Asking for a loan from a finance company can be the solution in times of need, but you have to be careful about interest rates.
Many people and even companies experience financial difficulties at the end of the year – after all, this is a period of heavy spending. For private individuals this happens due to Christmas and New Year purchases, while in the case of companies there are also additional expenses in this period, such as the payment of the 13th of the salary.
For this reason, looking for a granting of credit becomes an important solution. However, you need to be careful and take precautions to avoid having problems with loan interest in the future.
Regardless of who the borrower is and the type of loan, it is necessary to check how save on the interest rate and find the best options available from banks, fintechs and financial agents. Thinking of facilitating this choice process, specialist Sacha Aprile, CFA and Director of Operations at Crediblue, has prepared some suggestions.
Look down:
Conduct a financial assessment
The first thing to do before applying for any loan is a financial self-analysis. Consider all the expenses you have had and plan to incur in the near future, among other factors.
“Through this assessment, the borrower can discover the values he needs, as well as define which type of operation is most appropriate for the current situation,” comments Aprile.
Plan your payment capacity
Before applying for credit from financial agents, also plan your loan repayment capacity, i.e. how much you will be able to pay per month. This way you generate a safe action plan, without the risk of delays and future debts.
“The loan must first of all adapt to the reality of the applicant. This calculation of time, installments and interests must be personalized, otherwise the credit can turn into an unpayable debt, due to the high interest rates,” explains the CFA.
Find financial advisors
The help of a financial advisor can be very important, especially for those who do not understand the financial world and, specifically, that of loans.
Will be able to carry out a comprehensive assessment of the market. From this will be provided insights into the best payment methods, what is the ideal term to repay the loans, which bank or financial institution the applicant should choose, among other issues.
Turn to fintechs
Interest rates in traditional banks are generally very high. As a result, financial agents and fintechs have become relevant alternatives for those who want to escape this situation. According to Aprile, its assessments for granting loans are carried out precisely, adapting and personalizing the operation depending on the profile, reality and needs of the applicants.
They will not always be the best option, however you will always have to consider them to make the best decision.
Look for alternatives
Loans with real estate guarantees are a good option for those who want to obtain credit: this is the case of home equity, a method in which the borrower offers a property as collateral.
Furthermore, the lower interest rates offered by correspondent banks are a major attraction for MSMEs, PJs and individuals. “This modality allows us to offer one of the lowest rates in the country and the most suitable payment terms. This allows customers to have security in paying their debts and great opportunities to close a contract,” says Aprile.
Source: Terra
Ben Stock is a lifestyle journalist and author at Gossipify. He writes about topics such as health, wellness, travel, food and home decor. He provides practical advice and inspiration to improve well-being, keeps readers up to date with latest lifestyle news and trends, known for his engaging writing style, in-depth analysis and unique perspectives.
