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How to Choose the Best Type of Loan?

Before applying for a loan, it is It is essential to understand which modality best meets your needs and financial conditions. To do this, evaluate why you need the money, the amount required, how long you can wait, and your payment options. Remember: always compare interest rates and the conditions offered by financial institutions.

What are the Main Types of Loans?

There are several types of loans available on the market. Below, we present a brief summary of each:

Personal Loan:

This is one of the most common types, in which the bank or financial institution provides a sum of money without requiring a specific reason for using the money. It usually has higher interest rates because it doesn't require collateral.

Recommendation: Ideal for emergencies or unexpected expenses, such as medical bills or vehicle maintenance.

Payroll Loan:

Deducted directly from the salary or INSS benefit, this modality offers lower interest rates, as it has the security of payroll deduction.

Recommendation: Recommended for retirees, pensioners, and public servants who need money at lower interest rates.

Secured Loan:

In this modality, the applicant offers an asset (such as a property or vehicle) as collateral for payment. This results in lower interest rates, as the risk to the financial institution is reduced.

Recommendation: Recommended for those who have an unoccupied property and need a larger amount of money, such as to make investments or start a business.

Special Check:

Offered by banks, it allows customers to withdraw more than what they have in their checking account, but with high interest rates.

Recommendation: Use only in emergency situations and for short periods, due to high interest rates.

When choosing the modality that best meets your needs, always read the terms and conditions carefully and run simulations to understand the total you'll have to pay in the end. This way, you'll be well-informed and avoid future headaches!

Loan with FGTS balance

Loans with FGTS balances have become one of the most popular options for Brazilians due to their ease of application and attractive interest rates. Learn more by clicking below.
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