Did the end of the month pass, it was not possible to pay all expenses and the bill remained in the red? Overdraft and credit card have even become your best friends. You can’t continue like this, right? If just cutting expenses is not enough to balance your budget, the best alternative is to ask for a helping hand for a loan. With the money in the account, you pay off everything you owed and get a small interest rate, very fair for your pocket. Nowadays it is quite easy to hire online, but did you know that you have thousands of types of credit? A wrong choice when it comes to hiring and you can go back to what you were trying to keep away: the snowball. Be very careful at that time! The big secret for this not to happen is to think of the loan as if it were a product that you need to buy. You can’t just take home the first thing you find, right? Searching for prices, offers and the best payment methods is always good. And with a loan it’s the same! In addition to the different rates offered by the institutions, there are also some types of credit with particular characteristics, which must be considered. Therefore, it is always good to understand the positive and negative points of each one of them. And in this task, we help you!
Remember when you asked yourself if it would be worthwhile to put the car as a guarantee for the loan ? This is a well-known type of credit, as interest rates are usually low due to having a safeguard in case of non-payment. Another advantage is the possibility of negative people receiving an offer – but that will depend on the analysis that the financial institution does, ok? Despite this, we also have to consider that there are several rules for the good to be accepted by the creditor – very old cars, for example, can hardly be placed as collateral – and that, if you do not pay the installments, you will rather lose it!
If you don’t like to risk something of yours, you can think about the payroll loan! Like the previous one, he usually has small interest rates, since all installments are deducted directly from the payroll, even before the salary, retirement or pension reaches his hands. This brings much more security for you, who do not have the chance to be in debt, and for the creditor, who is sure of receipt. But remember that there is a limited amount of 35% of the income that can be offered. In the case of this type of credit, specific care must be taken! As it is not you who make the payment of the installment but the automatic debit, it is easy to forget that it exists, right? Thus, there is a danger of spending the way you used to and, when your salary drops, realizing that you don’t have enough to pay the bills. Don’t forget to follow a financial plan and always put the loan on it! Oh, and remember that not everyone has access to payroll. Generally, this credit is offered to formal employees, retirees, and civil servants.
That third guy is that big guy! You apply for a loan with 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 in the square and interest can turn into a snowball, see? Many companies offer automatic debit option as well. As in the other two, in this case it is very important to research the fees charged by the institutions, since each penny less already makes a big difference in the end. At Lite Lending , the Good Lenders partner, for example, as the interest is fully personalized and the entire process is done online, the interest offered is very low (starts at 1.9% per month)! Now, with all these answers, it will be much easier to achieve the success of your business! But don’t forget that, even with the right choice, all attention is necessary, ok?