If you are considering taking out a new loan or have one or more contract assets, check these tips carefully. You will see in practice how to save money.
Evaluate the available modalities
Nowadays there are several personal credit options available. From the most common ones, such as a credit card or overdraft, the anticipation of the 13th salary, for example.
The modalities vary depending on the prerequisites, payment terms, interest rates charged, forms of collection.
While the conventional loan is usually charged via bank slip, in the case of the payroll loan, for example, payment is automatic, as it is linked to the salary or INSS benefit.
The tip here is very simple: search for the best option for your pocket. When in doubt research and seek alternatives to compare.
Compare Total Effective Cost (CET)
There is no secret here. If you research the value of fruits at the fair, why not compare the interest rates charged by a bank? Yes, believe me: with this simple exercise you can save a lot of money. But assessing interest rates alone will not guarantee the best credit supply.
Interest rates in Brazil vary according to the borrower’s default risk. Thus, the greater the risk of not receiving, the amount charged by banks is higher.
On the other hand, the less risk, the lower the interest rate – which can be seen as a benefit for those who need money.
To this final account, that is, the total amount to be paid, is also added other fees, charges, tariffs and, in some cases, insurance. The total sum of this amount is known as Total Effective Cost (CET), which divided by the term of the contract gives the total monthly installment.
Both the interest rate and the CET vary from bank to bank. Therefore, before closing any deal, research and compare all the proposals, in different banks.
Pay the installments on time
When the installment of a loan is not paid on time, you will surely overpay. Unforeseen or forgetfulness occurs, but it must be remembered that there are additional fees and interest that can be charged after the payment is due.
After a long period of payment is due, there is also the risk of having the name protested or denied. So, whenever you don’t receive the ticket, for example, contact the bank.
One tip to avoid this type of problem is to automate the payment of your loan installment. This can be done with the authorization of the account debit. So there are no more delays or excuses for not paying your bills.
Pay off your loan in advance
If the context in which you applied for the loan was one and you are now in a more comfortable financial condition, a viable alternative to save money is to anticipate the discharge of your contract.
With this option, the debt value is brought to present value. That is, the interest rates that would be charged in the original term of the contract have already been discounted.
And don’t worry. You can choose to partially discharge the contract. So you don’t have to pay the debt at once.
Make credit portability
You didn’t read it wrong. As in the case of telephony, it is possible to carry or transfer your debt to another bank.
This operation, which is known as credit portability, brings, among other benefits, the reduction of debt. In short, the new bank buys its debt and settles it with the previous bank. Depending on the type of negotiation, the new contract may be issued with a longer payment term. Therefore, it is possible to save money when taking out a loan or even after taking out a loan.
Remember that when you take out a loan, your income will remain committed for the duration of the contract. The care is not to lose sight of this debt, so as not to increase the initial debt.
Having a minimum of financial planning will also ensure the balance of your finances. So, when looking for a new loan or optimizing the ones you already have, think about it.
Make strategic decisions that can contribute to your financial health in the short, medium and long term. Do not give up having control over your money!