When is the best time to ask for a loan


Asking for a loan can help you a lot. Of course, as long as you know when to order it and for the right reason. If you ask at a bad time, you are likely to generate an unpayable debt that causes you stress and a big problem in your personal finances and credit history.

In this note I want to contribute to your financial education by showing you when it is better to ask for a loan.

When you are not paying another loan



If you already have a debt, requesting another is not the best option. Unless it is a debt consolidation loan that suits you.

In addition, it will be difficult for a bank or financial institution to give you a loan if the current debt you have exceeds 30% of your income.

When you have how to pay it

When you have how to pay it


If you are out of work, the worst thing you can do is borrow. And you are not a fortune teller to know when you will find the job that pays you what you want to charge.

Even if you apply for a loan for a business you want to start, you will need to have a business plan that allows the bank to know your projections and how and when you will pay the debt.

When is it to invest?

When is it to invest?


That’s right, when the loan you want is to invest in your company is a good time to apply. Why? Because you have a plan that will make the loan pay itself.

When you want to improve your credit history

When you want to <a href=improve your credit history” />


Having a good credit history allows you to access larger loans. For example, if you aspire to a mortgage loan and have never had a small loan or a credit card, they are unlikely to give it to you. When you apply for a small loan you start your history and if you are a good payer you will have more opportunity to obtain larger loans.

These are the best times to ask for a loan. Always remember that this is planned. And therefore, do not hesitate to resist those calls of “you have a pre-approved loan.” No one better than you knows how much money you need and at what time to ask the bank to give you greater benefits.

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