When taking a loan, not everyone is equal with the banks. This happens because person has a different credit risk . It works like this:
If the bank sees that you have a greater chance of not being able to pay the installments on time, it offers you a higher interest rate .
If you seem to be a good payer , or have something to pledge (in case you can’t repay the loans), the bank will offer you a lower rate .
Knowing this, we made this post with some tips on how to get a cheaper loan.
Under this line of credit, installments are deducted directly from your salary or retirement. This way, the bank has more security that will get the money back, and thus can charge you lower interest.
In order for this to be possible, your company must have an agreement with a bank, allowing it to directly deduct from your salary. It is also possible to have payroll loans when you are retired, pensioner or civil servant.
In some cases you can place your car, property or investments as collateral for your loan. Thus, if you do not pay, the bank may sell your guarantees and make up for your loss. This way, the interest charged may be much lower.
An example of a financial institution that makes this service online is Creditas (former bankfácil). You can check out more on their website:
Secured Home Loan Secured Home Loan
Good Finance agencies allow you to place jewelry as collateral for your loans. Thus, if you do not pay, they will auction your jewelry to pay off your debt. That way, they have a good guarantee that the borrowed money will come back, so they can charge cheaper rates.
Some banks may offer you special conditions if you choose to place installment payments to be debited directly from your checking account. Also, you don’t have to worry about paying slips. Similarly, if you choose to receive your salary from the bank you are borrowing from, a conversation with the manager is valid: he can get you better terms!