Borrowing something is already an indication that you will have to return it later, taking it literally, lending is giving up temporarily or giving in to interest, in this case this “interest” in relation to the loan of something, is that it will be settled with whoever took something , a return with “something more”. The online loan is the same thing, so you need to pay attention to some things that no one told you about this model. It is undeniable that in the midst of a crowd, if you ask “who wants money?”, everyone present will raise their hand, be euphoric. Money is something that everyone needs for survival, and those who are in a greater degree of need will want it much faster and in an uncomplicated way. The year 2022 has arrived and with each cycle that begins, technological trends are even deeper, in the midst of a world globalized, the online universe is people’s favorite Brazilians spend an average of around four hours on their cell phones, that’s for a day. So everything became easier and more practical, especially online loans, without the bureaucracy of entering a bank and the traditional shame of talking to the manager.

What is Online Loan?

Online loan is a means of getting money through the internet, websites, apps and digital financial institutions, there are some financial institutions that specialize in providing loans through online registrations. This process saves time and bureaucracy, some banks have also offered online loans, it is not always worth choosing a traditional institution when looking for money.

renegotiation

This is the first step, perhaps the most important! Look for each one of the places where you have debts, use your head with the institutions, prepare a ready text before contacting and then try a renegotiation, say you have the money in hand, but it’s almost the amount you should, try a debt discount, this will help you a lot with the loan amount you will need. Also, always remember that there is interest, so you take R$10 and return R$20, think that this money can be written off, if you renegotiate your debts with the company, everyone wants to receive it, call more than once if necessary, until you get it, it won’t cost you anything if you try.

Value and Simulation

You need to organize yourself and know exactly how much you will need, adding up all your debts, putting each one in a spreadsheet, all of them separate and then see how much you owe for each place. Add up and simulate the loan amount in three or more different places. Find out which is the best option for payments, less fees. Which broker will charge the least interest? This is important to know. Play a value above what you owe, little extra, guaranteeing for unforeseen events is always good, perform several simulations, until you reach the best value that your financial conditions can afford.
Loan is a virtual reality that helps you without you seeing |  Photo: Simulate

CET (Total Effective Cost)

This acronym you have probably never heard, but it is good to prepare you for institutions that say that there is the best loan, but the CET does not change, and the consumer may even think it is a good one, but the correct thing is to have the lowest CET on the market . Don’t hesitate to ask about it. In addition to the interest rate, the online loan may have other costs such as taxes and fees, the company will forward you to the loan proposal, all institutions are required to inform the CET of the online loan, but this information is not very clear . These are the famous footer lowercase letters.

Installments and Payment

A crucial moment is the end of the loan, often the rush to get approval makes the person not analyze the installments. Institutions will always play the maximum installment and then you would pay three times the amount you need. Then reduce the installments and start checking the largest, so you can get the money with the best installment form possible to your pocket. The greater the number of installments, the greater the interest.
Physical money in the wallet is increasingly rare |  photo: flickr

Credit Analysis and Finalization

Waiting is something people don’t usually like, but with the online loan, this has been much improved, the company will analyze all the information to close the deal and make the money available in your account, now use it wisely and don’t forget to follow tips In order not to get into debt again, a bonus tip is not to take on new debts until you pay off your loan. The loan is not a bad thing, if you mix it with your fixed house bills, expenses that are certainties and your salary, income and the like. The debt has not disappeared, but it has concentrated in one place, now you can have a more certain course of your financial life. Also Read: Animoca Announces It Will Pay All Users Affected By Recent Hack