Online Loan Yes, how does it work?
Need money quickly, easily, and without bureaucracy? Sim's online loan has the lowest interest rates on the market, and you can also split your payments into up to 12 installments.
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Above all, in just a few days you can get the money you need to pay off a debt, buy a motorcycle, or achieve a financial goal.
Sim is a digital financial institution belonging to the Santander group, operating in the credit market and offering personal loans in a fast, easy, and secure way.
Keep reading and learn all about how the Sim online loan works.
How does the Sim online loan work?
Initially, the company offers several loan options, including secured loans, unsecured loans, and installment payment plans via bank slips.
Personal Loan Yes, no collateral
You can take out an unsecured personal loan of up to R$25,000.00, however the interest rates for this type of loan are 1.6% per month.
Personal Loan Yes with collateral
Today, obtaining a loan with a high value and lower interest rates is becoming increasingly difficult.
With this in mind, Sim has released a loan option with higher loan amounts and lower interest rates, allowing you to use your car or motorcycle as collateral.
Therefore, to use your vehicle as loan collateral at Sim, it needs to be fully paid off and registered in your name.
For those who choose this option, interest rates will be reduced by up to 40%.
Payment in installments
Have you ever thought about buying that product or taking that trip in installments, but you don't have enough credit on your card?
With this audience in mind—those who don't have a credit card, or who don't want to use up their entire credit limit—Sim created the option to pay bills in installments.
With it, you can make purchases up to R$3,000.00 and pay in installments via bank slip. In other words, Sim pays your bills and you pay Sim back, all in small installments.
Purchases made by the customer can be divided into up to 12 installments, with the first payment due only after 45 days.
It is worth noting that when you pay for your purchases in installments with Sim, an interest rate of 1.61% per month will be charged.
All processing will be done through the app; from the first access, a financial analysis will be performed, and the best products that suit your profile will be offered.
Next, simply simulate the desired loan and select the number of installments.
Finally, the necessary documents and virtual signature of the contract will be requested. The money will be released into the contractor's bank account within 3 business days.
How does payment work?
In summary, after receiving your loan, you can pay the installments to Sim via automatic debit for those who have an account with Santander, or by bank slip.
If the customer wants to get a discount on installments, they just need to prepay by... application.
It's important to remember that the company does not ask for any upfront payment; this practice is not only illegal but is also a scam in most cases.
Take advantage and learn how to request a card for those with bad credit clicking here.
