We Tell You 5 Secrets To Getting A Great Personal Credit Line

With more interesting interest rates and quick credit release, personal loans have gained the preference of many Brazilian consumers. After all, this can be an excellent option to get out of the grasp, start your own business or even finance the new car.

However, to prevent debt from turning into a snowball, care must be taken before committing to a loan.

With that in mind, we highlight in today’s post some details to consider before getting a loan. We have also separated five secrets that will help you get personal credit line! Follow the reading and check it out!


Conditions offered in the contract

Conditions offered in the contract

Before considering personal credit, some care is needed to prevent you from being able to pay back what you owe.

Therefore, analyze the conditions offered: number of installments, payment terms and, especially, interest rates. There are numerous personal credit simulation tools available on the lending websites that will assist you in this analysis.


Seriousness of the institution

Seriousness of the institution

The second care to be taken is to make sure of the seriousness of the institution. Keep an eye out for consumer complaint sites and check if the creditor’s CNPJ is a defendant in lawsuits.


Valuable Tips For Getting Personal Credit Line

Personal Credit Line

Need extra money? So, check out how to get a great personal credit line:

1. Beware of banking history

The customer’s banking history depicts his ability to pay and how he manages his resources. When the customer has a good relationship with the bank and pays their bills on time, the bank itself releases a pre-approved credit limit for simulating and contracting over the internet, without bureaucracy.

On the other hand, if consumers are unable to repay installments of other financing, their chances of obtaining an advantageous personal credit line will be lower.


2. Pay off other debts before

Pay off other debts before

Before hiring new financing, trying to reduce or even paying off your old debts. Financial institutions raise the customer’s debt level, and the more debt they get, the higher interest they will pay on new loans.

Remember: over-indebted customers are potential delinquents and the bank won’t want to risk defaulting!


3. Check if the credit installments match your income.

Financial planning is the key to preventing debts from compromising your monthly budget. So, look at the amount – including interest rates – that you will have to pay each month to cover the debt and answer the following questions:

  • When you pay this amount, will you stop paying the bills that involve your basic needs like grocery, electricity, water and rent?
  • When will you be able to pay off the debt? Shorter terms tend to lower interest rates;
  • Is there a risk that you may not be able to pay for this installment in a month? If there is such a risk, think twice before you get into debt!


4. Provide correct and up to date data

Provide correct and up to date data

To obtain a personal credit line, it is essential to keep your registration updated with the financial and credit protection agencies. Please let them know whenever you change your address or phone number, and your reliability will be higher.

Serasa Consumer currently allows consumers to make a positive registration with complete information and photo. Thus, lenders have quick access to the customer profile when analyzing credit.


5. Analyze month and year interest rates

Basic knowledge in financial mathematics is a great ally when it comes to analyzing whether a credit is worth it because the main element of this type of contract is the month and year interest rate.

Calculations of this rate can be done in simulations or through financial calculators. With this information, it will be easier to compare options and decide what best fits your needs and financial capacity.

Did you like our tips on getting personal credit line? So be sure to check out the post on how to get a good credit to finance a car and go deeper into it!

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