Applying for personal credit is often not as simple a task as most people think, check out in this article 5 types of lines of credit and loans that you should avoid not to lose money with high interest rates or predatory operations. If you are in need of packing some money, you are sure to be thinking about taking out personal credit .
Make sure that the personal credit you want will actually help in solving your current financial problem, but be sure to be aware that your income will be compromised by signing the contract as a borrower or contractor. Not all credit lines work the same way, there are ways that you can have serious financial difficulties when you have to repay the lender, others can even compromise your physical integrity.
Let us list some types of personal credit that you should be aware of when you are faced with the proposal, in these cases look very, very cautious.
1 -) What is Credit Limit ? It is an available amount of a certain amount linked to your bank account that the customer can use at any time as long as it has a balance and is available in the account. the Limit is used to make payments, make purchases, cover any checks issued in the marketplace among other possibilities of use. It is established in the act of opening the account and as the relationship time and turnover volume the threshold value gradually increases.
The credit limit rates are reasonable, between 3.8% and 9.5% am, some banks have up to a free period to use, but if the term is exhausted, the limit is broken (pass the limit) the institution will charge numerous fees and charges due and unduly making this type of loan one of the most unbearable for anyone who is a bank account holder.
The credit limit on account have been widely used, the reason, citizens are increasingly in need of money, are facing problems with personal finances and in an attempt to correct financial mistakes, comment more mistakes, use the indiscriminate credit limit is one of them.
Lender financing and loan
2 -) is not common to see ads or advertisements of “financing or loan Pledge”, but the sport is largely those who want money and in return wants to offer jewelry, precious metals, cut diamonds, pearls, watches, pens and original silverware and valuable. Caixa Econômica Federal is the most reliable Pledge House I know of, not to mention Personal Loans and Personal Credit Cash. In general, pawn shoppers receive up to 130% cash value for their items (mostly jewelry), but they have to pay monthly interest for the money they borrow.
The Interest Rates are pre-fixed charged on the value of the loan, based on the current rate, there is still the Risk Fee charged to the customer in the granting of the loan or renewal and the TAR (Rate of Opening and Renewal of Credit) at the time of the concession. The Pledge as loan is only valid in the last instance.
There is risk of losing your pledged object because you could not pay the installments, including interest.
Borrow money with loan sharks
3) The loan sharks offer credit to people who have high or low incomes, no matter, the credit history is not taken into account (dirty name), if you are in debt also does not hinder the release of credit, however the facility has a price , it’s not low!
The transactions made by moneylenders can be small amounts, from R $ 100 up to R $ 10,000, 20,000 thousand reais or more, the highest values depends on the guarantees offered (home, car, jewelry, etc.). The loan is very short term, however the interest rates are very high, more than 20% am, and the term is always extended the mediated that the borrower can not pay, generating a priceless debt.
Borrowing money from a moneylender is a bad idea, as the name suggests “Agiota”. The granting of this type of credit is called predatory lending. Mortgage lenders are known to threaten and act with violence if you refuse or fail to pay within the agreed time limit. Anyone who takes money with a loan sharks, is also acting illegally and commits a crime.
Dirty name loan websites
4 -) Think very carefully before dealing with any website, company or organization that solicits money in advance for you to “get loan”. Many times they come to you because you even contacted them, over the phone or online form. When applying for a loan you are requested an administrative fee whatsoever to be able to release the amount you asked for, if not depositing the progress of the release is not completed.
They say they specialize in providing “personal loan with restriction on name, loan even with restriction or personal credit without consultation to SPC and Serasa “. People with dirty name and indebted are the preferred victims, usually charge rates of 5% to 10% of the amount requested, but after paying the fee to get the loans, it will never be your money, the worst of this whole story are yours data held by the stewards. They say they lend between R $ 5,000 and R $ 600,000 thousand.
Loan with store card
5) Many Stores and Large Magazines have found a niche that banks and financiers have already dominated for a long time, in addition to selling their fashion articles, repaying purchases made 8 or 12 times, selling household items among other things. Now they are lending money to their customers and store card holders, the problem of this type of personal credit is the interest rates charged.
The maximum rates based on the CET – Total Effective Cost are on average 12.50% am or 310.10% pa, there is a collection of IOF according to the current rate. The personal credit in the Magazines Card is subject to the approval of the stores, it is possible that in addition to interest, IOF, the contractor still has to pay extra fees and additional fees. Although the obtainment facilities are not worth it, the loan is very expensive.