What are productive personal loans
When you think about personal credits, it is very frequent that you do it from the concept of expenditure.
We can contemplate a microcredit to solve a problem of domestic treasury and unify a series of small payments that accumulate in a short period of time. It is usually approached as a payroll advance loan or a loan to finance needs such as household appliances, an urgent repair or a minor reform.
It is also possible that you contemplate the possibility of a personal loan to address the studies of your children or a development of their own training that can report labor and economic benefits. These credits can really be considered as an investment in the medium or long term, although we can not consider them directly productive credits, since their profitability is usually deferred to a period after their complete amortization.
What is a productive personal credit?
A productive personal credit is one from which a near or immediate benefit can be derived higher than the amortization costs.
Normally they are loans focused on financing a personal project of entrepreneurship and are intended for the acquisition of productive assets in an amount equal to or greater than 90%.
Seen like this, it may seem complicated in your economy, since you may think that an enterprise can escape your needs or possibilities.
However, it is something that most people do without thinking that what they are really doing is financing a life project or a business project.
This is the case of a person who purchases a van from a job offer to manage a delivery or distribution route. Although there is no need to make large numbers, because the income is usually guaranteed and many more investments are not required, the personal credit has all the necessary characteristics to be considered a productive credit when income is generated immediately and to cover the quotas of amortization and interest.
When should you apply for a personal credit for a project?
As a general rule, the starting point for resorting to this type of financing should involve a significant improvement in your quality of life and economic stability. Likewise, it must rely on stable offers or a well-contracted economic and viability plan.
The more guarantees of success the project gathers, the less risk you will be assuming. Although the possibility of canceling all risks is almost non-existent, there will always be factors that can make them less and strengthen the chances of success.
How can you minimize the risk?
There are several factors that will make your risk decrease.
A correct study of the project
A detailed and realistic study of each detail of your personal project will allow you to contemplate in an objective way its profitability and the terms so that it starts to be productive, allowing you to perfectly estimate how you are going to amortize the loan, and what terms and amounts you can absorb.
Still studying it exhaustively it is always advisable the advice of experts or professionals that can give you a much more technical vision. Investing some time and money in this phase of study is very productive.
Contrast your vision
Collect the opinion of friends and family it can help you, as it will help you discover details that perhaps your enthusiasm has overlooked, allowing you to readjust the project. Even the opinions of those we colloquially call “lawyers of the devil” can be very useful to you.
Have other resources
If you can count on economic resources that allow you, before any deviation, not to accuse excessively would be the ideal thing, since this would help notably to that the project is channeled with stability.
From Astro Finance we recommend that if you are thinking of applying for financing you will be informed about the productive personal credits. We will clear all your doubts and we will elaborate a plan for you.