Is it possible to apply for two loans during the same year? The answer is yes: find out how to get them.
The economic crisis is pushing the finances of many families that find it increasingly difficult to reach the end of the month. To support us in paying increasingly high and incumbent expenses, fortunately, there are the loans that are issued by the credit institutes or by the financial institutions of competence, which lavish sums of money with which it is possible to bear the most demanding expenses.
And yet, sometimes, it happens that there are much more substantial expenses than those budgeted beforehand, which do not allow us to sustain all the payments we should face, although the financial company on duty has already granted us a loan. So how do you resolve the situation without complicating your life too much? In these cases the best thing would be to ask for a second loan, trying to evaluate first the circumstances in which our finances are paid and, consequently, to understand if they are more the pros or cons of the choice.
The best thing would be to borrow a sum of money that allows us to face the moment of economic difficulty without turning to a credit institution again. In the event that this is not possible, it will be necessary to contact a bank, which will proceed to evaluate our economic condition and will propose the most suitable solution to our needs, also based on our monthly salary.
How to get two loans in a year?
First of all we must proceed by evaluating many aspects, first of all the temporal one: let us consider the time frame as a stretch of time over twelve months. Starting from this assumption, it is appropriate to proceed with the application for the second loan after a few months from the signing of the contract with the first. Both the banks and the financial companies in general do not look very positively at the stipulation of financing contracts at a short distance of time and, therefore, if you do not spend an adequate period of time, it is possible that your request will be rejected. The advice is to wait at least six months from the application of the first loan, but if more should have passed, so much the better.
Secondly, the amount of the second loan must be assessed: in order to avoid the problem of having asked for a sum of money that was not adequate to cover the costs, in case the finance company gave you the opportunity to open a new loan, it is advisable to consider the possibility of requesting a slightly higher amount than what we actually need at the moment: this solution will bring two completely positive situations. The first is the possibility that in a few months you will find yourself dealing with other unplanned expenses but you have the money to cover them without having to be forced again to jump through hoops to get a new credit; the second is that you do not need the extra money: in the latter case, however, you will find yourself paying only the interest on the loan. In both cases, therefore, you would fall on your feet.
What is the easiest form of financing granted?
In these cases, the possibility of requesting a second personal loan can be assessed, which, however, may require a considerable waste of time for a practice that will be difficult to achieve. If, however, you are an employee or a pensioner, you could always opt for a salary claim.
How does the fifth sale work?
Thanks to this system, the applicant will see his salary reduced by an amount equal to one fifth of his monthly net salary, which can be reimbursed monthly. When thinking of opting for a type of solution like this, it must be kept in mind that, generally, the sums granted will have to be paid in a minimum of 24 months up to a maximum of 120. At the time of signing the contract, however, it is necessary to keep note that you cannot ask for a loan whose length exceeds that of the employment contract, unless you decide to transfer this debt to your pension.
What to do if the salary assignment is not enough?
In this case, the subject can request an additional loan which provides for an additional deduction to his salary, through the proxy loan. Do not forget that this last circumstance can be granted only when the employer approves and, in any case, the total sum withheld from the pay slip cannot in any way exceed 40% of the net amount of one’s salary.
Can the fifth assignment be easily obtained? There are many financial companies or credit institutions that deal with this type of financing. At the time of the request, however, you must not forget that every institution manages the practice according to its own company policy and this means that if the application is rejected by a bank, it can be approved by another company. At the time of the loan application, therefore, it is advisable to request a quote from various offices and look for the one that can provide us with a solution that is as close as possible to our needs.
Is it really worth asking for a second loan? When we evaluate the pros and cons of applying for a new loan, it is advisable to look at both sides of the coin. This means realizing that, although the figure at our disposal will evidently be much higher than the one we previously had available, there are expenses related to the management of the files and to the relative interests that could constitute a real problem in a second moment.
A further aspect to be carefully evaluated is given by the money available: unless we can get an increase in our salary or find a second job that allows us to collect more, our income remains the same and, therefore, the risk is to sign financing contracts and loans that can lead us to a difficult economic situation to sustain. The final risk, therefore, is to open a second loan and increase the chances in the immediate future to borrow again, thus falling into a loop from which it is difficult to exit.