Are you thinking of taking a personal loan and have no idea what your limit could be? We explain.
Not everyone knows, but the personal credit limit that a consumer can take is totally tied to their salary and their income commitment. But there may also be other variables that change this value, such as your relationship with the institution and the type of credit you are seeking.
Limit to take personal loan
In personal lending the credit limit is closely linked to the points we reported above, but in payroll loans, for example, the limit may be increased due to the type of credit and the relationship you have with the bank or financial in which you have a loan. is requesting the value. A bank account holder, for example, tends to have a pre-approved limit at the bank and even a higher amount to take than a person who has never had a relationship with that company.
How to decide how much to borrow
It is important to note that in addition to considering how much the institution is offering you for personal loan, you need to make your own assessment of your financial health. Mainly reflect the following points:
- Can I really pay the amount being proposed to me?
- Do I need this loan amount?
- I know how much I will pay at the end of the loan payment?
- Have I researched different personal loan options?
- What is my financial forecast for the coming months? Does the plot fit this projection?
- Know the Total Effective Cost of the loan I’m taking?
Credit for debt
If you are looking for a loan to repay debt, you should consider that the amount of the loan you will take will cover the debt you have and seek to find a better interest option.
How to raise my pre-approved limit
If you have applied for a loan at Lendico, the pre-approved limit will only change if credit analysis identifies factors that will allow you to borrow more or less, always ensuring your income health and avoiding a large amount of credit. impairment of your income.