Life is full of unpredictable surprises. Whenever a technical item we need is broken, we need to buy a new work tool due to an unexpected order, or we need medical attention right away.
We cannot always finance these sudden expenses out of pocket. When you don’t have an emergency reserve and your family or friends can’t help you, you can get out of a personal loan to help you overcome unexpected financial difficulties.
Personal loan for every situation?
It is this speed and the ease of applying that make this loan product popular among the Hungarian population. The most important advantage over other credit products is that the bank does not necessarily set a loan target, so we can freely use the loan to achieve our goals. The great advantage is that in most cases it does not require real estate or other, higher value collateral, and credit institutions have enough assurance that we will receive regular pay from our workplace. That is why the credit application process is not delayed: it is increasingly common to have money in your checking account within a few hours of establishing your creditworthiness.
It doesn’t matter if you only buy a TV for the money or renovate a vacation home: fortunately, a personal loan is a flexible arrangement in your loan amount as we can claim up to $ 100,000, depending on your credit institution, what we want to accomplish with our goals. The maturity is also generally shorter than for other credit products: it varies from bank to bank, but is usually 7 years the longest.
What to look out for in a personal loan
A personal loan can certainly be a flexible solution to our periodic financial problems, but it is by no means certain which offer we choose from the market.
We can see from the most important individual criteria set in the personal loan loan calculator: we can save hundreds of thousands with a well-chosen loan, since it is not a matter of paying back HUF 1,240,000 or HUF 1,540,000 after one million forints over four years. Just to avoid such mistakes, it is worth considering carefully before deciding what our goal is, how much we can spend each month on credit repayments, and how long we can stand this cost. Our online loan calculator can help you make these decisions, where we can rank the best loan offers from banks for free, based on the size of your repayment, your APR, or your total repayment amount.
That will definitely be needed for your loan application
In order to really get the credit, you will need a proof of income or a bank statement in addition to your personal documents. Banks only ask for our payment as collateral, understandably they want to make sure our payment is genuine.
It does not matter how much salary we bring to the bank, because we need $ 6 million in vain, if the bank dares to give us only $ 3 million based on our income and credit assessment. What’s more, banks are holding hands because of the bad experiences of recent years: The Income-to-Pay-Out Indicator determines for them the highest monthly installment that can be paid out against your payment, and financial institutions can lend it to us accordingly.
However, you do not need to borrow money at your branch today, and you can get a loan from the armchair: