There is an idea that personal loans are not a good deal due to the high interest rates. However, it is interesting to know that, depending on the modality you choose, you can get low interest credit without extrapolating your budget.
If you are going through a financially difficult time and are considering applying for a loan, check out today’s post and learn about some lower interest rate personal loan arrangements. We have listed very relevant information that will assist you in choosing the ideal personal loan.
1. Payroll Loan
There is no way to disagree: among the most attractive personal loan modalities, payroll is ahead. Available to INSS retirees and pensioners, public servants and salaried employees whose companies have partnerships with banks, payroll-deductible loans have their installments already discounted on the payroll.
Although the modality is open to employees of private companies, generally only large companies offer the benefit. Small and medium-sized businesses are unlikely to have this facility, but it is worth consulting with management.
Because of the guarantee that they will receive the installments on time, banks and financiers work with very low interest, compared to conventional personal loans.
It is worth noting the payable margin: this is the maximum amount of income of the worker or beneficiary that can be committed to the loan. For INSS retirees and pensioners, the margin is 35%, with 30% for personal credit and 5% for payroll-deductible credit cards.
Hiring from the bank where you receive your salary or benefit is not at all complicated: just go to the branch, ATMs or internet banking , see if there is a limit available for the loan and apply for hiring. The installments will be discounted monthly on the same day as the payment is credited to the account. It is not necessary to prove data with documents.
2. Online Lending Platforms
Searching the web, you may have come across dozens of virtual platforms that make personal loans available online. This is the case with Just and many other institutions. These companies are legalized and act as a bank and finance correspondents. Because the processes are completely virtual and without the need for large physical structures, there is a considerable reduction in interest rates.
When accessing the websites and simulating a loan, the consumer must present – depending on the company – proof of income, residence, bank movement and income tax returns. In some institutions, the process is more bureaucratic. This is not the case with Just, GuiaBayment’s partner where the process is quick and practical. On some sites, money is available within 4 hours of accepting the contract.
Even with the low interest rate, in this mode it is interesting to analyze the CET (Total Effective Cost) much more carefully, since the platforms also charge administrative fees.
3. Anticipation of receivables
Thirteenth salary prepayments and income tax refunds are also good options for those seeking emergency credit. Banks allow the anticipation of receivables and, when the account holder receives the amount, it is discounted. In case of IR refund, the advance can only be made in the bank informed in the declaration.
The major disadvantage of these two options is that the employer may not deposit the paycheck and the taxpayer may fall into the loop and not receive the refund so readily. In both cases, the customer is left with the bank balance, further complicating their financial health.
Before hiring a loan, even a lower interest rate personal loan, the tip is to analyze and evaluate if the amount is really needed at that time. Remember that applying for an impulse loan will compromise your finances.
We hope you enjoyed reading. If you have questions about personal loans and other finance-related topics, leave your comment!