Can I take out a personal loan with other debts?
Want to take out a personal loan but already have other financing? Understand if you will be able to in this article.
I have several loans, can I apply for another one?
Depending on some factors, it is possible to hire a personal loan even with other debts.
To do 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 assess your effort rate, that is, the percentage of your monthly income available after paying other debts. The ideal percentage should ideally be up to 30%. Therefore, adding a new debt cannot cause you to exceed this limit.
Stability
Next, 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, the probability of approval is higher. Otherwise, it can reduce your chance of hiring new credit.
Type and value of current debts.
Even if there is financial capacity, the type and amount of current debts are also evaluated. For example, credit card debts have higher interest rates, which can be a greater risk for banks.
Guarantees/co-signer
If you have additional guarantees such as a guarantor, it will provide banks with greater security knowing that if you default, they can charge another dividend.
Renegotiation or consolidation
If financial institutions notice that you are already having difficulty coping with current debts, when applying for a new personal loan, they may suggest renegotiating the terms of your loans or combining them into a single consolidated loan. This will allow you to pay a lower monthly installment, providing greater financial availability in the budget (even eliminating the need to take out a new loan).
So, it is possible to hire a new personal loan even having 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.
Hire a new credit, renegotiate conditions of current ones, or consolidate debts? The credit intermediaries at Poupança no Minuto can help you with any of these processes, at no cost.
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