One of the biggest nightmares for loan seekers is the interest rate. It is a ripple effect that we know well: the contractor fails to meet deadlines, the debt becomes a snowball for interest and the way is no return. Bank data estimate that debts represent 41.8% of the annual income of the family. More than 60 million s closed 2017 in debt – and this number only grows. And then how to get a credit with lower rates? In this article we will help you understand how to choose the right loan.
What is the Credit with the lowest rates?
Getting a debt is never good, but when the need arises, you need to choose the right loan. And this is where many are still failing. The credit card and overdraft charges the highest interest in the market, but s add up to almost USD 60 billion of debt in these operations. For comparison, interest charged on credit card revolving accounts for 274% per annum. In overdraft, the percentage is even higher: 303.2%.
What does that mean? There are other ways to get a loan without falling into a mess. Personal loans with banks and financiers are one of the recurring alternatives. However, as much as they offer lower interest rates than credit card and overdraft, the values are still high. The average is 8% per month.
It is possible to make even greater savings, and here we come to the solution to the problem: Payroll Loans. It is the modality offered to many public and private sector employees, as well as beneficiaries of the INSS and agents of military forces. Demand is increasing for a simple reason: they are the lowest interest rates on the market.
Payroll-deductible loans are directly deducted from the employee’s salary or retirement. That is, because the payroll discount is, the financial institution has more guarantees that the debt will be paid, which facilitates the offer of much lower interest rates.
Bank data estimate an average of 2.5% interest per month on payroll loans – three times lower than personal loans and even more alarming difference from credit card and overdraft.
Another advantage of this type of operation is the smaller paperwork. There are platforms that are entirely online.
Where to get credit with lower rates?
It has become very easy for you to find a variety of lower-rate credit options online. These platforms allow you without leaving home to consult and contract the credit that best suits your profile.
Our company, for example, has a completely digital structure, where the contractor can do the whole process through his own cell phone or computer, with total convenience and security.
Our company works directly with private companies that wish to offer payroll loans to their employees. The process is good for all parties: Companies do not have to make the famous advances, they can get rid of a possible employee debt (which is practically impossible by deducting the payroll directly) and still motivate their workers by alleviating their personal concerns about debts . For employees, the advantage of greater financial security and less bureaucratic process, facilitating credit. Want to know more, contact us.