Interest Rate: Compare Top Loan Options
According to the latest survey , Brazil has 61.5 million people in default. By messing up the name, many people look for ways to repay this debt, one of the most commonly used options being to resort to personal credit. However, it is necessary for the consumer to know about the loan interest rate.
Through this date, consumers can decide between the best credit program that best fits their current financial moment, preventing personal credit from becoming even bigger inconvenience, causing a snowball effect on finances.
The Importance Of Comparing The Loan Interest Rate
When choosing the best credit product it is very important to analyze the charges that will be paid for the borrowed money. Through this analysis, the consumer can identify the most total amount that will be paid at the end of the contract.
If this comparison is not made among all products, the consumer runs the risk of falling into even greater debt, directly damaging their finances. Because of this, it is extremely necessary to withdraw any extra fees charged before finalizing the contract.
Comparing the products
One of the most used alternatives is the credit card. This product is widely used in everyday life, but it has high interest rates, so this personal credit option should be the last one to consider. In 2017, according to date from bank, in May, interest rates reached 363.3% per year, raising debt.
Another line of credit that has a high loan interest rate is overdraft, which averaged 13.48% per month, according to a survey released in May 2017. This product is also suitable for use as one of the last resources to resort to .
The personal loan is one of the most contracted products in the country and has lower interest rates than previous options. On average, this credit line has charges of 6.37% per month, according to date released by . This option is very famous among consumers, however for some occasions it is not indicated.
It is very important to take into consideration the percentage charged annually or monthly of each credit line.
One option is payroll loans, one of the cheapest lines of credit available. On average, the interest rate ranges from 1.4% to 2.14% per month according to a survey by the newspaper. Which decreases the value of the cartoons.
Finally, there is the secured home loan (also called real estate refinancing), where interest rates are 1.39% per month. Charges in this mode are low because of the way the contract is made.
When the customer chooses the mortgage, he gives the security of payment to a property, which may be residential or commercial, that owns. Because of the very low loan interest rate, it is best suited for consumers who wish to pay off their debts.
So, what do you think? If you are still in doubt about the interest rates of different modalities and want to know the option that best fits your profile and need to simulate on our site.