Getting credit at lower interest rates is one of the big challenges here in the world’s highest interest land .
Although the credit card’s interest rate exceeds 400% per annum (!) It is still possible to take advantage of some tips to get a cheaper credit.
Without further ado, let’s go to them!
1- Payroll Credit
One of the most common forms of secured credit, payday loan is a great way to get lower interest rates.
This happens because, here, installment payments are deducted automatically from your payroll. This ensures that you will pay your institution before you can even get the money from your salary.
However, exactly for deducing the payrolls is that this modality is not for everyone. Only signed workers, civil servants, military, pensioners and retirees of the INSS can have access to payroll deductible loans.
In addition, workers with a formal contract can only apply if the company they work with has an agreement with a bank.
If you have some jewelry or much more valuable, it can be used as collateral to get a cheaper loan!
In this case, interest is lower because if you default, the bank can take your jewelry and sell it.
So be careful before taking a loan of this to not put as collateral any good that has a great value for you.
Here in Brazil the pledge can only be made by Caixa Econômica Federal . The valuation of the value of the good is done in the agency itself and you are already out with money on time!
3- Refinancing of Property
Also known as loan with property as collateral. That is, face to face we see the risk of this modality: in case you do not pay the installments the bank can take your property.
It is very important that you know about this risk before you incur such debt. If you plan well for the installments to fit your budget, and if possible plan B to help you if things go bad.
Going for more practical terms, it is possible to finance up to 70% of the valuation value of the property. In addition, the payment deadlines can be very large, up to 30 years!
With a little planning and preparation, this can be a great way to get lower interest rates.
4- Refinancing of Vehicles
As in the previous item, this is a way of taking credit by placing a good as collateral. Here, this good will be your car.
Again, the interest rates are lower because, in case you do not take the installments, the bank can take your car.
To get such a credit, you need to have your vehicle taken away (there are even some places that do not have this requirement, but they will charge more for it). Still, the car needs to be in your name and be less than 10 years old.
The car will be in your name during the whole process, however know that it is rather the guarantee with the bank.
The tip is the same for the previous items: if you plan well so you do not risk losing your car.
5- Anticipation of the 13th Salary
Leaving your 13th up ahead to have the money can now be a good choice if you are going through some emergency and need quick cash.
Since you will be anticipating money, normally the portion to be paid will be unique, and will be charged at the end of the year, once the amounts are deposited into your checking account.
You need to contact your bank agency to have access to this mode of credit and as the installment will be unique, you do not commit your monthly income.
Despite several facilities, know that there is a risk here: if your employer fails to pay or delay the payment of the benefit, you will still be charged and can end up with a debt greater than expected.
So make sure you think well about the risks before you take out a loan.
6- Make an Online Loan
This is an easy-to-access modality that does not stop growing in Brazil.
Exactly because they do not have to pay as much personnel, nor physical structures as agencies, that these sites manage to offer credit at much lower interest rates.
However, not everything is flowers. Usually these websites do a rigorous risk assessment and not everyone gets access. In addition, there are also sites that offer everything online, but at very high interest rates.
So, never forget to compare all the options. The Low Interest platform , inclusive, is a great option for this.
Keep an Eye on the Beating!
Finally, take care of the blows! Before you take out a loan, check to see if the company really exists! Search for it on Google and ask people you know if they’ve heard.
Still, if any institution charges you a loan release fee, or any kind of upfront fee, run flat! This is one of the most common forms of coup in Brazil.
Lower Interest Rates for Everyone!
We hope these tips will help you get a lower interest loan! In fact, count on the Low Interest team to help you find the best loan for you!