With proper care, getting a loan can be an interesting way out of regaining financial control. In specific situations, it is worth borrowing, such as debt settlement, for example.
But how do you know if you need it and if it’s worth taking a loan? Read on and learn to recognize this kind of situation. Let’s talk a little bit about some of them in this post.
Swap higher interest for lower rates
The technical name for the operation is “debt consolidation,” and it happens when we take out a loan to settle the other higher interest debts . It is a good alternative to cover overdraft or to avoid revolving credit card (when we fail to pay the full amount of the invoice) where interest is much higher.
When available, payroll loans are often the most advantageous option. Since the discount occurs directly on payroll, the bank’s risk in the operation is reduced, which ensures a lower interest rate. Other forms of personal loan also offer very attractive interest rates. Borrowing online is an option, since as these companies have smaller structures they have less cost and lower interest rates.
Concentrating all debts in one operation can still bring peace of mind, as overcharging is avoided. However, good planning is necessary to ensure that the amount of the assumed portion fits into your budget. Otherwise, there is a risk of getting new debt and the situation. get out of control again.
Get discounts by buying at sight
If you need to buy something relevant, such as a refrigerator or furniture, getting a loan may be a good option if you get a cash discount. It is usually possible to get good discounts by paying cash and it may be worthwhile to borrow rather than installment in the store.
In addition, the interest rates on trade will certainly be higher than those on the loan, which guarantees even higher profit margin.
Clear name in the market
Debt buildup can cause people to get their names dirty in credit protection services. In addition to psychological discomfort, such as a condition may make good opportunities unfeasible, such as real estate financing. By getting a loan to pay off the debts, you can clear the name quickly.
Open a business of your own
In times of rising unemployment, the number of Brazilians interested in starting a business of their own has grown. Money need not be a barrier! The loan can get your business out of the paper faster and start paying you back in the short run.
Know if it’s really worth borrowing
Some variables should be carefully analyzed when deciding on the loan. Especially in renewals, the rehired rates may be very different from the originals, making the business not so advantageous. For the loan to be worthwhile, the amount of interest must be less than the debt to be paid and, of course, be within the contractor’s ability to repay.
As we have seen, there are situations where borrowing is worthwhile. Many people insist on staying on overdraft or credit card revolving because they don’t want to admit to the need for a loan when they could get a good budget relief. . Remember that these two modes are the most expensive on the market today.