You want a loan.. then set the desired amount, the number of installments, the best date for payment and finally select the interest rate..
” I want a personal loan where should I look? When it comes to personal loans, there are wide variety of lenders and online companies to choose from, willing to grant the necessary money quickly and even without bureaucracy. “
What is your request? I want a personal loan fast and easy. OK! However, for you to have more options we suggest you have:
- Salary compatible or proven income
- A good relationship with the creditor institution
- A good to excellent score
- Unsecured credit history or restrictions
- A balanced vs. acceptable income-to-income ratio
Of course all the rules above are flexible and can change at any time. You’ve decided to apply for an online loan, of course, and you already know how to do this, and you also know that you can still apply by phone or go to lenders and lenders of all kinds – including banks and credit shops.
Online lenders and lenders
When you say, ” I want a loan, ” you can be sure that there are dozens of lenders offering online processes and systems to solicit your application, all in a simple way.
The agility of the application so that you can easily borrow the money you need without having to wait days to receive the money, is the hallmark of online loans – they are easy to do and quick to receive.
If you pass the analysis, the amount is deposited into your bank account immediately or on the next business day.
Loan and credit companies that operate on the web, use and abuse technology, are increasingly specialized in online services. Many of these institutions have criteria and conditions to borrow much more flexible than the loans made at banks.
In fact, many of them are willing to lend money to potential borrowers who have restrictions on CPF, low score or no credit at all.
Bank correspondents and comparison sites
Many of these lenders, websites and platforms with applications to make loan online by mobile phone, you find direct on the internet, are banking correspondents that operate (Fintechs and Techfins). Their work is up front with you with one more financial institution that meets your needs – we do it.
– We send you to the partner registration page to fill out the form and initiate the request.
If you are eligible in the prerequisites, after evaluating your personal information and credit profile, if the lender decides that you deserve the type of loan you are applying for, the amount of money you have applied for is approved.
Everything is done through the cell phone, laptop or desktop computer, it is usually done by the online website or application. We know that speed is a key factor for anyone who wants money urgently, whether because of an emergency or something like that.
It is worth mentioning that these services we are mentioning are practically all automated, you will only talk to someone if you have to adjust some pending information or documentation.
You can only get approval the same day you sign up until 2:00 p.m., until 3 p.m.
[Brief comparator of lenders here]
Private banks and credit unions
Maybe when you read or hear about cooperatives does not sound familiar, however, in many more developed countries, this way of getting money is much more effective and cheap.
Within the country and rural regions of Brazil, cooperatives are more common than in urban areas, the proximity of these institutions to the population makes all the difference.
In any case, it is inevitable that people will soon begin to consider tightening up relating to these lending institutions to open a checking account or savings account, use the offered banking services, and take out personal loans to raise money.
As for the banks I will not be explaining what they are, surely you should already know. On the other hand, you should understand that banks, finance and credit unions are the most traditional types of lenders to date.
Although cooperatives do not get as quick to approve when online lenders, and have stricter approval requirements than other lending companies, they are still good solutions to take credit of any kind.
The approval process is faster when you are a customer and have an existing account at the institution. In credit cooperatives, the tendency is to apply lending criteria more flexibly than private banks.
Typically, traditional banks are less likely to approve dirty-name borrowers, who are negatively constrained in Serasa, SPC, SCPC.
Platforms of creditors Peer-to-peer
In Brazil this means of getting money is relatively new, unlike Portugal, Europe and Oceania, and especially the English-speaking countries. In the financial market, the lenders who operate the Peer-to-peer, are marketplaces that serve to unite investors and borrowers in search of money.
They facilitate the lending process between people. Instead of offering personal loans with the very resources or resources of a private or financial bank, whoever is a part of the platform and wants to lend your money – it is possible.
The process of obtaining Peer-to-peer is very similar to the process of obtaining an online personal loan through a internet lender. It’s also a completely digital experience, 100%. The time of approval and release of money is longer, due to the phases of any concern.
Getting a Personal Loan in a Bank
Getting a personal loan at a traditional bank may be the most traditional choice possible, but it is not always the best option. Check the list with the list of bank numbers and codes here, if need be.
If your bank has credit offers at your disposal, it may not be a bad idea to look at these options – they are sometimes provided with special discounts, lower rates and still comes with pre-approval and automatic request in various media, including in the boxes electronics.
However, personal bank loans generally have stiffer approval criteria, have a longer repayment term and sometimes at the end are more expensive than other alternative options or in other competing banks.
Banks have the reputation of being safer and more reliable but this is not always the best – the customer service of some banks are sometimes actually worse than online lenders.
What Makes a Personal Loan More Competitive?
There are several features that we can cite as important that you should consider when comparing some form of loans.
To find the best loan company, ask yourself these questions:
- Do I qualify for what type of loan? Do not waste time researching a type of loan that you do not meet the approval criteria.
- Can I borrow the amount I need? Will you be able to pick up the exact amount or more than you need and pay back in a time frame that is reasonable? Who defines the payment time is the modality of the loan requested.
- Do you have competitive interest rates? Note which rate has been approved for you, but also consider whether it is fixed or variable – variable interest rates are subject to change.
- What fees are charged? Most lending companies and lenders do not charge fees for request or commission fee. They charge only the fees and taxes legally required.
- How long will I have to pay back? Hiring a personal loan with short term can affect finances, hire for a long time, will get very expensive in the end. Choose a deadline that the installments are as suitable as possible to your budget.
- Can I use the money however I want? You can use the money of a personal loan for almost any purpose, but some types of loans do not allow ex: construction loan.
- Am I going to need to give some assurance? Only in secured personal loans is required that you put something you own as collateral, eg a car, an urban or rural property.
Other factors on loan of your interest
Everything should be noted when applying for a loan, the interest rate is not the only thing that has to take into account or that makes a loan competitive. Compare these other features listed below:
- Amount released. Different lenders offer different loans. You have access to secured and unsecured loan with floating interest. As for the amounts, usually is granted from $ 300 to $ 50,000, may be more if your income allows.
- Term of the loan. The term is a serious case, in personal loan without consultation, the term usually is up to 12 months. However, you find personal loans consigned with low interest with up to 8 years to pay.
- Processing time. If you need a fast loan, this aspect requires special attention. Certain online lenders can give access to financial resources in 1 hour, the same day, 24 hours or the next business day. But it has modalities that the process lasts of 2 to 10 days, being able to arrive at 30 working days.
I want personal loan with lower interest rates, with you?
Banks and financiers seek to meet some essential requirements before giving the borrower the best interest rates they have, among the requirements we include:
- Have high credit scores. Having a good or excellent personal credit score is one of the most important factors in getting a low interest rate. Many approvals are based only on the score, rating and credit score – except the payroll.
- Have credit report without restrictions. Your credit score should reflect your credit history and report in the right measure. Banks and financiers love customers that are far from delinquent, so they get the best interest rates.
- Demonstrate high income. Most lenders and personal loan lenders require a minimum income to qualify a claimant, but if you have a higher income than required, you may have access to a much better rate.
- Relationship vs. Debt income. Sometimes having a high income is not enough, especially when measuring the ratio of monthly payments to debt to income received monthly. To release a loan in any situation, the commitment should not exceed a maximum of 4o%, and the smaller the better.
Tip : Always make a comparison between 2 or 5 lenders to find one that is truly worth it.
Today, on the web, we find various advertisements titled ” best personal loan online”, “best company for your loan” etc., it is obvious that there are low interest loans and punitive interest rates that lead the borrower to never leave the debts