Are you thinking of taking out a line of credit but don't know which loan to choose? When it comes to researching and choosing a loan, doubts often arise, but in the end you can take out a variety of options aimed at the most diverse needs.

 

Not sure which loan models the financial market offers? You can opt for a payroll loan, personal loan, student loan, etc.

The contract can be taken out for various purposes, such as emergencies, financing the purchase of tangible goods, settling an overdraft, paying off a credit card or other type of debt.

This type of request has become commonplace among Brazilians, especially in times of crisis when many don't usually have support.

However, before deciding to take out any financial service, it is essential that you know and fully understand your options. Get to know the most popular types of loan on the financial market and find out which might be the best option for you at the moment!

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What are the main loan models on the market?

Applying for a loan isn't just about having cash. You can apply for a loan to finance, for example, a university course, a car or a house.

In other words, you can apply for a loan where you won't even see the money, as it will be used directly to pay off your debt.

Got it, check out the best loan options below:

1st - Personal loans

Financial institutions, such as banks, often offer personal loans. This is a loan model that the customer can use in any form, as well as loans that are deductible from their salary.

In order to borrow the amount requested (according to the lender's policy), the consumer does not need to provide a guarantee of repayment of the loan. However, this option is subject to a credit analysis for approval.

2nd - Housing credit

A home loan is available for the purchase, renovation or construction of real estate. This option can also be taken out as a loan, meaning that the entire amount will be paid in installments with interest.

The contract is usually taken out at a bank. The consumer is then indebted to a financial institution. To apply for a property loan, you need to check the conditions and documents required by the bank.

It is important to note that one of the advantages of this loan model is that your FGTS balance can be used as a down payment, which helps to reduce your amortization balance by offering better conditions.

3rd - Student or university loans

University loans are for students who can't pay their tuition fees. Student or university loans can be private, from banks or from companies specializing in financing.

This credit option can also be public, granted by the government through the Fund FIES Student Financing Program. On the program page, you can check all the conditions and requirements for applying.

If you want to go to university but can't afford it, carefully research the options available on the market and what their interest rates and payment requirements are.

4th - Payroll loans

This option is a very practical solution. In this case, the loan amounts will be taken directly from the applicant's payroll or pension.

As this is a guarantee that the payment will be taken from the contractor's salary or from the INSSThe release of this loan is usually very simple and quick. In fact, it is now possible to take out a payroll loan via bank applications or (online) websites.

As well as being practical, this option is also highly sought after, as it has a lower interest rate and longer payment terms.

Another advantage is that the borrower does not have to indicate how the money requested will be used. This means that you don't need to provide any justification for your loan request.

However, it is important to make it clear that this line of credit must be very well planned. When taking out a loan, carry out simulations and choose the option that best suits your needs so as not to jeopardize other payments.

5th - Car loans

If you want to buy a car but need a loan to help you do so, apply for a car loan. As cars, especially new ones, tend to have a high value, you can choose this line of credit.

If you're thinking of applying for this loan, you can opt for financing or a consortium. However, when choosing this option, the consumer will pay the down payment and finance the rest of the value of the car.

This way, the interest is lower and the vehicle can be paid off more quickly.

6th - Anticipation of 13th salary

Some people ask financial institutions for this option and don't realize it's a loan. Generally, the thirteenth salary is paid by the bank where the consumer has an active account.

The bank offers a specific amount to be paid (or debited) during the thirteenth salary payment period. In other words, you are now requesting an amount that will only be paid after you receive your thirteenth.

This option is only suitable if you really need the money now, because you don't know what your financial situation will be when it is collected.

7th - Consolidated credit

If you have several debts with the bank, you can pay them off with a consolidated loan. As the name suggests, this option allows you to consolidate your debts.

Suppose you have an overdraft, a credit card and a bank loan debt. To pay it all off, you could check whether the financial institution offers a consolidated loan. This means that you will only have to pay off one debt (which will cover all the others).

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Which loan to choose?

Now that you know what the most popular loan models are, it's very important to understand what your needs are in order to choose the right one for you.

Do you want to pay off your debts? Do you want to take the trip of your dreams? Do you want to buy your property or car?

Always remember that loans are debts. We therefore recommend that you only use a credit line if it has a specific purpose.

That way, you'll avoid unnecessary debts and keep your financial life in order.