When it comes to money, everyone has an opinion, doesn’t it? Now if you are talking about personal loan , you may well hear some myth out there. So let’s demystify some things about this topic?
Personal Loan Myths
1. Very high rates
How many times have you heard someone say that taking a loan was not a good idea because interest rates are so high? For what few people observe is that overdraft and revolving card, for example, are types of loan. When you fall into them you end up paying much higher interest rates than personal credit.
2. Have to make advance deposit
If when talking about a loan someone asks you for an advance deposit as collateral, run away from that, it is a trap, Bino! This practice is illegal.
3. Does without consulting Serasa / SPC
Every lender makes a credit assessment when offering a loan. What changes is that some institutions offer money even to those who are negative and thus sell the product with much higher interest rates, because the risk of default is higher.
4. Can I use someone else’s proof of income
The personal loan is made with a single social security number and the data for your hiring must refer to this person who is taking the credit. This means that even if your household income is higher, what will be considered in the credit analysis will be your personal income.
5. There is only payroll
There is payroll loan but there is also the payroll personal loan. At first the public are retirees and pensioners and the payment installments are discounted directly from the payroll. In the second case it is possible to take the credit even being a self-employed, for example, as long as there is proof of income and that passes the credit analysis.
6. Needs Warranty
Guaranteed financing arrangements exist, but this is not the case for unsecured personal loans. In this format money is released through credit analysis, without leaving a collateral as well as payment. While the secured loan may offer larger credits with slightly lower interest rates, the personal loan gives you the security of not losing the good if you are late in installments.
7. Can’t Do Online
Making personal loan online is already a reality! If someone told you otherwise, introduce Fundico to this person.
Fundico exists in several countries and its operations started in Germany in 2013. In Brazil, we have been working as a bank correspondent for BMG since 2015.