Personal Loan to Borrow Money
You have certainly hired a personal loan to lend money to bank or credit companies. Most people have already borrowed money. And the facilities are huge. Who has not seen it in the ATM at the bank, that nice, beautiful little window, offering good money at a special rate that seems to match both our wallets? Or was he walking freely down the street when suddenly someone with a miracle pamphlet offered money easily, quickly, and without consulting the consulting company? At such times it is not God speaking to you not, but the financiers and banks offering the famous financial aid, better known as easy loan.
So, after so much temptation, propaganda, and need, many do not resist, they see in personal loans an alternative to fulfill dreams, accomplish objectives, pay old debts, renovate the wardrobe, renovate the house, etc… In this moment of great offers and affordable easy money, all care is little and all self-control is very necessary. The personal loan can be very good, being the lifeline in troubled times, but it can also make matters worse by increasing the snowball of debt.
How to know then when to hire a personal loan or not? Well, first, we must evaluate our situation and what is the reason for hiring this financial aid, if you really need the money for something relevant, such as medical treatment, some reform that needs to be immediate, or even take out a debt, is worth worth evaluating. But if you are thinking of taking money to take advantage of the season’s liquidations, forget it, however tempting the proposal may be, it will not be worth it.
Do simulations of loans, analysis, study well to proposals, and for this no one needs to be an economist, just do a simple calculation, in hiring or simulation you will know how much you want in cash, for example, R $ 5000.00 the financial or bank will inform you that you will pay this in 48 small installments of only $ 184.00. It seems very little and easy to pay, but do the following calculation, multiply 184 by 48 installments and you will see how much you will pay at the end, $ 8832.00. That is, R $ 3832.00 interest only.
However if you have some old debt that you need to pay off, and for which interest is very high, such as card debt and overdraft, for example, making a cheaper loan may be the best way out. For generally personal loans have much lower interest rates than the cards rates and overdraft. In practice, you will continue to have a debt, but you will be swapping an “expensive” debt, with high interest rates for a more affordable one. This is one of the ways to use personal loans in our favor.
Anyway, after analyzing the situation, the pros and cons, the interest values and if you really feel that some financial help is needed, look for the manager of your bank, some friend who knows the subject or even research the internet, worth everything not to fall into traps.
I say traps because miracles do not exist and when the offer is too good, try to investigate, banks and financiers do not lend money because they are nice and want to help you. They are always aiming for profits, and with that the account can and will be costly for the client. Whoever researches and researches more, takes advantage as it will find a less costly alternative, ie it will make a good personal loan to pay.