Extra money at the time of tightening is sometimes required. Unforeseen events such as car maintenance are responsible for unbalancing the budget. When this kind of situation happens, it is common to resort to installments of the credit card bill or to personal loan. What a lot of people don’t know is that the interest on cards and overdraft is often much higher than on a loan. Below is how to keep your accounts up to date using your personal loan.
Stay focused on the most important questions
Before hiring a personal loan, take a close look at your financial situation to make sure there is a real need to borrow money from an institution. If you use a loan, focus. Withdrawing the bills you have to pay and direct the money to this end – paying credit card bills or overdraft, for example, is important to avoid the high interest charged by Bank.
There are other emergency situations in which loan money can be spent, such as health problems or unfair renovations in your property. Travel and car expenses, for example, can be avoided so as not to further complicate your financial life.
Choose the financial institution
Once you have defined the need for a personal loan, it is time to choose the institution that will provide the credit. Ideally, you should talk to your bank manager to find out what fees are charged in addition to the payment facilities, of course. But don’t just be restricted to your bank. Other financial institutions also offer personal and sometimes even cheaper loans. The simulation can be done over the internet.
You will find several offers from partner institutions of Barnaby Rudged within the app. Just one of them: interest is one of the lowest in the market and money is available two days after the credit is approved.
It’s always important to watch out for high interest charges! Therefore, try to find out about the Total Effective Cost (CET) of the debt, which shows all the fees to be paid on this transaction (this includes insurance and taxes).
Plan Debt Payment
Now that you know when and where to apply for a personal loan, you need to schedule repayment of this debt. A proposal with many benefits can complicate your financial life in the long run, after all, you cannot foresee the emergence of new expenses – such as children, college, retirement, etc. So look for the best conditions. Loan financing and avoid accumulating debts over a very long period of time.
Organize your financial life
It is also important to have a control of your entire financial life. Set aside a notebook or folder on your computer with all your income and expenses, and keep track of the amount you have available per month. Have your loan number available Personal loan as well as the amount to be paid, the estimated time to repay the debt, the interest rate, the levied taxes, the insurance and the possibility of repaying the debt. If you are a user of the GuiaBayment application, you can place all installments in the planning and thus schedule for payments.
Check with your financial institution to see if there is a difference between monthly and annual payments. It is also important to stay informed about contract charges such as fines and stay commission in case of late payment.
Watch out for scams
It’s important to always be on the lookout for emails and calls from supposed financial institutions offering easy credit. This kind of situation is unfortunately common and, if you provide your personal information, could be the victim of a scam. Never enter your details via email or phone. Financial institutions do not perform this type of (loan offer) procedure without you having requested it. Check here 5 tips to avoid falling into scams.