How does the OLX loan work and what are the advantages?

Do you know what an OLX loan is and how it works? Read on to discover some of the benefits it offers!

OLX is an e-commerce company with global operations. With EasyCrédito, Brazil's largest personal loan search engine, it now offers OLX loan. 

In today's post, you'll learn how it works, its main advantages, and how to request yours. Don't miss it!

See our index below:

• How does the OLX loan work?
• Which institutions does EasyCrédito partner with?
• About the interest rate;
• What are the benefits of the OLX loan;
• How to apply?
• How to use the money?
• Conclusion.

How does the OLX loan work?

This loan is the result of a partnership between OLX and EasyCrédito. On the website, you can run a simulation with EasyCrédito and find the best personal loan solution. 

In the simulation, you initially just need to enter the desired amount and choose how long you want to pay. 

You can choose between three months and four years to pay off your debt. The platform provides an estimated installment plan. 

When proceeding, you will need to provide the following information: 

• Full name;
• Cell phone number;
• E-mail;
• Register a password.

Finally, you will need to accept the Terms of Use, Privacy Policy and Consultation Authorization Term.

Then, a credit analysis will be carried out. If approved, EasyCrédito will send you some proposals according to your profile.

You can choose the alternative that best suits your needs and proceed with your request. 

In the simulator there is no maximum limit to request, however, you must consider the maximum payment period informed, 4 years. 

Although the simulator offers up to 4 years, the website's fine print states that the installment plan can be up to 240 months, but it doesn't state the criteria. 

Therefore, plan to pay in installments of up to 48 months. 

When requesting a very high amount, the installments can also be high. It is important to evaluate whether you will be able to pay off the amount until the end without harming your finances. 

Which institutions does EasyCrédito correspond to?

EasyCrédito is simply a loan search platform. It acts as a banking correspondent. 

The values are made available by partner companies, among them, for example: 

• Banco Agibank S.A..;
• Banco BMG SA.;
• Digio;
• Itaú Iti;
• Santander;
• Credits;
• PortoCred SA;
• Jeito;
• SuperSim.

Here on our blog you'll find informative content about some of these companies. Be sure to check it out to learn more. how the OLX loan works, as it will be approved by some of them. 

About the interest rate

Interest rates and fees may vary depending on different factors, for example, institution, applicant profile, amount, etc. 

However, see the average applied below.

• The effective cost can vary from 1.93% am to 17.90% am
• Approximate interest 3.4% per month. 

What are the benefits of an OLX loan?

Because we partner with a specialized loan search platform, you can access the best credit options. 

This way, you can choose from the best alternatives on the market that best meet your needs. 

You can even request the most advantageous option for your budget, that is, with the best terms, interest rates, and fees. 

Because it's an online platform, you can complete the entire process virtually, from anywhere!

No lines, traffic, or crowded buses, even in times of Covid-19, this is very advantageous, as you don't have to leave home and expose yourself more easily to the virus.

Finally, it is worth highlighting that another advantage of requesting the OLX loan It is the certainty of requesting a service from trustworthy companies.

Speaking of which, EasyCrédito does not require any advance deposits for the release of loans or other products. 

How to apply?

Before finding out how to apply, it is important to note that the platform only makes proposals available after you register. 

So, go to the website loans.olx.com.br, click "Sign In" and register. If you already have an account on the platform, simply enter your registered email address and password. 

First, you'll run a simulation with the desired amount and payment term, then you'll need to provide some personal and income information.

When you click “Continue,” the company will present you with some loan solutions available to you. 

If more than one alternative appears, you can choose the desired option and proceed with the request. 

At this point, the hardest part is over and you're very close to getting your OLX loan. 

The time it takes for the amount to be deposited into the account varies depending on each institution, however, most release the amount within a maximum of 5 business days, with an average of 48 hours. 

How to use the money?

This loan is personal, which means you can use it as you wish, to meet personal needs, and you don't need to explain in a more invasive way what you will do with the amount. 

You should only apply for a loan if you absolutely need it and know it will yield a positive return. 

Don't use money wantonly, just on a whim. You can, for example:

• Pay debts;
• Organize your financial life;
• Invest in your business;
• Renovate your home;
• Perform some medical procedure.

Furthermore, the exact destination for the money must be defined before the request, in your financial planning. 

Conclusion

So now that you've figured it out how the OLX loan works , you can now request yours, if you need money. 

However, don't forget to carry out financial planning to decide which amount best meets your needs and doesn't harm your finances.