Personal Loans: What They Are, Benefits And Requirements

Will a personal loan be what you need? Surely many questions come to your mind and you still have not decided. Here we expose everything about personal loans and their characteristics. With this information, you will make a better decision, rest assured!

What is a personal loan?

A personal loan is an agreement where the repayment of a borrowed amount plus interest and other expenses is signed and recorded. This is a type of loan where the lender gives an amount of money to the borrower to be used for any purpose.

What are the requirements to qualify for a personal loan?

Identity document or IC
Income support; be dependent or independent.
Have a good credit history}
Be between 18 and 72 years old
Original electricity or water bill

In times of pandemic and in the face of possible total control of the interest rate by the BCRP, accessibility to a personal loan becomes more complicated, so it will be necessary for you to have a good credit history.

In addition, if you are an independent worker, you must also submit income support such as pay slips or receipts for fees.

Where do you offer personal loans?

Verify that all types of financial entities are authorized by the Superintendence of Banking, Insurance, and AFPs (SBS) to grant personal loans. We share the list of entities:

Fintechs
Banks
financial
Municipal Boxes
Rural Boxes
Others

What is the interest rate on personal loans?

The interest rate will depend on your credit history but can reach approximately 52% per year. This clearly can vary, since it will go according to the policies of each bank.

In order to find a really attractive interest rate and possible to pay, it is important that you compare well between all the options you handle. In some cases and depending on the bank, savings bank, or fintech, need a personal loan fast just by filling out a form. eye! On the internet there are many informal lenders, find out well before closing agreements, because you can see yourself involved in a serious problem.

If you have already chosen a bank, savings bank, or fintech, you can pre-approve online in a matter of minutes, but you must be very careful with the conditions. Give yourself a good time to verify the effective annual cost rate, read the terms and conditions, and above all, the fine print. That on many occasions carries relevant information.

It is important to mention that the exposed requirements are referential since each financial entity or provider company has different mechanisms. There is even another type of personal loan with different characteristics and more benefits. For example:

Personal loan with mortgage guarantee

Unlike a conventional personal loan, with a personal loan with a mortgage guarantee, your credit history will not be decisive, since if you have debts or need a free-use loan, you can qualify thanks to the guarantee, that is, your property.

Personal home equity loans offer a more attractive interest rate (1% to 2% per month), more possibilities to pre-qualify, and higher amounts.

With a personal loan, you could qualify for an amount of S / 5,000 soles, but with a personal loan with a mortgage guarantee, you can get more than S / 50,000 depending on the value of the property and your credit history.

If you opt for better conditions and high money loans, personal loans with mortgage guarantee are your best option.

Prestamype is a leading fintech in Peru and offers the best conditions for home equity loans. We invite you to pre-qualify 100% online in less than 3 minutes. You will not regret it!