Can I take out a personal loan with other debts?
Want to hire a personal loan, but already have other financing? Find out if you can in this article.
I have several loans, can I hire one more?
Depending on some factors, it is possible to hire a personal loan even if you have other debts.
For this, banks will have to evaluate your financial capacity and your overall economic situation, before approving the loan.
These are some of the points that institutions consider:
Effort rate
Banks will need to evaluate your effort rate, that is, the percentage of your monthly income available after paying other debts. The ideal percentage ideally should be up to 30%. Therefore, adding a new debt cannot make you exceed that limit.
Stability
Then, banks will need to analyze your professional situation to determine your financial stability.
Credit rating.
Another factor that banks analyze is your "score", that is, your credit rating. If you have a positive credit history, paying your debts regularly and without delays, there is a higher probability of approval. Otherwise, it may reduce your chance of hiring new credit.
Type and amount of current debts
Even if you have financial capacity, the type and amount of current debts are also assessed. For example, credit card debts have higher interest rates, which can be a greater risk for banks.
Guarantees/cosigner
If you have additional guarantees, such as a guarantor, it will give the banks greater security knowing that, if you default, they can collect another dividend.
Renegotiation or consolidation
If financial institutions notice that you are already having difficulty in meeting your current debts, when applying for a new personal loan, they may suggest that you renegotiate the terms of your loans or consolidate them into one consolidated loan. This will allow you to pay a lower monthly installment, providing greater financial availability in your budget (even eliminating the need to take out a new loan).
So, it is possible to hire a new personal loan even with other debts, as long as all these factors are taken into consideration. Having healthy finances and an ideal effort rate will facilitate the process, avoiding being overwhelmed by debts.
Hiring a new loan, renegotiating current conditions, or consolidating debts? The credit intermediaries at Poupança no Minuto can help you with any of these processes at no cost.
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