It is already decided, you need a loan and you are almost ready to apply. What step is the one that you should give next? Sure, go with an organization that gives you good loan options. And then the incessant doubt begins to arise: With what institution will it be better to do it? Before starting any process and even going to the physical branch, we recommend doing an investigation of the possible options. This can save you time in rows waiting for your turn and subsequent unfortunate surprises.
Knowing the keys that you must investigate the association that will grant you the credit is fundamental, first to fall into its trap and second, to avoid frauds that may affect you. Let’s see some points in which you must pay special attention:
- Reputation and solidity: This work thanks to the help of the internet, become something very simple. Currently, users of any brand, make good or bad comments on different digital platforms, you just have to put them on a scale. In addition, the CONDUSEF has a Bureau of Financial Institutions, where they appear the insane practices that they have had and the sanctions that have been imposed on them.
- Registry of Service Providers: Also known as SIPRES. In this case, you can find institutions such as banks, insurers, financial leasing, fund managers for retirement, savings and loan companies, among many others. The important thing is that, whatever the institution, look for any registration or recognition granted by anybody that endorses them and can give you, backup and security.
- How much do they investigate about you ?: Any serious credit organization is interested in knowing how you will repay your loan. In addition, even when the procedures can be very simple and fast, take time. Would you trust someone who asks for an advance before granting you credit? Of course not! Many of the fraudulent institutions do it, keep in mind that financial miracles do not exist and all, however minimal the cost, need investment. Phantom institutions within the financial system abound, do not become prey to any of them and take your time to investigate them one by one.
If you visit the CONDUSEF website, you will be able to find all the information of the institutions that make up the financial market at your fingertips. Domicile, administrative legal situation, minimum fixed capital, among other data, are those that represent the minimum information that you must have of the financial organization to be hired. It is easy, if the institution you are looking for is not within this registry, it can be for two reasons:
- It is not a financial institution
- Does not comply with the applicable regulations
Finally and within financial education, it is necessary to know the Private Financial System. What is this? They are all those private financial companies in Mexico that are authorized to capture savings and grant credits. It is important to investigate each of them extensively, since you may encounter “special cases”. Better inform yourself and know the way of operating of the different organizations that you have as an option.