Many people take out loans because they need to make a purchase or payment and do not have the full amount needed at that time. Whether to pay a debt, buy a car or complement the value of a purchase, the loan is an option for those who need money with some urgency.

There are many types of loans on the market. That is why we have separated the necessary information so that you know which are the main ones and their advantages and disadvantages.

 

What are the loan types?

loan types?

The main types of existing loans are: personal, payroll loan, with guarantee, property refinancing, anticipation of the income tax refund, anticipation of the 13th salary, personal credit via internet, overdraft and revolving credit card.

To help you when choosing, we list all of them, as well as their positive and negative points.

 

Personal loan

Personal loan

The personal loan does not require proof of the purpose of using the money. This is a type of loan for those who want to receive the amount more easily. In addition, it is ideal for covering debts and contingencies that may arise.

Benefits

Agility: can be hired, on average, in less than 24 hours.

Enough accessibility: depending on the amount needed and the credit analysis of the institution, people with no name pending have a good chance of getting approval.

Disadvantages

Higher price: as it does not require guarantees, this modality may come with higher interest rates.

 

Payroll loan

Payroll loan

Interest rates are low and can be ideal for anyone who needs money on a short notice. This type of loan can be used for a variety of purposes.

The value of the installments is automatically discounted, directly in the paycheck or in the INSS benefit, represented by a limit value of 35% of the value of the salary or benefit.

Advantage

Lower interest: lower rates are an option for those who are not willing to have a headache with interest.

Disadvantages

It is not as accessible as it seems: this type of loan is only available to those who have some benefit, be they retirement or pensioner.

It is not flexible: as the installments are automatically debited from the benefit received, if there is a need to cancel the payment of fees, this will not be possible.