Can I take out a personal loan with other debts?
Want to apply for a personal loan but already have other loans? Find out if you can in this article.
I have several financings, can I hire one more?
Depending on some factors, it is possible to apply for a personal loan even with other debts.
To do this, banks will need to assess your financial capacity and 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, meaning the percentage of your monthly income available after payment of other debts. The ideal percentage should ideally be up to 30%. Therefore, adding a new debt cannot 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 higher the likelihood of approval. Otherwise, it may reduce your chances of hiring new credit.
Type and value of current debts
Even though you have financial capacity, the type and amount of current debts you have are also evaluated. For example, credit card debts have higher interest rates, which can be a greater risk for banks.
Guarantees / guarantor
If you have additional guarantees, such as a guarantor, it will give banks greater security knowing that if you default, they can collect from another dividend.
- Renegotiation or consolidation
If financial institutions notice that you are already having trouble facing current debts, when applying for a new personal loan, they may suggest renegotiating the terms of your loans or consolidating them into one consolidated loan. This will allow you to pay a lower monthly installment, providing greater financial availability in your budget (even possibly eliminating the need to take out a new loan).
So, yes, it is possible to contract a new personal credit having other debts, as long as all these factors are taken into account. Having healthy finances and an ideal effort rate will facilitate the process, avoiding being overwhelmed by debts.
Hiring a new credit, renegotiating conditions of current ones or consolidating debts? The credit intermediaries from Poupança no Minuto can help you with any of these processes, at no cost.
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