A loan, in fact, is a contract between a person and some financial institution that grants a cash amount, without specific destination, that must be paid in installments and established terms. The rules of this agreement are defined by the institutions themselves: interest rates, values, minimum income, fines, charges, etc.
Loans can be provided by banks or other financial institutions, but none of them are required to do so. Find out which ones are authorized at the Central Bank (BC) to avoid falling into frauds and see what are the fees offered by each, to choose the one that best fits your financial profile.
If you are a civil servant, retiree or INSS pensioner, you may have access to the payroll loan, which has lower interest and the discount of the installments is made directly on the payroll or benefit, although it can not exceed 30% of the total income. Check out the step-by-step with tips on how to get a loan:
Step-by-step on how to apply for your loan
For what purpose do you need money? What the value? How much of your income will you be willing to commit? These are the first questions that must be answered to yourself before applying for a loan. Remember that you will need to negotiate and persuade the bank or financial institution to offer the best deal. And, knowing what you want to get help to define the best strategy. While the release of money is not tied to its use, a defined goal can help you get the best options.
Choice of institution
After researching which financial institutions are authorized by the BC, compare interest rates and charges to know which one offers the best deal. The process is very simple and straightforward. Just go to the chosen location with the necessary documents and apply for the credit. However, defaulters are at risk of not having access to credit, so in order to take chances, you have to provide guarantees that you will be able to pay. So when you get paid at the bank where you want to get the loan, you’re more likely to get approved.
When applying for a loan from a bank or other financial institution, you will be assessed to see if you are eligible to receive the money and what interest and installment terms you will have access to. Generally banks classify clients into categories according to the profile and take into account whether they are employed, whether they work in a stable company, what salary, position they hold, payment history, whether they have equity or financial investments and whether they have dirty name in the square. These criteria usually define the profile of those who offer the least risk to the bank and therefore receive better options for agreements and fees. The credit score is also taken into consideration and can be accessed on the SPC / Serasa website.
In addition to the RG, CPF and / or CNPJ, proof of income and proof of residence, which can be requested by the institutions to release the loan, be sure to carry budgets, business plans (in case you need the money for any venture) , estimates and calculations of how much you can pay monthly and what your debt discharge conditions are.
Now that your loan has been approved, it is time to sign the agreement. Never, ever, sign anything without first reading. Make sure you understand all the variables involved (late fees, facilities with prepayment, charges etc.) and the final amount that will be paid, adding up all costs and interest. Check all the details that you think necessary.