Personal credit: What precautions to take when hiring?

Finding the right proposal for you is easier with the free help of Poupança no Minuto: Talk to a credit intermediary and hire your personal credit now, saving yourself from bureaucracies!

What care should be taken when contracting a personal loan?  

When hiring a personal loan, it is necessary to take some precautions in order to access the best offer on the market for you.

It is possible to save on hiring this financing: not only in your wallet, but also on headaches. This if you go through the process in an informed way.  

DECO PROteste warns about the following issues when contracting your personal loan: 

• "Pay attention to the easy solutions offered on social networks" - You should be suspicious of overly simplified proposals that promise a lot of speed or the granting of credit in case you already have incidents reported to the Bank of Portugal (BdP). There are entities that are not authorized by the BdP to grant or mediate credit processes, so you should always check beforehand if they are trustworthy;
• "Calculate your effort rate before applying for credit" - Prior to applying, you should analyze if your effort rate can support another fixed monthly installment: to do this, add up all the installments with the new one, divide by your monthly net income and multiply by 100. The result should not exceed 35%.  
• "Try to look for alternatives" - You should not try to access a personal loan as a way to deal with expenses you cannot pay. This is because, if your budget is already strained, you will hardly be able to get approval for a personal loan and will only worsen your monthly expenses (with added interest). "For small amounts, if you are sure you can pay off your credit card in full, you can settle purchases made 20 to 50 days earlier without paying interest. Consider postponing the purchase until you have all the money to pay in cash. Another solution is to take advantage of interest-free financing campaigns that certain stores offer," are DECO's tips. In addition, you can renegotiate the current conditions of loans you already have, or take out a consolidated loan that combines various financings you have so that you pay a single, lower monthly installment.

How to find the most advantageous proposal?  

It is concluded that you have the ability to pay a new monthly installment of a personal credit, there are some factors that can help you access the most advantageous proposal for your context. personal credit.

Firstly, you should look for various simulations from different banking institutions and carefully analyze the conditions offered by each one. Do not hire the loan on the first proposal presented, without evaluating others. It is the easiest way, but it may not be the cheapest.  

Next, know that "banks may charge fees for analyzing and contracting credit". In other words, some entities may add to the amount requested in the loan, the costs of fees, insurance, and stamp duty on the use of credit. Therefore, the organization's recommendation is not to add it, as you will pay interest on that amount, which will increase the total cost of the credit.

Finally, if you want a loan with the lowest cost, you should choose the shortest repayment period with a comfortable installment. This way, you will pay less interest. However, if you want to pay less in the short term, having the smallest possible monthly payment, then you have to choose a longer repayment period (which will result in a greater amount of interest to pay).

Did you know you can avoid all the bureaucracy of this hiring process? By hiring a credit intermediary, such as Poupança no Minuto, you have access to a free service that takes care of everything for you until the money is in your account! Agents collect various simulations and guide you to the proposal that suits you. Save money, save your time, and save yourself from headaches. Get in touch with an agent now: