Know the requirements for obtaining a personal loan

To obtain a personal loan, you must meet the requirements set by financial institutions.

Because it is a type of loan that does not require collateral, as with a payroll loan, for example, interest rates tend to be higher.

Therefore, it's best to compare the different rates offered by institutions before finalizing your personal loan application.

To achieve this, institutions are required to provide the CET (Total Effective Cost), which presents very clear information about charges, operating expenses and annual interest rate.

Another very important thing when getting a personal loan is to simulate the installments you will pay until the end of the contract, this will prevent you from having surprises.  

What is a personal loan?

Getting a personal loan can be a good option to achieve goals or even help pay bills.

Therefore, personal loans are offered by financial institutions to applicants without the need to prove their purpose.

This way, you receive the previously agreed amount that must be returned plus interest within the specified period with the number of installments stipulated in the contract.

Therefore, a personal loan, although it has higher rates, is the most practical solution for those who need money for any purpose.

It is usually requested to cover an overdraft, pay off debts, get out of a credit card revolving credit, and even to resolve an emergency.

Who can apply for a personal loan?

Although there are some variations depending on the financial institution regarding the requirements for obtaining a personal loan, the same things are usually required.

Basically, the applicant must be between 18 and 79 years old, be Brazilian or a permanent resident in the country, have a good payment history and have no restrictions in their name.

Additionally, you must present an active CPF and some documents that may vary depending on the institution you choose.

Documents required to obtain a personal loan

As mentioned previously, some document requests may vary depending on the institution.

But it's important that you prepare the main documents in advance to obtain your personal loan:

RG (Identity Card)

The ID card is the most commonly used identification document in banking transactions and loans.

However, if you have any other document that contains your ID number, it may also be accepted for analysis to obtain a personal loan.

The documents that can replace the ID are Passport, CNH (National Driver's License) or some professional class document, such as CRM or OAB, for example.

But it is important to remember that none of them can be expired and that the ID card will no longer be accepted by banks if it was issued more than 10 years ago.

CPF

As one of the requirements for obtaining a personal loan is the analysis of the client's profile with credit protection agencies, the CPF is an extremely important document.

Since your payment history is accessed using your CPF number.

However, it is not necessary for you to present the physical card if your ID already has your CPF number.

Proof of income

Proof of income may be requested by most banks and financial institutions.

However, if you are already a bank account holder, the analysis simply needs to be carried out using your bank statement.

This way you will be able to obtain proof to obtain your personal loan.

But if you are not a customer, the bank may probably ask you to present your pay stub or your most recent income tax return.

Some digital banks do not request proof of income for personal loans, only ID and CPF.

Proof of residence

Another document that may also be required to obtain a personal loan is proof of residence.

This document will also depend on where you will apply for the loan.

But even if it's a bank where you already have an account, in the event of any changes, it's best to update your registration.

And even if your receipt is in the name of a third party, you will need to prove through a declaration that you reside at the address.

However, it is important to remember that depending on the type of personal loan, the institution may request other documents.

How to get a personal loan?

To apply for your personal loan, you will first need to choose a financial institution.

The request can be made online or in person, depending on the institution you choose.

After choosing the bank, simply apply for your personal loan and wait for the analysis.

What is personal credit analysis?

Putting it in a practical way, we can think about how it works when someone asks you to borrow something, like a book for example.

When you lend, you expect to get it back, right?

However, there is no guarantee that this will happen, so you evaluate who is asking and whether they have ever spoken to you before.

Then you decide whether to lend it or not.

Therefore, financial institutions work in the same way: when you apply for a personal loan, the institutions evaluate your history before granting the loan or not.

This analysis is done in 5 steps:

• You will send your documents;
• The financial institution will check if there are any restrictions on your CPF;
• An analysis of your SCORE will also be carried out;
• Analysis of your income commitment;
• And analysis of your documents.

But it's important to remember that the main requirement for obtaining a personal loan is having a good financial history.

Therefore, keep your accounts up to date and your name free from restrictions; this makes the possibility of obtaining a personal loan more viable.

Personal loan agreement

As with any contract, it's important that you pay close attention to all the information before closing your personal loan.

Therefore, read all the conditions described in the contract and only sign if you agree.

And if you have any doubts about any clause, only sign your personal loan agreement after resolving them.

Therefore, pay attention to the following information:

• IOF (Tax on Financial Transactions);
• Installments: Value and number of installments and interest rate;
• Personal loan amount: What you will receive and the total you will pay;
• CET (Total Effective Cost): Total cost of your personal loan with annual interest rate, charges, taxes and other fees;
• Payment method: Whether the installments will be paid by direct debit or bank slip.

Which banks offer personal loans?

So now that you know the requirements to obtain a personal loan, we'll give you some tips on financial institutions that offer this service.

 How to get a Nubank personal loan

Nubank offers a loan service with personalized rates for each customer.

Payment is made via direct debit, but you must have a Nubank account to request your loan.

To get a personal loan, you will first need to download the app, as Nubank is a digital 100% account.

Download at Apple Store or Google Play , open your account and apply for a credit card.

Then, after your limit has been approved, check if the “Get a loan” option is available in the app.

So, if you are, just do the simulation and evaluate which personal loan option will best suit you.

Depending on the situation, after your proposal has been evaluated and the credit has been released, the money will be deposited into your account immediately.

How to get a personal loan from Banco Inter

Banco Inter has several loan options for current and non-current customers.

Therefore, with several credit options available, the ideal is to evaluate which option best meets your needs.

Then Download the app Google Play or Apple Store or you can still access the website and find out which rate and option are ideal for you.

After choosing the best way to apply for your personal loan, access the chosen channel, fill in your personal details, select the loan, and wait for a response.

How to get a personal loan from Caixa Econômica

Another good bank option for personal loans is Caixa Econômica, which has one of the lowest interest rates for this type of loan.  

To apply for your personal loan at Savings Bank , just go to an agency, with the basic documents mentioned above in hand.

The bank then analyzes the requested documentation to approve and release your personal loan.

Then after release, the money goes directly into your account.

And in addition to going to a physical branch, you can also choose to apply for your personal loan online, through the app. Google Play or Apple Store.

Conclusion

As you can see, the requirements for obtaining a personal loan are not many and not that complicated.

Although to increase your chances of approval, ideally your financial history should be good, and to achieve this, avoid paying late bills to keep your SCORE high.

But it's important that when applying for your personal loan, you check all the clauses in the contract before signing it, this way you'll avoid future surprises.

And always remember to do your research before choosing a financial institution, evaluate all the fees and options that will fit within your budget.