How does the loan work?

WHAT IS LOAN AND HOW DOES IT WORK?

If you've thought about changing vehicles, maybe taking that renovation off paper, starting a new business or even paying off an accumulated debt, regardless of your purpose, to follow up on your plans you may need a financial kick. It is at this point that a bank loan can be a very useful tool!

But what is a loan? In short, it is an agreement contracted between the financial institution and its client, where the bank makes a determined amount available through the future payment agreement, where there is an increase in interest that is previously agreed, where in most cases payments are made in pre-established installments. The amount released to each customer, as well as the interest rate, differs from one financial institution to another.

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Applying for loans from banks and financial organizations can be the helping hand you need. You just need to be careful and maintain good financial planning to understand your situation, the right time to take out a loan and the impacts this can have on your projects, as the contract must be paid with interest added.

Nowadays, a large part of the loans are used in order to deal with emergent and unforeseen situations that we are susceptible both in professional and personal life.

WHAT TYPES OF LOANO?

There are several circumstances that lead people to need to apply for a loan, from emergency situations, family planning or even impulsive purchases.

And, with so many types of loan available on the market, it is more than normal that there are questions about this subject. Below are the most popular loan types:

• GUYS

One of the most popular and accessible types of loans, commonly offered by all financial institutions and, as long as they are not negative in credit protection agencies such as SPC or SERASA.

The contract for this service is quite simple and fast, where, after requesting and approval, the money is released directly into your checking account, usually within a period of 24 hours.

This fluidity makes this type of loan very useful for emergencies and unforeseen circumstances.

But like everything in life, there are pros and cons, there are also certain disadvantages to taking out a personal loan.

The first is that normally, the limit available for a personal loan is low, where in most institutions, the maximum amounts vary between R$3,000 and R$5,000.

Another disadvantage is the fact that, due to factors such as credit history and transaction speed, the interest rates paid by the customer who opts for the personal loan are higher than normal.

A great advantage of the personal loan is that it does not have any type of restriction or requirement, giving you complete freedom to apply the amount freely and in any way you want!

• CONSIGNED

When it comes to this modality, it can be described as a loan often used by medium and large companies to make life easier for their employees where, in a simplified way, it consists of the customer requesting an amount and the determined payment installments end up being directly deducted from this client's payroll, retirement or even pension.

By providing more security and a guarantee of default to financial institutions, the payroll loan is able to offer lower interest rates, however, it is accessible only to retired customers, who receive pensions via the INSS or those who work in a company that has a partnership with a bank.

• BY PLEDGE

This is a loan that normally takes place through the assignment of a property or material asset. One of the most common modalities is the pledge of jewelry usually made by Caixa Econômica Federal. The asset is appraised and then the loan is granted in the equivalent amount. Payment must be made within the agreed period for the good to be recovered.

One of the main points of this type of loan is that it allows customers with negative credit, or people with a “dirty name” to have access to this line of credit, since the pledged asset acts as a kind of guarantee. However, the interest rates associated with this type of loan are usually very high.

• OVERDRAFT

This type of loan works as a readily available credit to cover a negative balance in the customer's current account, where contracting is commonly done automatically, thus allowing the customer's current account to exceed the available balance limit at the time of payment. a purchase and enter the negative, that is, turn the day into a debit balance.

The overdraft has certain advantages that are worth mentioning, the first being its practicality, given the fact that it is contracted automatically, and depending on your bank, it can be agreed upon when opening the account. Another positive point is its flexibility, as the total contracted is precisely what is needed to cover the negative balance of the current account.

However, the interest rates that accompany the overdraft reach very high levels, being the highest interest rate offered by banks with averages of around 330% per year.

HOW TO MAKE A LOAN?

To be able to take out a loan, you must be 18 or older and

possession of the necessary documents that we will discuss below. Despite this, with this requirement fulfilled, any professional is entitled to apply for a personal line of credit.

Some companies require the customer's CPF when applying for a loan, but it is also common that only the RG or CNH is accepted for this process.

In other more specific cases, it is possible that other means of identification such as official records with a photo are used, such as a work card

, as well as other data such as proof of residence and even a passport for non-Brazilian customers.

After all documentation is delivered, the financial institution must carry out a credit analysis of the applicant. During this stage, the data and documents presented are checked so that it is decided whether the credit request will be approved and granted, it is also considered how and what amount the person should be able to pay and then the interest rate is calculated best suited for possible approval.

The criteria for approval change a lot from company to company

for companies then there is no single model that can be highlighted. Despite this, it is worth mentioning that profiles with a good credit history, without negative reviews and who keep their payments up to date, usually have a higher approval rate.

ADVANTAGES AND NECESSARY CARE WHEN TAKING OUT A LOAN

As mentioned earlier, regardless of your need, it is likely that there is a loan option that will serve you and help you carry out your projects!

While remaining cautious, you should consider things like:

• Interest rate;
• Quantity and value of installments;
• And duration and form of payments.

Having clarified all these points, you will be ready to make a smart and informed financial decision!