If you have ever considered getting a loan, you have surely come across the most diverse modalities on the market. Among the most popular lines are:
- Credit card;
- Property secured credit;
- Vehicle Guaranteed Credit;
- Personal credit
There are some important aspects that should be carefully considered in order for you to choose the best loan option. If you don’t follow these guidelines, you may end up paying much higher interest rates or even getting some headaches.
To help you make the best decision, here are some very important points to consider before hiring your ideal credit:
1. Interest Rates – How Much Will Weigh In Your Pocket?
It is the interest rate that will define how much will be added to the monthly installments of the payment. Therefore, the lower the fee, the lower the amount to be paid.
In general, they are defined by the risk of default by the payer, ie by the probability of the customer paying for the installments or not. In collateralised arrangements such as real estate, for example, interest rates are significantly reduced. Bcredi, which offers secured property credit, has rates starting at 1.14% per month precisely for having a concrete guarantee.
2. Payment term – it makes all the difference
If your loan repayment term is short, installments get higher. This is precisely because you have less time to repay the debt. With longer terms, the parcels are less concentrated.
Want to understand this impact on monthly installments? Bcredi has prepared a comparison between some types of credit, considering a loan of $ 50,000.
Did you see? Combining lower interest rates and longer repayment terms, you can pay up to 80% less for your loan. Much lighter for your pocket!
Restrictions on Credit Usage
There are some arrangements that require you to prove your use of the credit you are lending to. This is often a fairly bureaucratic process. Therefore, if you are looking for greater flexibility, it is best to opt for loan arrangements that have free use of credit.
Where to get loan?
Just as important as choosing the ideal loan modality is the choice of institution. Although many people think that financial transactions are unique to traditional banks, fintechs have become increasingly significant in the financial market, as they often work with much more dynamic and less bureaucratic lending processes.
Bcredi is a fintech that offers fast and agile credit: within 10 business days, you get your credit. With loans starting at $ 30,000, secured credit is an ideal form of credit for those who want to pay off debt, invest in their business, open a franchise or realize a dream.