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A loan is a financial transaction in which a natural or legal person grants a certain amount of money to another in exchange for paying associated interest that will be reimbursed with the money granted, usually through the payment of monthly installments. learn more about citrusnorth.com and online payday loans that they offer.
As consideration, the loan holder, by signing a contract between the parties, undertakes to return the amount within a certain period, together with interest and other expenses associated with the operation.
How can Mackloan help me get a loan?
At Mackloan we would love to help you find your ideal online loan.
Currently, there are multiple options in the financial market to request a loan. For this reason, we consider it very important that you make a comparison of all the alternatives available to ensure you always choose the best one. For example, there are no checkout loans, personal loans, online express loans… and many more!
Mackloan is a comparator of financial products that will help you find the best loan for you.
Our loan list is carefully prepared, showing you the most relevant information of all the lenders with which we collaborate as well as the requirements, conditions and hidden expenses for you to find the best loan.
Important to highlight:
In Mackloan we detail the advantages and disadvantages of the loans so you can request your loan with the best conditions, without fine print.
Our service is free, easy and non-binding
Learn more about us in Who are we?
What is the difference between a loan and a loan?
Although the concepts “loan” and “credit” may seem synonymous, the truth is that they are two different financial products.
So that you understand the characteristics of each one, we will detail your differences below.
|The lender transfers the requested amount to our bank account.||The financial institution grants us a certain amount of money that enters into a credit account, being able to use part or all of the money.|
|The monthly installments to be paid will be fixed and monthly until the entire loan has been paid.||The payment of the money that we have used will depend on the amount used and the amount already reimbursed.|
|Interest is generated on the total amount granted.||Interest is generated on the money you have used, not on the total amount available.|
|The money is reimbursed to the borrowing entity, without having it again available. The refund is made to the lender and we will not be able to make it available again||As we reimburse the money, we will have it available again to use it again.|
Who can help you get the financing you are looking for?
The most common option in Mexico to obtain loans and credits is the banks and, above all, if we already have an open account, it is better because we will have a link with them and a certain age.
However, with the emergence of Internet and new technologies, we have more options to go to get financing:
- Private equity companies
- Non-financial companies
- Crowdlending platforms
Recommendations before hiring loans or credits online
- You must understand that once you have signed a contract with a lender, you will assume the payment obligations.
- You must read and understand the contract before signing it. If you do not understand a clause or some legal term, ask.
- If you contract with a bank, sign all the pages of the contract and ask for a copy of it as it is the obligation of the creditor to provide it.
- Make an evaluation of the deadlines. A short-term loan implies high and long-term payments, implies smaller payments but for a longer time.
- Compare all the loan options offered by banks and online lenders. With this, you can identify which offers the cheapest financing and that suits your needs.
- Make a verification of payment deadlines to avoid defaults.
- Verify the interest rate and the commissions that you will have to pay. In particular, it compares the Total Annual Cost (CAT) provided by financial entities.
Different types of interest applied to loans and online credits
The interest rate is also known as the cost of money and is expressed as a percentage in a given period.
Surely you ask yourself:
How much money does it cost to ask for a loan?
A good guide to answer this is the interest rate since it is what you pay when you borrow money and that is what the financial institution charges when lending that money.
For you, the interest rate will be the actual cost of the loan.
The interest rate establishes the price of the loan since it is the annual percentage applied on the amount that we must reimburse.
Let’s give an example to make it clearer.
If the financial institution offers an annual rate of 10% it means that you will have to pay the sum of money loaned plus the 10% equivalent to it for each year of the loan. Therefore, if you ask for 1,000 pesos for a year, you will have to pay 1,000 pesos plus 100 pesos in interest as the rate is 10% per year.
Fixed interest rate or variable interest rate?
When you apply for a loan you can hire it with a fixed interest rate or a variable interest rate.
Which is the best option?
This will depend on, for example:
- The loan amount
- The term of it
- Your financing needs and
- The present and future income you have.
We explain the two rates below:
- Fixed interest. The percentage that is applied will be maintained throughout the return period, that is, it will be the same percentage from the first day until we reimburse it. This interest rate is the most common in almost all consumer loans.
- Variable interest. This percentage is subject to the fact that if the interest rates in the market rise, the interest rates of the loans will increase, thus increasing the monthly payments. The advantage is that if the interest rates in the market fall, so will the interest rates of the loan paying less monthly amount.
Transparency measures: CAT and GAT
To give consumers a tool to help them compare financial products and services offered by banking entities, Total Annual Cost (CAT) and Total Annual Profit (GAT) have been created.
The CAT facilitates comparisons of the cost of the financial product offered by banks. It is expressed by an annual percentage and it is mandatory to provide it to the consumer, thus being a standard to facilitate the task of comparing so that consumers make the informed decision that best suits their needs.
You will know that the most common rate is the interest rate, but the problem with this rate is that it does not report all the costs of the loan, such as opening fees.
In addition, there are times when interest rates are shown on a monthly basis.
The CAT solves all these disadvantages by showing the main costs in a homogeneous way to make the comparison.
On the other hand, the GAT is a tool to compare financial returns for savings or investment accounts, also expressed as a percentage.
The CAT and the GAT are regulated by the Law for the Transparency and Ordering of Financial Services by Circular 21/2009 and Circular 35/2010 where the Bank of Mexico established the methodology to calculate both indicators.
Dictionary of essential vocabulary to apply for a loan
In Mackloan we know that the vocabulary used in financial contracts can be difficult to understand, for this reason, we want to explain several concepts that are important to understand 100% the contract you sign:
Lender : is the figure that lends the amount of money. Generally it will be a financial entity, but it can also be an individual or an organization
Borrower: figure that requests the loan and receives the money. With the signing of the contract, you acquire a financial obligation to return the amount with the associated interest.
Capital: amount of money that the lender lends us to finance our needs and projects.
Interests: the cost of the loan. It is the amount of money that the borrower must pay the lender for the service offered.
CAT: financial indicator that facilitates the task of comparing loans to help the borrower showing the total percentage of costs in a homogeneous way.
Commissions : additional cost of loans that the lender can charge us for operations such as studying our application, early repayment of the loan, opening of the loan or, changing the conditions of the contract.
Study commission: money that some lenders charge for the study of the loan application and decide if the applicant meets the mandatory requirements to opt for their services. Online loans usually do not have this commission.
Commission for early payment: prepayment made by the borrower to pay less interest. It may be that the lender charges a commission to compensate for the money that he stops earning. For more information, read Circular 16/2007 of the Bank of Mexico.
Deferral Commission: Amount of money that is paid so that the lender allows the borrower to extend the repayment term of the loan.
Reimbursement period : Time during which the borrower pays the installments to repay the loan. The longer term, lower the fees and vice versa. It is usually done by paying monthly installments.
Fees: percentage of the total amount of the loan that we will reimburse in the frequency agreed upon at the time of signing the contract. The fees are composed of part of the money that must be returned and the associated interest.
Accrued interest : interest that the borrower must pay for the enjoyment of the money during a certain time.
Accrued interest not due: interest that the borrower must pay or has already paid because he has enjoyed the money for a certain time but has not yet paid why the payment was agreed for later.
Unearned interest : interest that the borrower must pay in the future but the obligation to pay has not yet been generated because the time has not elapsed.
Guarantee: Asset that the lender can stay in the case of default. It can be a property, auto or endorsement of a third person.
Non-payment: situation in which the borrower does not pay the monthly installments.
Credits: credit information societies (SIC) that are dedicated to collecting information on loans granted by banks. The financial entities send information to the credit bureaus about all the payments made by the debtors. With this information, the credit history of all people who have received financing is integrated.
How can I pay the loan
Loans are usually returned through monthly, quarterly or semi-annual installments, which are made up of part of the capital plus the associated interest.
There are several ways to pay a loan:
- Loan with grace period: also called “grace period” and is when the borrower has a period for the loan to generate income to meet the amortization thereof.
- Loan with different types of interest: usually they are long-term operations where the interest rate can change or increase if the term rises.
- Loans with anticipated interest: The initial amount received by the borrower will be the amount of the loan minus the interest of the first.
To make the payment, the financial entities will ask us for the direct debit of the payment of the fees in our bank account so that the money transfer is automatic and on the indicated date. Thus, each month we will automatically discount the amount of the monthly payment.
What is the lack of loans
The lack of loans is the option of not paying or only paying part of the monthly installments during the period of time that we agree with the lender.
There are two types of lack:
- Partial lack: with this option, the borrower will pay only the amount of interest generated but will not pay the principal. With this, the quota is reduced during the agreed time.
- Total lack: here there is the possibility of not paying neither the capital nor the interest during the agreed period of time.
The truth is that it is a very comfortable option since it will allow you to take some time to rebalance your economic situation without falling into default. The disadvantage is that you will accumulate interest generated on the money you owe.
Find out which option is best for you before deciding.
What lenders analyze when approving an application
When approving a loan application, the entity will perform some analysis of our profile to decide if we are valid and comply with the general requirements.
- The credit history: at the time we apply for a loan, the banking entity will consult the number of loans we have had, as well as the ones we have in force and if we have returned them correctly. This information will be requested from the credit bureaus.
- The history of defaults: to know if we have any pending payment or have unpaid, they will also consult the credit bureaus.
- Economic capacity : is the ability to cope with the payment of loan installments. This capacity is calculated based on our usual net income and expenses, whether the rent or other invoices.
The time it takes for a lender to perform these assessments varies depending on who you request the money from.
If you request it to online lenders, the answer will be obtained almost instantly and we can receive the money requested in our account on the same day.
Having read all the information that we have provided on this page, you should remember that:
- Compare all the existing options in the market
- You must read and understand the contract before signing it
- If you have questions, find out in the financial institution with which you request the loan
- Check the interest rate and commissions you will have to pay