The end of the month passed, I could not pay all the expenses and the bill remained in the red Overdraft and credit card have already become your best friends. Not to go on like this, right?
If just cutting spending is not enough to balance your budget, the best alternative is to ask for a small hand for a loan. With the money in your account, you pay off everything you owe and you get a small interest rate, right in your pocket.
But did you know you have thousands of credit types?
The wrong choice when hiring and you can go back to what you wanted to keep away: the snowball. Very careful at this time!
The big secret to this does not happen is to think of the loan as if it were a product you need to buy. To simply take home the first one you find, right? Searching prices, offers and the best forms of payment is always good.
And with a loan it’s the same thing! In addition to the different rates offered by the institutions, there are also some types of credit with particular characteristics that should be considered. Therefore it is always good to understand the positives and negatives of each of them. And in this task, we help you!
Remember when you wondered if it would be worth putting the car as collateral for the loan? This is a well-known type of credit, since, because of a non-payment safeguard, interest rates are often low. Another advantage is the possibility of negative people being offered – but that will depend on the analysis the financial institution does, ok?
Nevertheless, we also have to consider that there are several rules for good being accepted by the lender – very old cars, for example, can hardly be placed as collateral – and that if you do not pay the installments, yes, you will lose it!
If you don’t like to risk something of yours, you can think about the payroll loan! Like the previous one, it usually has low interest rates because all installments are discounted straight from the payroll, even before the salary, retirement or pension reach your hands. This brings much more security to you, who do not have a chance to be owed, and to the lender, who is sure of receipt. But remember that there is a limit amount of 35% of the income that can be offered.
In the case of this type of credit, specific care must be taken! Since it is not you who pays the installment but the automatic debit, it is easy to forget that it exists, right? So there is a danger of spending the way you used to, and when your salary goes down you realize that you don’t have enough to pay the bills. Do not forget to follow a financial plan and always put the loan in it! Oh, and its worth remembering that not everyone has access to payroll loans. This is usually offered to those with a formal contract, withdrawals and public servants.
This third type is that communion! You apply for a loan to a financial institution, it analyzes your payer profile and gives you an offer according to the assessment made. Then it’s up to you to pay the installments every month – otherwise, the name gets dirty on the square and interest can turn into a snowball, see? Many companies offer the automatic debit option as well.
As with the other two, in this case it is very important to thoroughly research the fees charged by the institutions since every penny less already makes a big difference in the end. Just in, Lite Finance partner, for example, as fully customized as interest and the whole process done online form, interest offered are very low (1.9% to begin in ms)!