Doubts about personal loans that nobody talks about
Have doubts about lending where to compare, simulate and contract an operation with transparency? It may even seem easy to borrow a buck, even more now with all the ease that these 6 online personal loan websites offers and many on the web even you sitting on the couch watching television. Well, technology has invaded the financial environment with companies and online sites that make 100% the entire process of hiring and releasing without bureaucracy.
That is good, on the one hand and bad on the other side, like the two-edged sword, cut on both sides. So be very careful when hiring a loan, be it online or physically with the attendance of an attendant or bank manager. The idea we have of service is that when we request an amount in a certain credit company, all information related to the financial operation or the product in question is informed with transparency when contracting – right?
Anyway, the truth is that interest rates are different for each lender, type of customer and type of loan. In several posts here on the blog we inform interest rate of many companies and lenders websites, what you need to know is not the interest rate, understand that it is much more important you know what is the Total Cost Effective of the loan, the rate of interest is just one more factor. If you make a comparison through the interest rate, in addition to the comparison is not real, you may be mistaken in the final balance of your loan.
To facilitate understanding, we list some information that we consider essential for anyone looking to take out a loan without fixing problems and keeping interest rates down.
1. CET – never stop comparing
The CET, or Total Effective Cost, is the rate that lists all costs that involve and are included in all types of loans. With CET information you will be able to know exactly how much you are going to pay for a particular financial operation or service. When making a personal or payroll loan, ask to explain how the calculation of the CET will impact the installment and balance due, ie, details of all costs and extra charges if any.
Corri- latingly, several institutions charge additional fees from the consumer applying for the loan, financing or credit but not informing them, so when comparing companies using only interest rates as a source, the consumer will surely do a bad deal.
2. Making personal loan online is trustworthy
There is no problem in making personal loans online, which is not good is you find companies that ask for money in advance, and because it is your urgency, it is not uncommon to end up depositing the money, but you will never see the color of it again.
We are online for more than 9 years and we can say with all certainty, getting an online loan is safe and reliable, just like going to the bank personally. However, you just need to be aware of where you are applying for your new loan.
– Never make advance deposit for release of any type of loan.
3. Can the customer cancel or repent?
Good question! Is the client entitled to repentance and can he cancel the loan he / she has contracted? Of course yes! According to the “Consumer Protection Code”, the customer has the right to repent of a loan requested and completed off the premises, ie (over the internet or telephone). However, there is a deadline for cancellation to be accepted by the lending institution if repentance occurred within this withdrawal period – the loan is canceled.
4. Can you remove or anticipate installments?
It can settle and can anticipate installments without problems, as long as the type of loan allows this. For example, in the payroll you can not anticipate installments. Another detail is when a borrower anticipates installments, the normal lender is to give some discount value. Every loan or financing is generated by charging interest, when you pay installments in advance, you are amortizing future interest, so when the borrower makes the settlement of the debts or anticipation, he is entitled to a discount on interest.
5. Special check is also a type of loan
Yes, overdraft is a type of loan. In this case, the customer has a pre-approved credit amount in his current account that when used generates costs and interest. That is, overdraft is not an intelligent type of credit. It is not worth paying these interest, considering that there are other loan options that are cheaper.
6. Credit card is a type of loan
A credit card is essentially an agreement between an issuer (administrator) to lend to the holder or holder a limited amount of money. Credit cards serve many useful functions, including the ability to pay purchases when you have no cash on hand. The credit card issuer essentially grants you the money to make the purchase, and you can repay that loan at a later date, charged with an invoice that can be added to interest or not.
7. Compare banks’ interest rates on BCB’s website
On the websites of the Central Bank of Brazil is available online for those who want to know the interest rates of most of the banks and official finance of the country, if you want to know where the cheapest interest of the personal loan, financing or payroll you want to get, is enough go to page: link
On the page there is a wide listing of modalities with the average interest rate applied by banks and financial institutions by period. It is worth remembering that the reported rates do not bear all the costs of the operation, so be sure to also observe the CET in the company that is providing the credit for you.
8. Not always a loan is the best solution
We at the portal of the loan always talk about credit and loan in a global way, sometimes we make loan reviews and indicate one or another trustworthy company in operation, but we value the transparency in the information for our users.
Of course there are pros and cons in hiring a personal loan online or payroll, in fact if the loan is not well used it will certainly become a disorder and may further increase the level of indebtedness. So the tip is always to make a responsible and intelligent loan, especially if you are swapping debt with portability or refinancing.
Currently switching from a more expensive debt to a cheaper one is one of the most correct ways to reduce debt and financial payments so as not to lose money over time. If you have questions about loan, personal credit operations and financing, leave your comment or talk to us.