Needing money is a very complicated situation, especially when we are in an emergency situation, with unforeseen and personal problems happening at the same time. It is very important to first keep calm and remember that taking a loan is basically the same thing as making an investment, making a rational purchase, ie it is necessary to firstly make accounts and make a rational decision.
Before the Decision to Take the Loan
Before beginning the credit-taking process, evaluate all of the above alternatives through basic questions:What do I need the money for? – Clearly define the objectiveIs this need immediate? – Define the term that needs the value, the less urgent, the more options are available for a “cheaper” credit taking or accumulation of resourcesDoes my current income allow for taking resources? – Do your current salary or earnings allow you to pay an additional installment? If you already own a lot of debt, it only makes sense to take one more loan if it is at a lower interest rate and to focus all the debts in one, otherwise it is better to go the other way.
Do I have any assets available for sale? – A vehicle that is not used much, a motorcycle, a vacation property, can be an alternative to some need that is not urgent, or that justifies the sale. Just be careful not to sell with urgency and lose a very large value in the negotiation.
I’m going to take the loan, where do I start?
There are several types of payday loan, which are basically based on the type of collateral that the person provides the financial institution. The main types of guarantee are, the Guarantor, where someone who has income assume the responsibility in case of default, the Guarantee of Property, where your property is sold to the bank as a guarantee, the Automobile Guarantee, where your automobile, or motorcycle are transferred to the bank as collateral, the payroll-deductible payday loan, if the company where you work has an agreement with a financial institution, or you are retired or an INSS pensioner, you can have the installments debited directly on your salary or benefit.
Choosing the Financial Institution:
After evaluating which line of credit best fits your reality, it is important to start the quotation process, never only cite in a financial institution, currently there are several websites on the Internet, including that facilitate the choice and comparison between several institutions, so that you can take the credit with the best rates and possible conditions.
After choosing the institution with the best conditions of term, rates and reliability, it is important to separate all the documentation necessary for taking credit.