Cash loan are offered in several ways, but many are easily and reliably for those times where having credit does not matter much. Check out the options.
Want to find cash loan with easy application. Meet 10 ways to get money at great rates. We can help!
Why do you need a cash loan? Do you want to buy a car, pay back college tuition, pay the month’s rent or the outstanding portion of a financial commitment? Do you have to repay your urgent debt with a loan sharks?
Or just need money to heat up next month? Know that you are not alone.
Currently, thousands of Brazilians are having some type of personal loan in progress. After the credit card, which accounts for 76.4% of household indebtedness, the credit cards come with 16.6% and then personal credit, which accounts for 10.4% of the indebtedness.
He realized that lending is only a part of the debt. As for the indebtedness term, the average time of delay for payment of debts is 64.4 days.
As born Brazilians, debt seems to be circulating in the blood, the vast majority can not afford to buy a house or a new car in sight, and many are not even financed with loans.
Although it sounds simple, lending money involves three factors that can not be overlooked: it is risky, time-consuming and emotional, and you should be careful not to overpay for money.
However, knowing exactly who to turn to when applying for a cash loan, will help you choose the best loan company, and make the best decision regarding your financial needs.
If you think you need borrowed money to fix the mess that walks your finances, below are 10 places you should know ..
10 Ways to Get a Personal Loan
1. National Banks
The best known banks in the country, Banco do Brasil, Caixa Econômica, Bradesco, Itaú and Santander, it is not possible that you have not heard of them every day everywhere. These banks make disclosure their credit programs and personal loan offerings in almost every means of communication and information.
Here is a list with number and code of the national banks, financial, cooperatives and brokerages that are operation at the moment selling products and financial services.
In fact, you are or may already have been a client of one of these five institutions, which makes it even easier to take out a personal loan or credit for your business.
It is not only in the big banks that you borrow money, there are also online banks that offer a variety of services and loan products nationwide.
Why Borrowing: Large banks provide numerous options, which include a variety of terms (duration), interest rates, tax incentives, exemption, special offers and more. It is likely that you will find a personal loan that works well for what you need.
In addition, national private banks also deliver additional and convenient benefits and features, such as: online bill payment, credit limits for withdrawals, pre-approved loans, and customer service 24/7, it.
Why not ask: In large banks such as those mentioned does not mean that you will have the best interest rate or the best service and service, it may be curling in the ura electronics or being attended by an inexperienced bank clerk.
Phone service is often not so flexible to grant exceptions in terms and rules and / or are required to follow strict credit policies about your credit score and your customer profile. You may find yourself stranded if you need to get a personal loan being denied on the Serasa or SPC.
2. National financial
The activities of a financial institution like that of banks are very important within the Brazilian economic scenario. Usually mediates the purchase and sale of financial assets such as cards, personal loans, corporate loans, investments, direct consumer credit, etc.
Personal loans commonly offered by financials are used for debt consolidation, medical expenses, personal projects, home remodeling and auto financing. Financial institutions consider traditional factors for evaluation and approval, such as credit history, score and score, debt / income ratio, consumer profile.
There are many financial companies in Brazil, below we list those that we consider better known:
- Crefisa Financeira
- Financial Losango
- Omni Financial
- PortoCred Financeira
- safe harbor
- Midway – Riachuelo
- Financial Pernambucan
- Financial Alpha
Interest rates: The interest rate applied on loans for financials on average starts with 15%, may be more than that, some financial can charge for an online personal loan up to 21%, especially for those who are negative and with restrictions on the name.
Example of Loan: For a customer named in the SPC, an unsecured loan of $ 3,000 with a repayment term of 12 months at 16.05% per month would cost monthly payments of $ 589.28 without tax IOF and other fees, according to Charles Ryder’s personal loan calculator.
Fast Money: The interesting thing about online financials is that you can complete the application registration on websites or mobile applications and receive pre-approval for 5 to 10 minutes. After all is completed, the release of the cash resource is released on the same day, in the other or up to 48 hours depending on the financial.
The financing term varies according to the amount, the release of money according to the time that the application was sent. The delay to send the registration with numbers of documents, self and signature required for the request, influence on the approval time.
Credit score: The borrowers of financial loans in general are approved without consulting the Serasa and SPC, are free of credit score, this is a features that benefit lenders with dirty name.
Consumer Credit Option: You can also apply for an auto loan to finance a car, the car becomes a guarantee. As with any secured financing, if you do not make payments on loan day, you may end up losing your vehicle and the money paid for it.
3. Credit unions
Credit unions are becoming an alternative means of borrowing money out of banks. Typically, co-ops are based in the local community, this is a great way to support local small businesses that need low-cost financial resources.
Why to borrow: Cooperatives offer credit with lower interest rates than domestic and financial banks. Another huge advantage is the location, always have one near you, if you want to talk to an expert just call the cooperative that you are associated with.
Many members, in need of cash, prefer the personal touch of a credit union because they have much more flexibility in making their loan applications.
Why not ask: Do you want to pay your ticket online or check the status of payments? Your cooperative may not provide this option with cooperatives for not using this technology. Cooperatives have some limits on financial products and services offered to members, in addition to releasing smaller amounts. Make sure your credit union has a website and online system.
4. Online lenders to lend money fast
Make a personal loan dressed in pajamas! That is, you can get a fast loan on a website, platform or online credit application – sometimes the money borrowed is in the account within hours or the next business day. However, be cautious before asking for the money.
Why Borrow: It’s fast, easy, and safe on most lenders. One more detail, you do not have to do much more than put your information on the computer or mobile screen and wait for approval. It is also a good alternative if you have bad credit, since many of these lenders are prepared to approve loan without consultation, who has bad credit or has no credit history.
Why not ask: Eliminating payday loan online lenders, some of them can charge insane interest rates. In some cases, you may find yourself paying an annual fee of 493.27% – or more. Once in this cycle of debts, it can be difficult to get out with the rates and costs always piling up. In many cases, you’d better exhaust other options first.
5. Peer-to-peer (P2P)
One type of online loan that is steadily growing day by day is the loan peer-to-peer lending. You apply for a loan and other people, not banks or financial. You pay interest and the outstanding balance back to the lenders.
In Brazil, in recent years, there has been a small explosion of credit companies focused on peer-to-peer loans, including openings for investors and those interested in making personal loan applications with differentiated facilities. Interest rates are between 4% and 8% depending on the lender.
Why Borrow: The interest rates for P2P loans are generally affordable, in addition to providing borrowed money to different customer profiles. The terms vary between twelve and thirty six months, making excellent this option for anyone who is looking for loan is can pay faster.
Companies such as Biva and Nexoos are providing for individuals and companies an easier way to find financing by adjusting when financial and traditional banks are not able to meet.
Why not ask: Although P2P lenders claim they help people avoid traditional banks, the reality is a whole process of appraising, approving and raising funds.
In fact you may “end up” paying an interest rate equal to or greater than the banks. Moreover, in a few cases, if the people in the system decide not to help you in financing your loan, it is possible that the applicant ends up not getting any, or going back to square one.
6. Loan with retirement or pension
Having a pension or pension or pension received by the federal government, besides being a source of monthly income, is also a fair way to borrow money with really insurmountable conditions.
Retirees and INSS pensioners can, among others, take up to 9 payroll loans. This modality is called: payroll loan, installments can be up to 72 times settled directly by the pension system and reimbursed to the bank or lender of the loan until the contract ends.
You receive pension or pension from the pension plan, you can use up to 30% of the income from loans and 5% from the paycheck card, another benefit of this category of consumers.
Why Borrow: Technically you are making a cash advance paying interest for this anticipation. The interest rates are the best in the category, from 0.99% to 2.8%, that is, very competitive. These consignment loans are a good alternative to get cheap credit, including for more expensive debt consolidation.
Why not ask: the amount of the installment will be subtracted from your retirement and pension, the benefits of your benefit are automatically removed. You can not pay early installments if you have money left over. Depending on other debts that the retiree or the pensioner has, it compromises the financial budget.
7. Cash advances
Credit Card : Let’s say you need an urgent loan to handle an emergency that requires access to money funded. In that case, you pick up your credit card, go to the ATM, and request an advance with cash withdrawal, in seconds you will have access to cash.
Overdraft limit : Let’s assume that you go through the same situation as the paragraph above and need fast cash, in your bank account has a pre-approved limit of x available value to use at any time, just pass on the automatic debit that everything is sorted out.
Why Borrow: It is a method of getting instant and efficient loan to advance money when it is the only thing to be done is this.
Why not ask: in most cases, the interest and the fees for a cash advance are greater than a personal loan or pre-approved loan. In addition, you may be charged with additional fees. This make the whole operation more expensive. However, it can still be cheaper than getting an online loan for negative or with picking up money from loan sharks.
8. Companies with private financing
Need a sofa or a new car, but do not feel like going through the whole process that a bank requires? You currently find companies that sell expensive items by providing financing and own loans for purchase.
Auto dealerships are excellent examples offering auto credit, but many other retailers and dealers offer varying types of financing. Think of furniture stores and large department stores that grant personal credit, credit cards, or other financing deals when you buy TVs, washing machines, refrigerators, and computers.
Why Borrow: You’re already buying from them, so save your effort and get the loan or instant credit card on the spot. These lenders may also offer discounts on the price or no interest for long periods of time if you qualify.
Why not ask: Hiring loan may require an effort that really may or may not be worth it. As these companies are the intermediaries, you can not compare rates and conditions of other competitors, meaning you will not be able to choose the best deal elsewhere.
Also, the person with whom you are dealing is probably not a loan specialist, but rather a knowledgeable store seller.
9. Alternative loan providers
Having a history with limited financial transactions and credit report with negative pointing as defaulter, makes your options especially difficult.
When moments of sudden urgency arise, you may have placed yourself in a desperate position. That’s where the alternative lenders come in. Using a cash advance you get loans without much difficulty in the short term.
But if even that possibility you have access then it only remains to sell things that you no longer use or try to find a loan shark online to borrow some money even knowing that the interest is extremely high.
Why to borrow: how much all your options are limited but require a small amount of money (usually up to $ 3,000). To be honest, that is the only reason why you should consider alternative lenders to apply for a loan. And even then, think twice.
Why not ask: in these type of lender is charged with scandalous interest rates. The average term of the loan is four weeks (one month) with a rate above 14,551% per year or more. Even for small loans of only a few hundred reais can become unbelievable amounts since large interest rates are applied.
10. Financing money with parents and friends
You may not be interested in borrowing from “Mama’s Bank” or “Dad’s Bank”, but for those in distress, borrowing from friends and family in general is still a solution to fixing problems caused by financial disorder.
Why Borrow: These are the “best loans you can find” because you do not have written or documented terms and conditions, do not charge any interest on the principal and the repayment term is renewable (even if there are interest will be only for correction ).
Why to jump: It says a saying that: ” Money, family, friends and relatives do not mix ” – nor need I speak the reasons. Failure to pay installment loan payments can lead to resentment, quarrels and disagreements causing irreversible damage to relationships.
Loan options that may work for you
We’ve all been in this situation : bills need to be paid, there’s no where to take money, but you need quick financial resources.
Fortunately, with the wide variety of options currently available, you can find the best places and the best companies to get a loan that suits your needs.
When applying for a loan, make sure you are prepared and ready to take red flags, pay attention to the offers with high interest rates on loans and the inflexibility of some lenders. Always compare and research hard to find the best place to apply for your loan.