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.
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:
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.
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.
Post-fixed interest, that is, the interest rate may change each month. The payment term is from 4 to 36 months.
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.
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 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.
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.