To start, it is important to know what the term credit means, and according to the National Commission for the Defense of Users of Financial Services (Condusef), this concept is money that an institution lends to a person with the obligation that he or she will pay it back. within a specified time.
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| types of Loans |
The credits help to make goods and services when the person does not have the money or because he is unable to make the payment in cash. But that does not mean that it is additional money, a credit is a commitment to the institution which must be paid according to the established period.
Now, the loans that can be found are the following:
Credit cards
They are a means of payment to pay for various items and even services. Its characteristic is that in each financial institution the amount that it will be providing the customer is determined, this is known as a line of credit, and when a purchase is made, that borrowed amount is used, which is recovered when the debt is paid on the date established by the bank.
The bank also provides an account statement each month and indicates the debt depending on the expenses incurred.
Institutions that offer credit cards usually charge an annual fee and other amounts such as late payment.
It is advisable to pay more than the minimum so as not to generate interest and be a total, that is, to pay off all the debt each month.
Payroll Loan
This loan is usually offered to workers who have their payroll with a bank. The institution will offer a borrowed amount of money and as support, it takes the salary that the client receives.
The amounts they usually offer go from $2,000 to more than $100,000.
This loan is very easy to apply for since banks do not require documents or proof of income. It can be purchased from the ATM or through the institution's mobile application.
But for the same reason, many people take this loan without considering other expenses that they have to do, such as rent or basic services.
It should be noted that it is not necessary that the payroll credit is requested exclusively at the bank where the salary is deposited, but that it can be acquired at another bank, this action is known as portability.
Personal Loan
It is very similar to the previous point, the difference is that the person can approach the financial institution and it will ask for a guarantee or guarantee to deliver the loan. The bank will not ask what the money is needed for, so the amount can be used for various purposes such as covering an unforeseen event, illnesses, buying a durable good (refrigerator, living room, washing machine, etc.) or settling other debts.
Mortgage Loan
In addition to acquiring a house paying in installments, you can also apply for a mortgage to remodel a house or build a room in it, which will increase its value.
This type of loan requires greater awareness because the terms can be up to approximately 20 years. But on the other hand, a house tends to increase in value over time, so if payments are made on time, it will be a great investment in the end.
Having a high degree of responsibility, ownership is usually a guarantee for banks. So acquiring a home in this way has to be seen as a fixed expense in the monthly budget.
In case you consider that a large amount of money will be disbursed, you can pay a mortgage with the couple or family, or go to Societies that help people who are not registered in the IMSS or ISSSTE to acquire an estate to the person.
When going to the financial company, and according to Condusef, a binding offer must be requested to compare the mortgage options; all institutions must deliver it. In this paper, the costs of acquiring a house and the payment scheme are reported. When the entity delivers the paper, it must respect the terms and conditions for up to 20 days.
It is to be considered that in this credit there are other expenses such as deeds, appraisal, Life and Damage insurance, commission for opening, and payment for a down payment.
Business Loan
For those people who want to start a business or want to grow it, they can get microcredit that helps buy work tools or merchandise for the small business.
Being micro, the amounts are small but the advantage is that they offer accessibility to anyone to acquire it, although their interest rate is usually high.
Automotive Loan
Both banks, auto agencies, and other entities offer this type of loan to compare a new or used car. The terms are chosen at the customer's convenience and when accepted, the car is in the guarantee of payment, which means that even if the user has the vehicle, the invoice remains with the financier until the payment is finished.
In this type of credit, you should consider auto insurance. It is also recommended that the maximum term is three years because a car is devalued over time and at the end of the loan the user will pay more than his car is worth.
ABCD Loan
This is how the Acquisition of Durable Consumer Goods is known and they offer to pay for a good or service. This type of financing is for installment purchases that can be weekly, biweekly, or monthly.
Also called small payments. You should be alert in this type of credit because, in the end, you could be paying much more than the product is worth. Therefore, it is advisable to request the institution the total to be paid for said asset together with the interest rate.
Before applying for a Loan/credit card you need to ask yourself:
Is what you are going to buy urgently or can you wait? How much will it cost in total? You may need to ask yourself if you need to keep saving or if debts have to be paid first.
Besides, when requesting a loan, you must make a budget and know if you spend more than you earn, as well as the capacity to borrow.
It is worth mentioning that before contracting a loan, you can review the Condusef simulators for the commissions, requirements, terms, and more features. Similarly, on its RECAS site, all contracts of registered institutions are consulted.
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