It is not the ideal situation, but unfortunately, at some point in life, it may be necessary to resort to a personal loan. There are several ways to borrow money, just as there are many banks and financial institutions that can lend money. Despite the apparent ease of getting a personal loan, to reduce the risk of getting involved in the future, it is important to analyze the options, giving preference to those who charge lower interest, such as payroll or pledge, as well as see the rate that is charged by the bank and / or financial institution. Here are the types of loans you can get and in which banks you can apply for a personal loan:
Main types of personal loan
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In this mode, the personal loan installments are directly discounted on the payroll of those who borrowed the money. Among its advantages are the interest rate charged, which is lower when compared to other types of credit. In addition, since the installment is deducted directly from the payroll, there is no risk of forgetting to pay the amount owed. However, paycheck-deductible personal loans are not available to everyone: you must be a public employee, retired, pensioner or work in a company that offers this option to your employees.
Personal loan with pledge
Those who need quick credit or have the dirty name on the square and have a good of value, like a jewel, can opt for the pledge. This modality does not require credit analysis nor the presence of guarantor, however, it is important to be aware of the cost of the pledge which, as in any type of loan, has built-in interest and fees.
Personal loan with overdraft
Borrowing money through the overdraft only has the advantage to ease, since the money is available in the checking account. However, resorting to this mode can be a trap: the interest charged is among the largest on the market. Moreover, it is common for people to get accustomed to using overdraft money as part of their paycheck which, even in the short run, can have catastrophic consequences because of the high fees charged.
Personal Loan With Credit Card Revolving
You can still get a personal loan by means of a credit card withdrawal. Just like in the case of overdraft, the only advantage is ease. The amount can be taken out of any ATM. However, the interest rates are very high, which does not make using the card rotary is not a good deal.
Personal loan with banks and financial institutions
In addition to the above modalities, it is possible to apply for personal loan directly with the bank or financial institution. In some cases, however, this modality is restricted to account holders and there is credit analysis.