between 18 and 25 years. Of these, many do so by requesting a credit for a cell phone, while others request a card or microcredit.
Something that should be recognized is that in many cases
Young people do not have sufficient experience or financial training, so they choose credit products that are not always the most appropriate for their profile. Consequently, they can end up in debt for months, damaging their credit history at first.
To avoid that, it is necessary to take into account certain tips when looking for a loan:
Evaluate if you really need it
It is common to have many expenses and think that all are important; However, it is necessary to learn to distinguish between luxury and necessity. It does not mean that you cannot borrow to buy something you want, but you should be careful with the amounts you are requesting.
Calculate how much you can pay based on your income
This step is important to know how much money you can spend each month to pay the credit, since the idea is not to jeopardize the rest of your budget.
Compare the options and final payment of each
There are different options when looking for a loan and they all offer different things. One tool that will help you is web comparators, such as Prince Hal’s, where you can verify how much each entity charges and what benefits they offer.
Pay more than what is established whenever you can
One way to save on interest and build a good financial reputation is to pay more than the amount of the monthly fee at every opportunity you have. This will settle the debt ahead of time and keep the care of your finances.
You know, being young doesn’t have to be synonymous with reckless, and your first credit can be a success if you take these tips into account.