5 Tips for Getting Your First Financial Loan

Staff / Russian

You are likely living with uncertainty and fear of not knowing the effects or consequences of your first loan application from a financial institution.

The constant negativity you can go through in order not to obtain financial credit is due to many things: You probably don’t have a job that allows you to verify your income, and you don’t have a credit record, among other things. You should know that there are not a few people in Mexico that suffer from this type of situation, given that only 36.9% of the population is currently depositing in banks, according to IX’s report on trends in payment methods, implemented by Minsait Payments.

Although this does not seem promising to you, you should know that “all people have access to a financial product, and therefore a loan, which is very easy and you only need valuable information to make a decision.” According to Modesto Gutierrez, CEO and President of Miio, a company that combines a financial solution and cellular telephony in one product.

What is a financial loan for?

Financial loans are more useful and necessary than you might think. Owning one is not only necessary to own a new car or home. Having access to one gives you the opportunity to meet basic needs like a health emergency, pay for your children’s education and even be able to predict your future.

In this sense, Miio, the first company in Mexico to offer you a financial solution in addition to a cell phone, gives you 5 recommendations for your first loan:

1) Check out financial solutions in banks and digital financial (fintech) companies present in the market. For this, you can search the app store for your mobile device. Read the descriptions and if one of them catches your attention because of the benefits it provides, research it first before making a decision. We suggest that you use a card that not only allows you to have a debit or credit card, but also gives you benefits such as access to credits and payment of services. There are even some that give you a free phone call to use the card. Compare and choose the best.

Almost all of these alternative solutions aim to provide access to financial services for those who have been unable to do so. They don’t ask for proof of income, for example, but they do ask you to prove your identity.

2) Gather and submit the required information. This will be required by all financial institutions or fintech institutions. In the case of financial digital apps, just scan and submit, and they will respond to you in the same way. Remember, the faster you do this, the less time it will take to give you your financial product.

3) Don’t order more than you need. Remember, you will have to pay off that borrowed money at the interest rate it gives you. It is important for you to know that financial solutions like fintech regularly deal with lower rates than those of banks. When requesting a loan, adjust the amount you want to request as much as possible and you will avoid paying more; In addition, it will allow you to create a healthy credit history.

4) Choose your payment term correctly based on your ability to pay. If you choose too long, the interests will be more; If the term is too short, the resources you will need will be greater. Think of a rational idea that you can filter without getting into trouble.

5) Get advice. If you still have doubts, but you still have doubts about the product you want to buy, contact Customer Service for Financial Solutions you have investigated and ask about benefits, terms, conditions, interest rates, and conditions. Most financial services currently operate online, and some even operate 24/7.