How to Apply For a Loan – Bank and Credit Loans


A loan of money is something that can be very useful in our lives, either because we want to start a new business, make a desired trip or settle any important debt we have. However, loans are not granted as easily because you have to meet a number of essential requirements to receive one. So if you want to request a monetary loan from a financial institution in Peru, we will show you how to obtain it.


Part 1
Prepare to ask for the loan

 Part 1  Prepare to ask for the loan


 1 Determine if you need a loan. The best way to know how much you need is to balance your income and expenses. If your debt is greater than your monetary income, you probably need a loan. In this case, making a budget will be your best alternative.

  • If the loan is for a special event (for example, marriage, travel, device purchase), it is best to know how much you plan to spend so you don’t ask more than needed.
  • Talk to other people. Talking about it with other people can give you a better perspective on whether a loan may actually be needed. People who have previously requested a loan can give you better advice on this aspect.
  •  2 Access your credit history. Being clear about your debt and your credit history is an important step in the approval of a loan. To know this report, visit the Sentinel Peru website and follow the instructions to access the free consultation and find all the details.
  • Another method you can use is the “SBS Debt Report”. Complete the Superintendence of Banking, Insurance and AFP (SMT) website to obtain more information.
  • Be careful if you hire a person to carry out this process as you can be a victim of fraud.
  •  3 Have a savings account. Regardless of whether you are an independent or dependent worker, a responsible savings account can make the financial institution for which you have requested the loan more easily, as you would have good savings. In Peru, all banking institutions offer you the opportunity to create a savings account called “Cuenta Cero”, which does not charge a monthly card maintenance fee.
  • Every time you receive an amount of money for your work, an amount is saved in a savings account to have good savings.
  • With a savings account you can have responsibility for the various financial institutions that you can offer a loan.
  •  4 Evaluate your payment options. Before asking for a loan, make sure you need the solvency and job security to pay it off in due time. If the loan will be one more debt in the long run and it will not solve your financial problems, you can have serious legal problems.
  • The best thing would be for you to make a chart where you have to pay your gross income and debt to know exactly whether you can pay the amount borrowed within the set limit.
  • Keep in mind that loans are always long-term loans, which means you are willing to accept a debt of many months or years.
  •  5 Make sure you have all your accounts up to date. You may have an outstanding debt – but if you want the borrower to ensure that you have sufficient funds to pay off the loan, you need to be aware of your basic needs such as water, electricity, etc.
  • Depending on the province where you live, financial institutions will request proof of payment for basic services as well as for annual properties.
  • Remember that paying these services is the first step in approving the credit, as it is essential.

Part 2
Start the loan process

Part 2  Start the loan process


 1 Find out about the different loan institutions. In Peru, there are numerous entities to which you can request a loan, ranging from savings banks, municipal savings banks, cooperatives, banks and pawn shops. In Peru, the main entities to which people go are banks because of their reliability and solvency, although most interest rates are too high.

  • Some of the banking entities characterized by low interest rates are Interbank and Scotiabank. In addition, they provide fairly convenient payment methods compared to other banks.
  • Before applying for the loan, look for more information on the entity on your website.
  • Find out the TCEA (Annual Cost Effective Rate) to get an idea of ​​how much you will pay over the long term. With this rate you will know what the total cost you will have to pay for the loan and you will know which credit is best for you.
  •  2 Analyze the different benefits they offer you. Each financial institution offers different benefits so you can request a loan. It is advisable to analyze each one and see which one is best for you.
  • Among the benefits offered are the time it will take to pay the amount, the terms of payment, the ease of payment, among other benefits.
  •  3 Deliver all the requirements they ask you. Once you have chosen the best borrower, go to your nearest branch and submit all the documents you request. Generally, you need to raise a specific gross income that falls between 1,000 and 1,200 soles, in addition to presenting your age IDs, receipts and endorsements.
  • Remember to accumulate all the documents before approaching the borrower.
  • Make sure you ask for the amount you need. After submitting all the papers, you must sign the papers and complete the details so that you receive the quantity you requested.
  •  4 Caring for your money After receiving a large amount of money, it is best to be careful when leaving because there are always criminals who pay attention to all the movements of money.
  • It is better to open a savings account or deposit the money into an existing account. This step is easier if you have asked a bank loan, as they offer you this possibility.

Part 3
Determine the payment method



Part 3  Determine the payment method


 1 Check your loan agreement. The best way to know how much you will have to pay and how long the loan agreement will be reviewed, where exactly the fees you are committed to, is detailed. Of course, before you request the loan, the financial institution will inform you of the monthly amounts and the time when you have to pay the debt.

  • It will be good to install a borrower application that you have made the process so you can control everything about money.
  • Depending on your income, you can determine the amount you have to pay monthly to the financial institution and the amount of time you will have to do.
  • Remember that you can make full or partial prepayments at any time, with total freedom and without any penalty or cost.
  •  2 Determine the payment method. If you asked for the bank loan, you will not have major complications, you will be able to make payments via bank agents, cashiers, windows or internet banking. The savings banks and municipal savings banks also have an online bank, which allows you to make virtual transfers.
  • Search for an agent near your location as it is usually found in warehouses or minimarkets, which greatly facilitates your access to the bank.
  • You can also pay by making transfers, thanks to an application on your phone, you only need your account number, ID and password to enter.
  •  3 Always check the payment notifications. Each month you will receive notifications by email or e-mail about the amount of the debt and the expiry date of your next installment. Stay quiet, because if the payment is beyond the deadline, your interest may be charged.
  •  4 Enjoy your loan. These are all the steps needed to pay a loan. Remember, if you want to ask someone else in the future, pay attention to your credit history, because that’s what financial institutions use to approve that credit.