When you look for a loan, you should note a few factors to know if the amount and form of payment will fit in your budget. In addition, you need to evaluate the alternatives that are available for your profile. Maybe you have heard about personal loan , so let's explain better how it works.
What are the types of personal loans
Cash offers five payday credit options. In general, they have short payment terms and low interest rates, around 5% per month. See the options below:
1. Pre-Fixed Single payday Credit
This form has the payment term between 1 to 60 days. The Cashier allows you to retire up to two times. The first reform requires minimum amortization of 30% and the second reform requires minimum amortization of 40% of the value that remains of the contract plus charges of the new period.
To better understand, amortization is the part of debt settlement in installments plus interest. For example, a 50% debt repayment means paying half of the debt amount, plus interest.
2. Pre-Fixed Monthly payday Credit
It has fixed interest rates, that is, they are agreed at the time of the loan and do not change over time. The payment term is from 1 to 48 months.
3. Post-Fixed Monthly payday Credit
Post-fixed interest, that is, the interest rate may change each month. The payment term is from 4 to 36 months.
4. Credit Salary Pre-Fixed Monthly Cash
This modality is only available to customers who receive salary in a deposit or benefit account in the Cashier. The interest is pre-fixed and the term for payment is from 1 to 48 months.
5. Credit Salary Post-Fixed Monthly Cash
It also only serves clients who receive salary or benefit from a deposit account at , but have post-fixed interest rates, that is, they can change from month to month. The payment term is 4 to 36 months.
The taxes and fees charged on personal loan:
- Collection of IOF (Tax on Financial Transactions) in the act of contracting, according to the legislation in force.
- In the pre-fixed options, interest is defined according to the rate in force on the date of hiring and deducted from the loan at the time of hiring;
- In the post-fixed options, interest is charged + Referential Rate (TR), monthly;
- The collection of tariffs must be in accordance with the current tariff schedule available at the branches or on the website.
Advantage of the loan
The interest rate offered on personal loan is low compared to other forms of payday credit. When a company runs less risk of not getting paid back, it may offer a lower interest rate, as in this case. This happens when, for example, the client is an account holder and receives the salary from the bank that made the loan. In this case, the bank can debit directly from the account in which the borrower received his salary, so the guarantee of receiving is much higher for the bank.
Disadvantage of the loan
To access credit options, you must be a bank account holder. Whoever is not, can open an account, but the opening does not guarantee that the credit will be approved, because an analysis will be made to each request. Remember that to open an account you must have a clean name.