Find out if you really need to take out a loan

In order to make a complete personal financial control, we need to always be alert to the excessive consumption and the compromise of the income with financing. But sometimes, debts get out of control or an emergency expense arises And, when you realize  are you kind of rolled up and thinking about taking out a loan. When that happens, one of the first things we think about is: I’m going to take out a loan to end these debts. But be what that the best solution The answer: It depends! In many situations it can be a viable alternative, after all, you may be able to reorganize your financial situation and concentrate your debts. But I need to study the possibilities very carefully.To help you better understand this, we have prepared this post that will show you when to take out a loan the best alternative to pay off a debt


Understand life the first step

credit loans

First of all, it is necessary to understand the situation of debts that you intend to settle with the loan. This means calculating the total amount, including interest rates and other possible charges. For example, are you it has a debt of $ 1,000 on the credit card (the famous revolving card). Based on some rates and charges practiced by the market, 10% of revolving interest ($ 100) + 2% (per month) of late penalty ($ 20) + 1% (to the total amount) per month) of default interest ($ 10) . So, your debt actually, after the delay, of $ 1,000 + $ 130 = $ 1,130. And it increases with each month you go. you do not pay the full invoice. Do these calculations The first step is to understand the real value of what you do. are you owing.


Search for forms of loans


The second step search if you can you make a loan and what are the best conditions available for your profile. Important: always search for lines with low interest rates, like the one offered by Just. For that, You should go to different financial institutions like banks and financiers to understand what types of loans you have. it fits. Typically, the most common are personal credit (sometimes even negative people can do it) and payroll loans (done through the company And Discounted On payroll). Personal credit simpler to get, but usually has higher interest rates. So, do real simulations to understand how much you are. You are to pay. For example, if you take $ 1,000 in personal credit – at an interest rate of 4.5% per month, the final amount will be from $ 1,315.99. The payroll “has much lower rates”, however, it makes the payroll discount. So your salary gets smaller every month. The important go to various institutions and research the best conditions,


Compare values


With that information in your hands, power compare debt and loan values ​​and see if it’s worth it. For example, if your debt on the card has rates of around 15% per month payroll is 2.5%, it is worth making the loan, as you pay less than the credit card charges and in installments compatible with your monthly budget. When possible, initiate emergency savings. It will be a third option to settle debts, where depending on the type of investment, the analysis will consider whether the interest on the credit will be higher than the interest on your investment. to be worth the ransom. It is important to remember that the interest rates on overdraft and credit card are the highest in the market. So if these are the villains in your history, it might be worth taking out a loan to get this debt over with.

Best Loan Banks in Brazil: Interest Rate Ranking

It is necessary to understand which are the best banks to borrow money in BrazilPay off debts, travel, renovate the house, invest, open a business, open a business. These and other goals and dreams can lead a person to think about taking out a loan.

Do you know what a loan is? It is a type of service offered by the main banks and financiers in the country. These institutions provide a sum of money to those who request it. As this is a very competitive market in Brazil, the main financial institutions have their own rates, payment terms and credit offers. In this scenario, it is not uncommon for doubts to arise as to which banks are the best for lending in Brazil.

If this is also your question, check out the information we will share below.


Main loan modalities existing in the country

Main loan modalities existing in the country

Before finding out which banks are the best for lending, it is important that you understand more about what this service is about. Generally speaking, the loan is an amount of money that the bank or financial institution lends to its customers. The process is carried out according to a pre-established contract. Institutions must follow Cream Bank standard 3,954 to proceed with this type of operation.

The loan has no specific purpose. This means that you do not need to inform the destination of the requested money or account for it. As its name suggests, the amount you received must be returned. The return is made in the form of payment of installments that may vary between months and years, depending on each situation.

The two main categories of loan are payroll and personal.


Personal loan

In this modality, the bank or finance company has no guarantee that the money borrowed will be returned. Therefore, interest rates are usually higher. Since it is a more expensive loan, approval is usually made easier.

There is no limit that can be requested, but it is up to the bank to decide if it wants to lend the amount you want from the assessment of your profile and risks.


Payroll loan

It can only be requested by those with a formal contract, civil servants, retirees or pensioners. The applicant can only enjoy an amount that corresponds to 30% of his salary or benefit. In this category, the payment of installments is made through the discount in paycheck. Interest rates are lower compared to personal loans because banks are more guaranteed to receive the amount again.


Comparison between the best banks for lending

Comparison between the best banks for lending

Banks usually charge lower fees than financial ones. But even among them, there is a variation in interest, payment terms, release of money, amount among other elements. Based on a comparison of the interest rates of the main financial institutions in Brazil, those that offer the best conditions are, first, government banks; 2nd, the largest private banks and, finally, other banks and finance companies. 


Online loan simulation

Online loan simulation

Even if you already have information about the best banks for lending , it is important to simulate the installments and interest rates that will be paid before contracting the service. This whole process can be done online and without bureaucracy through the Lite Lenders website.

To simulate, access the company page, fill in the blanks with the amount you wish to borrow, number of installments, name and e-mail. Click on continue and fill the form with the requested data. His registration guarantees research in more than 30 financial institutions, a credit offer in 5 minutes and money in the account in 48 hours after the loan is validated.