You can take out a payday loan from your bank, financial institutions, or in cooperatives. The important thing to make this decision is to compare the interest rate that each offers, other benefits such as the type of document you need to send, how many days the money goes into your account and what happens if you want to anticipate or repay the loan. I’ve already decided to take out a payday loan. What are the care?
In your bank
Those who have a bank account usually have a pre-approved payday credit line. This means that the bank has done their credit analysis and has already released a limit that you can borrow at any time. The hiring can be done by internet banking, in the ATM or even by the mobile application. The advantage is the ease of hiring this money, but in return, the interest rate may not be the most appropriate to your profile. Just recommends that you always compare your rate before applying for any loan.
Finding your manager at the agency and asking for a mock is also another way of trying a payday loan. Take advantage of face-to-face contact to get all the doubts and ask for details on the interest rate and all other costs. Thus, you must be informed about Total Effective Cost (CET), ie the final interest rate.
In a financial
Another option is to seek financial loans – companies that specialize in lending money, but which are not banks. Just like banks, a credit analysis will be done, but in those institutions, you do not have a pre-approved credit: so you will be asked for some documents and information so that it can be decided how much the financier can lend you and what the rate of interest. Calm down on the interest rate that will be offered because it is common for financials to pay dearly for loans.
Online loan on fintechs
Hiring an online loan is an alternative that has been gaining ground in Brazil. In general, this modality is offered by fintechs, financial services innovation companies, such as Just. These companies use technology to automate processes, and do not have physical points of sale. Thus, it is possible to offer cheaper interest rates. Fintechs act as banks and financial correspondents.
Even with the promise of a lower interest rate, in this modality it is always interesting to carefully analyze the CET (Total Effective Cost).
One of the advantages of borrowing online is the ease of doing simulations and comparing interest rates between different companies and also with your own bank. To obtain an offer, you must present, generally, proof of income, residence, bank transfer and income tax returns.
In some institutions the process is more bureaucratic. This is not the case with Just, where the process can be finalized in less than five minutes. On some sites, money is made available in just two business days. Understand how the loan works in Just.
Another option for lower interest rates is to be associated with a credit union. It is a different model of what is practiced in traditional financial institutions because each customer is also a partner of the company. The interest rate is usually competitive, but the cooperatives also pose a risk to the consumer. It is important to note that profits or losses are shared among all members.
The hiring process is very simple: in 5 minutes you hire the loan that best fits your financial profile. But do not forget: It is important that your loan does not commit more than 20% of your monthly income!