Personal credit can be a good option for those who want to ease the financial situation and pay off those higher interest debts. But in order to make the best use of money, we need to look at some tips and avoid the snowball effect, where our debts seem to grow out of control. Keep following today’s post and see how to get personal credit and get out of the stifle!
Search within your own bank
It’s true that getting a personal credit involves some paperwork, but it’s easier than many people think. This mode allows the free use of money, which can be used for any purpose. Some banks already offer their account holders a pre-approved credit which, when available, can be simulated and applied over the internet. It is, of course, good to think about before hiring a loan. If it is to pay off a more expensive debt, it is a good solution. But if buying something you really don’t need can give you a headache later on.
You can talk directly to your manager at your account office and request a credit review to get the amount you want. In this case, you will need to provide proof of income and documents from a guarantor / guarantor who will be liable for the debt if you default.
Search online credit options
One credit option today is to contract over the internet with a financial intermediation institution. In addition to being able to offer cheaper rates for their lower costs, it still has the advantage of being online, with no effort to go to agencies in person and subject to more paperwork and delays.
Search for financials outside your bank
Currently, the number of financial and credit unions has increased considerably, making personal credit more accessible. A credit analysis is also made here and the applicant will have to present to the institution of his choice documents such as RG, CPF, proof of income and residence.
These institutions can either credit the money directly to the applicant’s checking account or even provide a card that will serve as a debit to an account where the amount will be deposited.
For those who have a checkbook, this can be used as collateral, thus ensuring lower rates and higher credit limits.
Make the best choice
It is important to thoroughly research interest rates, always looking at whether they are fixed or variable. Fixed rates offer more security, while variables can give you access to higher values, but in this case it is worth checking the readjustment index to have no surprises.
If you are looking for the credit to pay off a high interest debt such as credit cards or overdraft, you should look at whether the loan offers lower rates and not delaying repayments so that you doubt don’t grow and become more costly!
Therefore, the loan repayments plan as well: the amount can be divided up to 36 months, depending on the amount and form of payment (bank slip or debit).
To help you plan and ensure that your plan is successful, it is essential to use a financial planning tool that will help you better control your finances, seeing how much you can spend on your loan for months, and when you can completely repay it.
There are free options in the market which talk directly to your checking account, already recording all expenses made in it, and offer facilities like grouping expenses by category, and you can quickly enter daily expenses through your smartphone
By following these tips, it will be much easier to get personal credit without compromising your financial health! So, did you like our post? Also check out our tips for tracking your budget this year and make sure your bills never go back to red!