There are, today, numerous types of loans available in the market. But with so many options, it’s hard to choose the one that best suits your financial profile and truly aligns with your goals, isn’t it?
To help you decide for the ideal loan, we have prepared a content with super valuable information about each of the credit contracts accessible in the current market.
Ready to understand the world of loans? So, come with us and have a good read!
What are the 5 loans available today?
Check out, now, all the 5 most used loan categories in the market today and, thus, find out once and for all which one best fits in your life:
This is by far the best known type of loan and also the most requested. Due to its immense ease of use, many make credit cards a true continuation of their account.
In reality, the credit card works with a pre-approved loan, that is, there is no need to request its use.
But, don’t think that this takes away the responsibilities of paying for this loan!
If you pay only the lowest amount on the bill, you are automatically taking out a loan from your service provider. This is nothing more than the dangerous “revolving credit” that has interest rates that reach 14.3% per month.
So always keep your feet on the ground when using this type of loan.
Like a credit card, this one also functions as a kind of pre-approved credit.
The overdraft is often like a real quick fix. However, before actually allowing you to use an amount, the financial institution studies your entire earnings and payments history, including your score and defaults.
Whoever thinks that this coverage is free is wrong!
If, at the end of the day, you have a negative balance on your account, this type of loan will charge interest reaching the 8% mark per month for the amount of money lent to you.
Financing, on the other hand, acts quite differently from previous loans.
They are perfect options for purchasing real estate, automobiles or other high-cost property. Precisely for this reason, they can only be ordered with a clear purchase intention.
After all, the financial institution is the one who truly buys the property you request and gives you ownership. To finally become the owner, you need to pay off all the installments on that loan.
In a real estate loan, for example, interest can be around 3.95% per month, and it is possible to pay off the loan in up to 30 years.
For this type of loan, the payments you need for each of the installments to pay off the debt is deducted directly from your payroll.
For more than salaried workers, this type of credit concession can also be contracted by INSS pensioners and retirees.
Interest rates for payroll-deductible loans are estimated to be close to 2.04% per month, with the possibility of repayment in up to 10 years, thus seeming very attractive to some people.
This loan is only intended for legal entity (PJ) accounts, that is, it can only be used for business investments.
Its use should be truly limited to your business and, for more than all your corporate documentation, you will also need to convince the bank to give you the loan.
For this, it is necessary to present a complete action plan for your business, explaining, thus, how you will use each value of this credit.
Now that you know the most different types of existing loans, don’t forget to check out our other contents!