After you think about it and come to the conclusion that you need to apply for a loan, it is common to be in doubt about which modality to choose. After all, there are modalities loans for every taste in the market.
How to compare loan to know which option is best for your pocket? Here’s how to do it:
Know which loans you can take
Nowadays, the main loans available on the market are payroll loans and personal loans. Within these two choices, there are several lines of credit that can be adopted.
The payroll loan
In most cases, people prefer to apply for payroll loans because their annual interest rate is usually lower. However, you need to know why this happens: in fact, in the payroll loan, the installments automatically come out of the pay stub of the person who borrowed money. Thus, there is little chance of not paying off.
For this reason, that customer is considered to be of lower risk. However, for people who already live on tight hearts, running out of a slice of their pay can be compromising. For this reason, a lot of planning is needed when it comes to taking out a payroll loan so that it does not damage your quality of life.
In addition, it is important to know that not everyone can adhere to payroll loans: only people with a fixed job and a formal contract, in addition to withdrawals and public servants, have a preference for Alidademodality. The interested party can also not have the name entered in the SPC or Serasa.
The personal loan
Personal loans, on the other hand, are another good possibility of credit in the market. There is a greater diversity of rates, depending on the credit line and the total amount required. For this reason, it is very important that the person who wishes to apply for a personal credit does extensive research on possible options and plans to repay the installments on time.
Learn how to compare loan
When making this comparison, some steps must be taken. After surveying the main proposals for your need, it is up to you to decide which one to choose. Here are the steps to consider:
Make a confrontation of the interest charged
Interest rates taken by financial institutions vary from agreement to agreement. This factor is something that should be taken seriously into consideration when making your choice.
In addition to the borrowed amount, one must keep in mind that the amount will eventually be returned to the lender in the future. And the responsible for this is the addition of interest. The identification of those proposals that bring the lowest rates is therefore quite significant in your pocket.
Pay attention to other fees
In addition to the interest rate, do not forget to know what the other amounts charged by the institution are. For a good overview of the proposal, ask the manager what the cost is. total effective amount (CET) of that loan. This sum will include insurance prices and taxes.
Do not forget the form of payment and installments to assume
It is crucial to consider the forms of payment to close a loan agreement. This is because, like any other contract, these clauses must be respected; otherwise the person’s name may be negated and he will lose credit on the square.
It is therefore essential to have a real sense of what your financial situation is and how much money you will have each month to settle your debt. Make a proposal to bank managers and close the deal only with the institution in which you are able to settle this debt effectively, without compromising much of your monthly income.
Loans may not be the best solutions for your financial life, but they are necessary ideas in some situations. Therefore, you need to know how to choose it and ensure good planning so as not to curl up later.