Decided to take out a loan and you are confused about which option is best for you? First, know that offering collateral to the financial institution, such as a vehicle, is a way to lower the interest rate. But remember that if you delay the payment of the installments, you may lose this good.
The interest rate also represents the level of risk that the financial institution sees in you. A public servant, for example, has a much lower risk of becoming unemployed and losing income than a privately-employed employee. Therefore, the interest rate is lower for those who work for the government.
Know the types of personal loans and see the pros and cons of each.
The “common” personal loan is like buying money from a financial institution. The price to access these resources is the interest rate that will be added to the monthly installments. In this option, you do not need to give any good in guarantee and the payment is done via ticket or automatic debit. Only individuals can apply for a personal loan. Generally, there are options already pre-approved in your bank, but it is essential to research before closing the contract.
The payroll loan carries the installments already deducted from the worker’s payroll. The risk is low for the financial institution, which helps to lower the interest rate. Retirees, INSS pensioners, public servants and private sector workers can apply for a loan, but some details need to be checked.
1 – The interest rate is lower for retirees, pensioners and public servants because the risk of wages being paid is very low.
2 – For workers in the private sector, it is necessary to research if your company has an agreement with some financial institution. It is more common for large companies to offer payroll than small and medium-sized companies.
3 – The granting of payroll loans depends on how much your income is committed, which is known by the term assignable margin. The limit is 35%, that is, the maximum that a portion can represent of your remuneration.
Loan for anticipation of 13th salary or Income Tax
The anticipation of 13th salary and the restitution of the Income Tax are good options for those seeking an emergency loan. That means they are values you already know you will receive, but you agree to pay a price (that is the interest rate) to anticipate them. This is done through your bank. When you receive the 13th salary or the refund of the Income Tax, the money is automatically deducted to pay off the debt.
The anticipation of this money brings a built-in cost to the consumer in the form of interest rate. Therefore, it is worth comparing with other rates and loan lines to know if the deal will be advantageous for you.
Credit with property or vehicle guarantee
Do you have a property or vehicle? You can leave them as collateral and ask for a loan. The interest rate in this case may be lower than the average because if you fail to pay, the financial institution can take your asset as a counterpart to the debt repayment. Therefore, the risk to those who delay is greater because it involves the loss of a good. This possibility must be taken into account prior to the option for a secured loan.
DISCOVER YOUR RATE
The hiring process is very simple: in 5 minutes you hire the loan that best fits your financial profile. But do not forget: It is important that your loan does not commit more than 20% of your monthly income!