The financial situation has tightened and the decision seems inevitable: you need to know how to borrow money. The truth is that it is not so simple to get loans with financial institutions.
Meeting some requirements is necessary: have income from a certain value, clean name in the market, etc. See all you need to know how to borrow money:
What are the main requirements?
Financial institutions require that the person interested in acquiring a loan, be it online or consigned, meet some key requirements before releasing the money. This is because banks and financial institutions need guarantees that the client will actually be able to afford the installments of the loan they have acquired. Therefore, it is very difficult to access the money if you can not give the financial institution reliable collateral that the loan amount will be returned.
Getting loan approval by the bank is easier if you have income compatible with the amount being borrowed. Another relevant point is to be with the clean name in the market. Most of the institutions do not lend to those who are in the register of poor payers in institutions such as Credit Protection Service (SPC) and Serasa. Another important requirement is not having part of the income committed to other loans. When this happens, the bank rarely approves the request, since the risk that you can not afford the financial commitment is greater.
Most Popular Loan Types
There are several options for loans in the market. The most popular are the overdraft and the revolving credit card. Despite the apparent ease of getting the money, after all, the overdraft is available in the checking account and the credit card can be withdrawn at the ATM, these options are the ones with the highest interest rates on the market.
Other alternatives for those who want to know how to borrow money are payroll loans, where installments are deducted directly from the paycheck, and the model with property guarantee. In these types of loan, the interest charged are lower exactly because the bank has a more concrete guarantee that the money borrowed will be returned. Those who can not use one of these alternatives still have the option of requesting a personal loan from the bank. Interest is higher, but more so than the special and revolving check of the card.
A good option is also to see companies that make loans online, such as Geru, Lendico and Just . Generally, having a smaller structure manage to offer more attractive rates of personal loan.
The first step for those who want to get a good loan is to analyze if they really need this amount. Reflect on whether it is not better to cut spending and live on less than borrowing money from a bank. If it comes to the conclusion that this is even the best alternative, compare the interest charged by financial institutions on the Central Bank’s website. Also check the term of payment: the less time you repay the loan, the less you will pay in full. Another important point is to make sure that the installments really fit your budget. If possible, save to have enough money to anticipate the latest installments and pay less interest.
Loans for those with a dirty name
Although it is more difficult, whoever has a dirty name in the market can get a loan. If this is your case, the indicated one is to look for financial institutions that are specialized in this type of trading keeping in mind that the interest charged are much higher. Run away from the moneylenders!
Regardless of the way you choose to borrow money, it is important to keep in mind that this is never the best option. Organize yourself financially to repay the installments and, in the future, create a reserve fund so that you do not go through this situation anymore.