Brazil has just emerged from an economic crisis that left a large part of the population in debt. Still, many people are afraid when asking for a loan, which is understandable because of the rumors surrounding this area of the financial market. However, if it is very well planned, it is possible to do it without anything wrong happening.
There are several types of credit lines, but the most well-known and indicated may be that of payday loans. Despite having higher interest rates, the terms are usually longer and there are not many requirements to be accepted. They are rarely denied and it is not necessary to give a justification to the financial institution regarding the use of money.
However, there are unforeseen events and very common situations of falling into error. You have to be calm and analyze a number of factors – mainly scams so well applied and commonplace that they look like real loan transactions, especially when the victim is not very knowledgeable about this type of negotiation.
With that in mind, Cream Finance made a list of tips for not falling for scams and making mistakes, in addition to not having any major problems and future headaches when applying for a payday loan or choosing your credit line and financial institution. Check-out.
The first step in obtaining a credit line once you decide to do so is to plan. Understand the destination of your money, research on interest rates and all others that will be charged on the loan, the Total Effective Cost (CET) and, mainly, what impact this will have on your monthly income. This can be done with the help of spreadsheets, applications and websites, even some that have a loan simulation that already counts all fees and expenses.
Loan only in a safe place
The most important of all the tips and that should be executed without any kind of error is that loans should only be made with those who have a security identification and reference on the subject. And that goes far beyond financial institutions, but it also includes credit platforms that generally have financial partnerships and a good portfolio of clients,
All financial intuitions that make legal and secure loans are authorized and regulated by the Central Bank , while credit platforms are official intermediaries. Just search for the company’s CNPJ, the address and contact details of those who want to take out the loan to know whether or not it is a scam.
Think about the return
In planning, visualize the return. There is no point in taking out a loan if, not only will you not be able to repay it, but you will return to your starting point. A payday loan must have a guaranteed, concrete return. Do not hire him if the credit line will only cause you to have one more debt or to use your money on unnecessary goods like travel or car.
Be wary of miraculous deals
Before doing anything related to your money, research. If a loan happens to appear that seems too good to be true, it is usually because it is not true. To identify this type of scam is quite easy: an opportunity with very low interest rates and almost no extra fees or charges to be paid.
Interest rates and charges vary from institution to institution and from line of credit to line of credit, it is known. However, both institutions and credit platforms usually follow an approximate average practiced by the market and issue.
Never deposit before
No financial institution will ask for advance deposit as a guarantee before the customer receives the loaned amount. This is a common practice of fraudulent actions, with the justification of reducing part of the amount. The scam can also come in the form of an advance, even if the company or the intermediary does not carry out any type of registration.
Look for cheaper debt
The loan is nothing more than a financial tool to help reduce debt. However, the customer will be exchanging one debt for another, so he must make sure that the new debt will grow at a slower speed, exchanging a higher interest rate for a lower one. Look for the ideal line of credit for your pocket and that debt does not become greater than the one you intend to pay.