That’s right! You didn’t read it wrong. It is possible to save money, even when taking out a loan. And, generally because it is a long-term debt, in practice this means that if you don’t want to lose money you should look for alternatives.
So, take the opportunity to know some options. Believe me: your pocket will thank you!
Because it has a collateral, this type of loan also offers different conditions for individuals, being one of the most sought after options.
As one of the main advantages, it has a lower interest rate. In addition, the loan is released without bureaucracy and can be repaid on average in up to 240 months.
Available for INSS Retirees and Pensioners and also for Public Servants, the payroll loan has a nominal interest rate between 2.08% and 2.05% per month, respectively. Workers with a formal contract can also have access to this credit, in an easier way.
Your payment is made through automatic discount on payroll or paycheck.
Despite often having a lower credit limit, some companies’ own credit can be an interesting option, when compared to other loan types common in the market.
One of the additional advantages is the more flexible payment term, which can vary from 3 to 60 months (depending on the type of product or service).
The salary credit is also very interesting for those who need easy money for eventualities. Although less known, this type of credit is ideal for those who already have a relationship with the bank. Your interest rate may drop by half, as your payment is debited directly from your checking account every month.
But how do you know if one loan has more financial advantages than the other? Good question. Know more!
How do you know if a loan is really cheaper?
To compare the types of personal loan, in order to know which is really worthwhile, it is necessary to consider the Total Effective Cost or CET.
The CET is the sum of the interest rate and other charges charged in this financial transaction. Therefore, it is not enough to just compare the interest rate. A loan with a lower interest rate will not always have a cheaper CET and, therefore, it is necessary to keep an eye open and simulate your credit proposal.
Another important point is to keep the same amount and payment term. This will make it easier to find out which credit is cheaper.
It is worth remembering that interest rates may vary depending on the credit policy of each bank. So, again: it doesn’t hurt to search. Take the opportunity to also know what are the 5 Essential Tips to save when making a personal loan.
Now see how to keep making your money pay off, even after closing a personal loan.
How to keep saving on your loan
Even after choosing one of the cheapest loan options, it is still possible to continue saving money on your loan by following these tips.
Pay the installments on time
When you delay more than one installment of your loan, the amount will be added to the other interest rates and fines. This means that you will overpay, in the end.
Financial unforeseen events occur, however, it is necessary to pay attention so that the debt does not turn into a “snowball”. When delaying payment, immediately renegotiate with the creditor and schedule payments.
Anticipate the payment of the installments
If you manage to anticipate the payment of future installments, your outstanding balance will be reduced. The debt value will be brought to present value which, in practice, means that you will save money.
Consult the conditions available in the contract for this type of operation. Remember to keep your payment within your budget.
Make credit portability
Did you know that your debt can be bought by one bank and migrated to another with better conditions? With credit portability you can exchange a more expensive debt for a cheaper one.
That way, even after you already have an ongoing contract, you can save money by changing bank debt.
Oh, and don’t forget: take out a personal loan only when you really need it. Use credit consciously. If well planned, this financial resource can help you realize dreams and achieve new goals.