When you think about making a loan are so many alternatives that we get lost, right? But do not worry, because the Lender team came to help you better understand the difference between personal payday loan and financing. After reading this article, you will be able to understand which is the best option for you!
Difference between personal payday loan and financing
The biggest difference between personal payday loan and financing is the purpose of the money purchased. In the first one, the bank or financier lend you money for what you need. Thus, you can spend on the reform of the house, children’s school, a dream, whatever you want! In addition, the financial institution does not need to know the reason for the loan. Already financing, is requested to purchase specific products, such as a house a vehicle. That way, you need to tell the bank or financial firm in question what the purpose of the money will be.
Do I have to give a good as collateral?
Not! Unlike refinancing, in which you need to have a well taken out and on your behalf to make you alienated to the financial institution, both the personal payday loan and the financing can be realized without you having something that you can give as collateral.
However, it is always important to remember that in the case of financing, the product you are paying only ceases to be alienated to the bank or financial with whom you made business when you repay the debt! Therefore, it is very important that you pay the installments on time. If there is a default for more than 3 months, the property can be auctioned to pay off the debt.
Can I get up how much money?
In financing, there is no fixed amount as it depends on how much the good you want to buy costs. Thus, it can be as much a small amount, as for the purchase of a motorcycle, as a high value, as in the purchase of an apartment of R $ 1 million.
Our partners offer amounts ranging from R $ 500 to R $ 35 thousand for personal payday loans. Thus, when registering on our website, you choose the amount you want, as well as the number of ideal plots.
Remember that the request will be reviewed and the financial institutions may offer you a lower value than expected. This is because, in both cases, you can not commit more than 30% of your monthly income by paying off debts. This percentage is the result of a calculation made to find out how much people could pay per month without ceasing to pay other bills or break.
Do I need to pay admission?
In the case of financing, YES! Unlike personal payday loans, financing is usually done to purchase more expensive goods like home and car, and you have to give an entry fee. Usually, the amount corresponds to 30% of the property and at least 10% of the vehicle.
Remember that this does NOT exist for loans (staffing and refinancing). Therefore, never trust anyone asking for any amount before you have received the money in your account, this practice is illegal in Brazil.
How do I know which one is right for me?
As has been said, financing is usually requested by those who wish to buy more expensive goods, which means that the amount of money lent by the financial institution will be greater. For this reason, the planning prior to the request should be very well done. You need to be sure how much you need; calculate how much it is worth to keep to give; how much will you be able to pay per month; etc. Also, keep in mind that the money should only be applied with the purchase of the product that was agreed upon with the financial institution in question.
On the other hand, if you are looking for lower values to do what you need, be it to pay off high interest debt or invest in your small business, then you know what to ask! The personal payday loan is ideal for those who slipped that slip and fumbled with the bills, for example. But, it is very important to make a prior planning, as in the case of financing, to not fail to pay the installments and return to the tightening.
How to apply for a personal payday loan?
We currently work with personal payday loans, refinancing of vehicles and real estate refinancing. As already mentioned, you can apply for a personal payday loan from $ 500 up to R $ 35 thousand here right through our website! Rates range from 1.9% to 18% per month, and you choose whether to install in 06, 12, 18 or 24 months. Do not waste time, stop sleeping, thinking of getting out of the red.