“How much could you borrow?”- answers a responsible lender

05102020

Each of us tends to get better. Grow his business. Improve his living conditions or even buy a car, about which he dreamed of for a long time. For all these situations, there is a common solution that can help you resolve them as quickly as possible: to take a CREDIT. Despite the skepticism of some people about credits, the secret of success is simple: credit used rationally can only bring benefits. You just need to find out all the important details in the process of taking a loan and choose a responsible creditor to borrow wisely.

The first stage in making a rational decision about credit is to determine how much you can borrow. Most people underestimate their expenses and overestimate their income, which is not correct. Moreover, we must not forget the exceptional situations, which usually occur when we expect less. With a credit payment equal to the monthly savings, we shrink our reserve fund and become financially vulnerable. That is why, it is good to plan the family budget and put on paper all the income, needs, and expenses.

Tell us what income you have, so we can tell you what credit you can take.

The salary is an important criterion for calculating eligibility for a particular type of credit. Besides the salary, some additional income, family situation, credit history, type of job, etc. are also taken into account. In a perfect world, after the monthly repayment of credit, you should have enough funds left to cover your other expenses, as well as a reserve fund.

Being a responsible creditor Microinvest tries to explain to its clients the importance of objective calculation of their paying capacity. Thus, the credit will not become a financial problem over time, bringing only benefits in achieving the set goals. Our credit experts come with useful advice for each client, help them to objectively analyze their income, and inform them about each type of credit, for a conscious and correct decision.

Here are some recommendations from Microinvest, to objectively calculate your optimal monthly payment:

  • The monthly payment for credit should not exceed 70% of monthly savings. Let’s make a simple calculation: if you have a monthly income of MDL 10,000 and expenses of MDL 8,000 per month, then your monthly savings will be MDL 2,000. Accordingly, the appropriate monthly payment for the credit can be a maximum of MDL 1,400 per month.
  • Take a credit in the same currency as your income to avoid situations of increasing the monthly rate, in case of strong depreciation.
  • Find out about the existing types of credits and what each of them involves. Among the most common types of credits, we can mention: credits for personal needs, auto loans, home repair loans, loans for business, etc.
  • Think about the credit term. The shorter is the credit term, the lower is the interest rate. For example, in the case of loans for household appliances and electronic products, it is recommended that the repayment period be less than their lifetime.
  • Address to a trusted credit organization that will analyze as objectively as possible your ability to pay, to be sure that you can afford this credit and that it will not become a burden over time.

CONCLUSION: you do not have to spend all the money on credit repaying. Leave some money in the reserve fund. Learn to correctly calculate your monthly expenses and savings, to be sure that you will not find yourself in unpleasant situations of indebtedness, and penalties.

Microinvest, in collaboration with MFC, is ready to provide you with all necessary information, so that you can borrow wisely and enjoy only the benefits. The success of a loan consists of responsibility, information and choice of a reliable creditor!

For more information, check out Privacy Policy or write to us at sesizari@microinvest.md.

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