Loans to face an unforeseen

Facing an unforeseen represents expenses that will disrupt you financially, since it can be presented at the least appropriate time for your pocket, are you ready? We share solutions.

However cautious you are, you are not exempt from an accident getting sick or losing your job. INEGI data indicates that in our country there are just over 27 million homes made up of 4 members on average, of which only 1.8 people are economically active, that is, they contribute to the livelihood of the household.

This means that if an active member dies or falls untimely, the average household income can be affected by up to 56%, which will undoubtedly bring many problems to cover the expenses and debts acquired.


Financial mishaps or unforeseen events are generally not contemplated in the budget

financial loan

So they can generate subsequent financial debts or commitments. The most frequent causes of these expenses are: accidents and illnesses, damages or breakdowns of goods such as the car, appliances or those related to the home, and the loss of income.

Most Mexicans do not have health insurance because a proportion of the population has access to the public social security system, but it is not taken into account that there are extra expenses in addition to hospitalization.

To face the unexpected, you can protect yourself with the creation of an emergency fund, this is the establishment of a savings goal in the event of unforeseen events.

Although there is no general consensus on the amount that your fund should make up, the experts’ recommendation is that you cover three to six months of your expenses. But the final amount is defined by you, and what you need according to your family situation, the idea is that it is enough to make you feel calm that if an unforeseen event occurs you could cover the expenses that this implies and also your daily expenses.


Consider a line of credit

credit line

Since you have savings, you can feel confident in requesting or accepting any credit offered. Since you will have the support of your savings to face any unforeseen.

If you have an unforeseen already with savings, it will be easier to apply for a loan to complete and pay for the eventuality, and not have to over-borrow and compromise your total income.

When an emergency arises, try to replenish what you spend as soon as possible. Learn to distinguish between what is an emergency and what is not. If you use the fund as your petty cash every time you fail to finish the fortnight, you will never reach your goal.

Learn All Rules to Refinance Your Property


Know the conditions and requirements to refinance your property!

Refinancing your property may be a good option.

What are the conditions and benefits Property Refinancing?

What are the conditions and benefits Property Refinancing?

Anyone can apply for refinancing by simply owning a property in their name, in regular and paid condition. The minimum value of the property should be around USD 100,000, and the interest rate varies according to the credit analysis performed by the bank. The minimum amount of credit released by the bank is USD 50,000, which can be up to 60% of the property, with a maximum ceiling of USD 1 million. The payment period is shorter than in other banks and financials, being between five and ten years.

To apply for refinancing, you must submit an application through the website. An attendant will contact you by phone and make a brief interview, followed by a simulation. If interest continues, provide the documentation requested by the bank. The property must be with deed and registration on time.

When is a Property Refinancing worthwhile?

When is a Property Refinancing worthwhile?

The secured loan has lower costs and longer repayment period, and is therefore attractive in the market. But it must be chosen with caution, as the risks, if there is no payment, are great: losing your home. Then try to evaluate the conditions, interest rates, amount of installments and terms. In some cases, this type of loan is recommended and very useful.

To pay off a larger debt it is interesting to opt for this type of credit. If your debts are already out of your control, you can use home refinancing to repay a larger debt by getting a new debt, but with lower costs, lower interest and a longer repayment period. The exchange is very interesting in this case, because even if its name is dirty, the bank can release credit because of the guarantees.

To get credit for your business it is also in your interest to refinance your property. It is a good option for offering a guarantee to the bank and thus getting a high credit value with low costs and good repayment term. But of course, as an entrepreneur you must assess the consequences that such a loan will have on your business. Measure if you can afford it and how soon that money will come back as a profit.

I refinanced but could not repay it. What to do?

I refinanced but could not repay it. What to do?

One last tip, one for those who have already refinanced a property and failed to pay, and find their property in danger, after all the bank can take it and auction it. Try to renegotiate the debt with the bank, with an interest rate and a term within your means, that the institution will be interested in. For a bank, bargaining is better, as auctioned real estate loses a lot of value, representing a loss of money released.