Loan to consolidate debts
When we ask for a loan to consolidate debts, we must take into account different factors that directly affect the facility in which a credit will be given, and the amount that you must request.
You must take into account that those who prequalify your loan application will pay great attention to your salary, how you earn it (billed or payroll), extra income, job stability, level of indebtedness, other debts you have, and so on.
That is why when you ask for a loan to consolidate debts, you must make an initial budget to identify how much you can pay monthly.
The 30th %
The experts and prequalifiers indicate that the payment installments that are provided for those who request loans correspond to no more than 30% of their monthly income.
Even if you have made calculations and budgets, the installments of all your debts should not exceed 30% of your income. Otherwise, if it exceeds 31%, or even if it reaches 50% of your monthly income, you will not be able to cover your fixed expenses.
The amount to be paid for a debt consolidation is less than 30% of the salary and must correspond to a single debt.
Sometimes few exceptions are made in which up to 35% of the salary is provided as a loan. However, when the credit exceeds 35% of the debtor’s payment capacity, it is necessary to include a guarantor who meets the necessary requirements to support your loan.
So when you plan to apply for a loan and you want to ask for as much as possible, calculate 30% of your salary and that will dictate how much you can pay the month in debt. Remember that other important factors that are taken into account is your job stability and your salary.