All people, at some point, may need money to solve a situation that we are going through. Whether it is to finance a new venture, to purchase a vehicle, to cover school expenses, or in the face of a medical emergency, loans of 50,000 pesos are an increasingly requested option.
Today, in the escampa blog we will tell you everything you need to know before requesting a loan of 50 thousand pesos. Keep reading!
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How to request a loan of 50 thousand pesos?
If you are thinking of requesting a loan of 50,000 pesos, you will probably be asked to be between 18 and 70 years of age, have a minimum income of 2,000 pesos per month, maintain a good credit history, and other requirements that we will mention later.
You can resort to online loans, with which you do not need to go to a branch in person. Present the documentation that the financier requests, wait for the indicated period while the data is verified and that’s it!
If you apply for your loan in scatteryou just have to enter the registration form, enter your data
Why is a loan of 50 thousand pesos requested?
There are many reasons to request a loan of 50 thousand pesos, or even for a higher amount. The most frequent are:
Medical expenses. Solve emergency medical expenses, as a result of accidents, unforeseen illnesses, birth of children, among others.
Debt refinancing. A loan of 50,000 pesos is of great help to consolidate debts into one, organize the payment date, reduce interest and the risk of having a financial problem due to non-payment.
Improve your home. If your house has suffered an unforeseen event such as a flood or fire, you suffer from serious humidity problems, or you simply want to make an extension, a loan is an excellent way to finance yourself.
Education. Whether it is an educational trip for internships or an exchange, to pay for the degree, to study a postgraduate or a diploma, requesting a loan is an investment in your education.
Vehicle. If you are saving to buy a new vehicle and you lack money, or if you suffered an accident and need to repair your car, a loan is a solution that will help you have the necessary resources.
Start or expand your business. If you are about to start a business, a loan will help you capitalize, either for an expansion, to acquire merchandise or furniture.
Where to apply for this type of loan?
If you need to apply for a loan, but you don’t know where to do it, you can use the following options:
- Most banks in Mexico have personal loan solutions with terms of 3, 6, 12 and 48 months. In general, it may be easier to apply for credit if you already have a bank account with the same bank.
- The Multiple Purpose Financial Companies (Sofomes) can grant credits and personal loans or for SMEs. Some request mortgage or vehicle guarantees to protect themselves and guarantee that they will have their payment.
Requirements to apply for the loan
In general, the basic requirements that are requested to provide a loan are:
Age
To request a money loan, you need to be of legal age and have an official document that supports your identity: voter identification card, social service card, driver’s license or valid passport. In the case of online loans, you will probably have to scan this document to send it.
Some financial institutions provide loans up to a maximum age range, which can be 70 years or older, although this usually depends on the client’s income and ability to pay.
credit history
Most lenders check your credit history before approving loans. In general, it is analyzed that the client has a good payment history and is up to date if they currently have any other debt.
Clients who have been in the credit bureau could be rejected for not having a positive interaction with the bank.
have a bank account
If you apply for a loan online with financiers such as escampa, you need to have a bank account so that the credit money is deposited. In addition, you can domicile payments directly into your bank account so that weekly, fortnightly or monthly payments are made.
proof of income
The financier needs to determine the borrowing capacity of its clients, but also their ability to pay. For this reason, they request proof of income, which can be the payroll receipt or the bank account statements of several months. In addition, if you have other income, you can declare it and verify it since this increases the probability that you will be approved for the loan.
We recommend you keep in mind that some financial companies have a minimum amount of income to approve the loans, and this may vary depending on the amount requested.
Proof of address
Financiers request receipts for water, electricity or services that are in your name and match the address on your official identification.
Some financial institutions request additional requirements, which may be:
Aval. Some financiers request that a person come to sign as a guarantee to guarantee payment compliance. In this way, in the event that the client does not pay, whoever has remained as guarantee will have to continue paying the debt.
Mortgage. Home equity loans are those in which you must leave your home as security for payment, so that if you default on payments, you could lose the property.
car warranty. In this case, the car is left as a guarantee of payment. Some financial companies accept that the client keeps his car and uses it as usual while paying off his loan.
Loan conditions
Consider that personal loans, like other credits, have an interest rate, which is the percentage of the credit applied to each monthly installment. This rate usually varies and depends on each financial institution, so you should look before applying for the loan. For example, at an interest rate of 24% you will pay 240 pesos in interest for every thousand pesos that they lend you.
Make sure you know the Total Annual Cost (CAT) of the loan so that you know exactly how much you are going to pay for your loan.
The payment terms, or the time it takes you to pay your debt, has a direct impact on the interest you pay. This period can be between 6, 12, 18 and 24 months. In escampa we lend you money with a maximum term of 36 months. Of course, consider that the shorter the payment term you choose, you will pay less money in interest.
When choosing loans, opt for financial ones that do not request installments or advance payments. And make sure they are registered with the CONDUSEF.
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You need money? Request your loan in escampa
Now that you know everything about the loans of 50 thousand pesos, request your credit in scatter. With us you will have the easiest way to finance yourself, 100% online and secure. If you need more information, call us at 55 1224 6845, our advisors are ready to assist you.
