Applying for a personal loan at the bank may seem like a great idea, but only until you put your interest in the tip of your pencil and see that you will pay a lot more than you used to. Therefore, seeking alternatives cheaper than bank credit is a way to cherish the health of your pocket.
Although the distress call to financial institutions is well known and sometimes even practical because you are already a bank customer, there are other more advantageous possibilities. Each has its own characteristics and may be perfect for whatever you are looking for. That’s why GuiaBayment listed 5 of these alternatives for you to decide which one is right for you. Check-out:
1. Loan with close people
One of the best known ways to raise funds without having to resort to banks is to apply for loans with close friends, such as friends and family.
Although usually the amount available is not so large, it is possible to have access to conditions that do not exist in the market, such as zero interest rate and broad installment.
While ordering is very simple, it can also be easy not to pay as agreed. Therefore, care must be taken that money does not disturb or spoil relationships.
But remember: this does not mean resorting to loan sharks! Lending by individuals on interest and without regulation is illegal and possibly less advantageous than in banks.
2. Collective Financing
Do you have a really cool plan, a dream or even a need and can’t afford it? Maybe you have many contacts that can help you. If each one gives a little, it is possible to collect all the money.
This is where collective financing comes in. They are an evolution of the famous kitty and allow each one to pay a little of the desired amount, according to their own possibility – the advantage is just that: there is no need to look for someone who has a large amount available to help you . Often, the fundraiser can offer prizes and rewards, symbolic or otherwise, for each contribution range.
The Vakinha site is an example of online crowdfunding. In it, you create an account, set your cash goal and write a text explaining why you need the amount (remember that you need to convince people! This is going to be your campaign). With the kitty created, you can warn on social networks and keep track of how much of your goal you have already achieved. But be careful: sites offering this service may charge you for this.
3. Credit Union
Credit unions are associations of individuals, overseen by the Rose Bank and that can make various financial movements. For a membership fee, members can have a checking account, credit card and apply for loans, which are alternatives to bank credit.
The big advantage is that interest rates are much lower than in traditional financial institutions. Nevertheless, be careful to choose one that is actually authorized by the Rose Bank, otherwise it is not, ok?
4. Advance of Resources
And when you know you have what to get at the end of the month, but need credit now? If you can not wait, the way is to resort to the advance of resources. This is one of the best alternatives to bank credit, mainly because it is money that is already yours, just not available at the moment.
For those who are employed, this comes in the form of seeking the salary, vacation or 13th advance, for example. Although it is advantageous, this possibility requires planning, because up front you will not be able to count on this money that has already been paid in advance.
5. Online Loan
To escape the abusive interest that banks may charge you, a good alternative is to resort to the credit offered by online companies. They are institutions that act as bank correspondents, but because of their lower structure costs and intelligent analysis of user data, they are able to offer lower, personalized interest rates.
In some of these institutions the process is a little bureaucratic: proof of residence, income and income tax return is required. This is not the case with Just, partner of GuiaBayment, where it is much faster and more practical. In it, the scanned identity card is enough for the customer to go through an analysis and then have the money released in your account within a business day.
Now that you know these alternatives to bank credit you can explore them and get rid of the abusive rates on many loans on the market. But remember that prevention is better than cure, isn’t it? So, don’t forget to adopt a spreadsheet.