How to get an urgent loan

Getting an urgent loan can be simpler than you think. However, you need to take some precautions to avoid jeopardizing your financial health.

5 Ways to Borrow Money

When we find ourselves in difficult situations, especially financial ones, we tend to want to resolve them as quickly as possible, which can result in a bad deal.

However, there are some safe options for getting money, with excellent conditions.

First of all, we cannot forget to remember that before making a request for loan, you should check the interest rates, as their percentage varies greatly between each financial institution.

Below, check out the 5 alternatives we've selected for you to borrow money.

Payroll loan

A payroll loan is a great option because it offers attractive interest rates and uses your income as collateral for payment. After all, installment deductions are made directly from your payroll or social security benefit.

This type of loan can be taken out by salaried workers, retirees and INSS pensioners.

This way, the bank understands that the chances of default are lower and you will be able to pay all the installments until the end.

ANDsecured loan

Probably the most advantageous on this list, with the lowest interest rates and best repayment terms. To take out a secured loan, you simply need to have an asset that can be offered as collateral.

It could be a property, a vehicle, or even your salary. You offer the asset to the bank as collateral for payment of the debt.

Until the debt is paid off, the property will remain under a lien. However, you can continue to use it normally.

It is precisely because of this guarantee that the bank is able to offer the best loan conditions, as it has the security that if you are unable to pay the installments, it will have another way to get the money back.

ANDpersonal loan

One of the most expensive types of credit, a personal loan is made without much bureaucracy and, if approved, the money quickly arrives in your bank account.

This modality is exclusive to individuals and, depending on the financial institution, can be requested directly through the bank's app.

Loan on electricity bill

This option allows you to take out a loan with direct debit from your utility bill. In other words, installments will be paid monthly on your electricity bill. The installment amount will be added to your home's energy consumption for the month.

It is a good loan option for people with bad credit, as to apply for this option, you just need to have your energy bill up to date.

An important point to note is that the maximum loan installment is limited to twice the average electricity bill. This minimizes the risk of default.

Advance Income Tax

If you have an income tax refund to receive, a good alternative is to request an advance payment from the bank.

This type of loan typically has lower fees and favorable terms and conditions. It's also simple to apply for.

Even with all the convenience, you need to be careful about paying off your debt. Many financial institutions usually debit your account on the day your refund is due, so if you don't have a balance, it can be a problem.

Another point worth noting is that if you make a correction to your statement, the total refund may change. However, banks will make the loan at the original amount, meaning your refund may not cover the debt.

“I can't get a loan now, how can I get money urgently?”

Even if you're experiencing significant financial difficulties, quick solutions aren't always the safest, as is the case with a loan shark.

Applying for a loan is a bureaucratic process and can be quite time-consuming. But there are some things you can do to get quick cash that can help ease the current financial burden, such as using free-of-things platforms and social media.

Your rarely worn shoes or outgrown clothes could be the solution. See if you have anything you use more often that could be sold.

Or, if you have a little money, invest in selling a product you make yourself, like brigadeiros.

When to borrow money?

This is a very personal question, but in some situations, a loan is the quickest solution. For example:

Debt payment: If you have a lot of debt with high interest rates, a loan may be an option to pay it off. After all, you're left with a single debt and can look for places with reasonable interest rates.

Financial emergencies: I recommend that we always have an amount set aside for emergencies, but when that is not possible, a loan may be the answer.

Projects: Ideally, you should develop a financial plan to obtain this amount without needing a loan. However, applying for credit is an option. Of course, as long as you do extensive research beforehand to ensure you get the best terms.

Care when taking out a loan

Getting to know the financial institution is the first step. Research, get informed, and look into the company's status and everything else relevant.

You can research the institution on Reclame Aqui, a website where consumers can submit complaints, and companies can then provide feedback. Simply type the name in the search bar and read the complaints and how they were resolved.

And remember, no reputable financial institution asks for a deposit or advance to release the loan.

Stay in control

Maintaining your financial health is crucial. Therefore, always have a good plan in place. It can help you achieve your dreams, achieve your goals, and build an emergency fund so you don't have to resort to financing or loans.

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Nathalia P. Silva 13 de October de 2021