The experience of using a ATM can carry with it the tempting offer of a borrow money instant. For many people, this possibility seems to be a quick and effective solution to solve urgent financial problems.
However, accepting a loan at the ATM in Mexico It could become a serious financial mistake if the terms and implications of this transaction are not fully understood.
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The operation of the loans at ATMs It is relatively simple: when carrying out an operation at the ATM, banks offer customers the opportunity to access personal or payroll credit immediately.
By selecting the loan option and confirming the transaction, the money can be deposited into the user's account within minutes. However, this facility can hide potential risks to financial stability of the individual.
ATM loans? Consider this:
- Pay special attention when using an ATM; a distraction could result in the authorization of unwanted transactions.
- If you accidentally authorize a credit through this means, refrain from using it and immediately contact your bank to cancel it and avoid additional charges.
- If you decide to opt for a loan through this route, we recommend that you first contact the bank to find out the conditions of the credit or consult the Registry of Adhesion Contracts (RECA) of the CONDUSEF, where you can obtain detailed information about the characteristics of the credit you want to take out.
- It is advisable that you take out the loan directly at the branch, since you will be able to clarify all your doubts with an executive and know the terms and conditions in advance.
- Remember to review your budget (income, expenses and savings) before taking out a loan, to determine if you can pay it. Ask yourself: Why do I need this credit?, and avoid acquiring unnecessary debt.
- Check the Total Annual Cost (CAT), the interest rate, commissions and the cost of insurance, if any, to select the credit that best suits your needs and payment capacity. For this reason, we recommend that you take out the loan at the branch.
- Keep in mind that some institutions only carry out a pre-authorization of the credit through the ATM, making it necessary to go to a branch to formalize the contract.
It is essential to understand that by accepting a loan through the ATM, the user is assuming a financial responsibility significant.
In some cases, loan authorization It may be a pre-authorizationwhich requires additional confirmation at the bank branch to formalize the agreement.
However, in other cases, the money is deposited immediately in the user's account, which may result in an unforeseen debt situation.
The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) recommends users exercise caution when considering the option of obtaining a loan through the ATM.
Before making a decision, it is essential compare costsreview the conditions of the loan and evaluate personal payment capacity.
Should you make a financial mistake by accepting an unwanted loan, promptly communicating with the bank and canceling the loan can help avoid additional fees and long-term financial problems.
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