Is the payday loan really the solution to overdue accounts?

17 Feb

If you have been in a hurry for some time, chances are you have already thought about getting a loan to pay off your debts. Find out in which situations it’s worth doing and if that’s a good option.

After you curl up with the bills and end up in debt, what is not lacking are “advice” from the people around you, right? In general, they range from recommendations on what should or should not have been done until tips on how to save, or what to do to earn extra bucks at the end of the month. But if you have a question that almost everyone in the suffocation has heard – or at least has already done – it is: “why not get a loan to get your life up?”.

Because it is not considered a debt, the loan allows you to pay back bills and, to break it, clear your name on the square. In addition, it can also help you reduce the amount you would spend on accrued debt interest. It will depend on the rates currently paid and the conditions of your loan! To help you make the best decision, check out below when it is worth asking for a loan to get out of debt for good.

If you have been in a hurry for some time, chances are you have already thought about getting a loan to pay off your debts. Find out in which situations it’s worth doing and if that’s a good option.

After you curl up with the bills and end up in debt, what is not lacking are “advice” from the people around you, right? In general, they range from recommendations on what should or should not have been done until tips on how to save, or what to do to earn extra bucks at the end of the month. But if you have a question that almost everyone in the suffocation has heard – or at least has already done – it is: “why not get a loan to get your life up?”.

Because it is not considered a debt, the loan allows you to pay back bills and, to break it, clear your name on the square. In addition, it can also help you reduce the amount you would spend on accrued debt interest. It will depend on the rates currently paid and the conditions of your loan! To help you make the best decision, check out below when it is worth asking for a loan to get out of debt for good.

Before buying a product or contracting a service, it is common for us to compare prices and stick with the most advantageous option. After all, nobody likes to pay more dearly for nothing. In the case of credit card, overdraft and loan debts, it’s the same thing. The difference is that instead of a product, what we are “getting” is money. And every bank or financial institution puts the price on your fish in the form of interest charged monthly.

The amounts vary from one bank to another, but in general, both the revolving interest of the card and the interest on the overdraft are among the largest in the country, and may reach 15% per month. The interest on a loan is usually much more affordable, especially when it is possible to leave a good in your name as collateral, as in the refinancing of property or vehicle. Under these conditions, you can get rates from 1.5% per month on .

If you already owe – or are about to enter – overdraft, and the bank charges you 13% interest every month, getting a loan can be a very interesting way out. Considering a personal loan with interest rate of 6.5% per month, for example, you will save a lot of money avoiding debt growth in the following months.

Do you have any other overdue accounts? Put everything on the tip of the pencil

The interest on the card and the overdraft are not the only ones responsible for the suffocation of many Brazilians. Financing vehicles and studies, crediários, besides delays in paying taxes and basic services also cause a lot of people accumulating debts. So, is it worth a loan in such cases, too?

In fact, it does not have a right answer. The first step is to get in touch with the company or institution and try to renegotiate the debt, either by lowering the total amount you owe or the interest. The important thing is that the new payment terms will fit in your pocket.

Did not work? The tip is to analyze the contract of each debt, do the accounts and compare with the pre-approved loan offers that you have. It is only worth taking a loan if the interest charged by it is lower than the interest on the current debt.

Important: When it comes to doing the math, remember that you must consider the total cost of ownership (CET). That is, not only the interest, but all the charges involved in the contracting of a loan, such as administrative fees, insurance, among others.

Clean name or cash on hand = better opportunities

Of course it’s not cool when collection companies call you all day. But this is not the only reason for wanting to clear debts and clear your name. In most cases, people with the clean name get credit much more easily and with better conditions. Using the money from a loan to pay the bills is a way to have access to it to realize dreams, such as financing a car or a property.

Another situation in which it may be worth taking out a loan to pay off debts is when the bank is willing to renegotiate the interest and give a discount to the cash payment. This is especially true for customers who have been in default for more than 90 days. Believe me: they have the greatest interest in receiving. To do this, many banks hold “trading” debts, with discounts of more than 50% in total interest. At these times, getting a loan with lower rates and installments that fit the budget can be very advantageous.

No matter the situation you are in, the secret to knowing if a loan is worth is to compare not only the debt conditions with those of a loan, also have the greatest number of credit offers available. Enter now on the website and request a quote to receive 1 to 10 pre-approved loan offers! And keep following our blog for more tips on how to organize finances so that you will never suffer from debt again.

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