Most people are likely to need more money than they have or earn at some point, especially living in a country like Brazil, where income distribution is quite uneven. Borrowing money is not a problem, in fact, this has been increasingly common. The point is to know when it is really worth borrowing.
It is common knowledge that loans generate interest and interest rates, and if you are hiring to pay off existing debt, good planning makes all the difference so it does not turn into a much larger one. If hiring is occurring for the second time, it may be the ideal time to look at some things about your financial life. This text can help you make the right decision and understand if it really pays to hire a second loan.
Debts can generate major headaches, so you need to be careful when hiring a loan and planning well to get it right.
What are the key criteria to understand if the loan is worth it?
Commonly, loans are recommended for people who are indebted so they can annihilate their arrears. Asking for money from banks and financial institutions can also be a valid option in emergency situations such as the emergence of a health problem or income abatement problems. It is important, however, to analyze some factors before making this decision, so that the amount borrowed does not become a problem anymore.
Analyzing the interest rate charged, the terms for payment and the values of the installments are examples of actions to be taken before hiring a loan. Not always a longer term may be the best option, because a contractual renewal may be necessary and bring surprises, with the increase of rates previously negotiated. Understand below the criteria to be analyzed.
If your problems are overdrawn and credit card revolving credit, the loan can be a good option to avoid very high interest rates. If the payday loan option is available, it may be even better, since the discounts will occur directly on your payroll.
Some stores offer good discounts when your items for sale are paid in cash, so if you need to buy many products and the discount will be large, choosing to buy all the money and paying it to the bank later can yield lower interest rates and interest. that installment with credit card or directly with the store.
Keeping your name clean is important, as you may not be able to take advantage of some opportunities like buying a new car or taking a trip.
Annually, it is organized by Serasa the so-called “Name Fair Feira”, where creditors and debtors negotiate debts and are provided great discounts for those who pay them in cash. This can be a great chance to solve your problems.
It is worth asking for a loan for this type of situation as it will not count as a debt. Your name will be cleared and you can pay for the purchased credit without major problems. Be certain that the installments will fit into your budget and free yourself from headaches.
Open your own business
There is also the hypothesis of hiring a loan to start a business of your own, which is very legal. However, for this situation, double care is needed. Remember that for a business to succeed, it needs to be planned calmly and have the whole economic scenario analyzed, especially in a time of crisis. It is important that good planning is done so that the repayment of the loan does not depend only on your initial profits.
How to analyze in case of a second loan?
If the first loan has not yet been fully paid, the situation becomes more delicate and it becomes fundamental to analyze how much the payment is still missing, the maturity dates of the future installments and, in particular, their values, so that they do not conflict with those that will arise with the new debt.
When a service of this type is hired, it is important to stay tuned and plan the payment of your installments on time. However, if you identify that you will not be able to afford the debt, it is better to seek alternatives to take them out before they are accumulated and become another problem.
One option, for example, is to offer some good as collateral for the lender. Trying to renegotiate deadlines and values is also possible and can avoid the accumulation of fees and interest.
After trying the renegotiations, consider hiring a second loan only if there is no other way to pay off the debts generated with the first one. Understand that getting a new credit can be much more difficult now, so it will only work to provide an emergency. Prefer to annihilate all the pending one at a time to be able to focus only on the payment of the new installments that will be generated.
Look for banks or financial institutions with payday loan options and with lower interest rates than the one hired for the first time. Currently, it is possible to make the loan negotiation fully online and have the necessary money in your account a few days after the approval of your registration.
One tip for not having problems with delays again is to try to pay current and future installments. This is because discounts are provided for payments made in advance, leaving their values lighter and making the whole amount paid much faster.
Do not take out loans without having a guarantee that you will be able to pay them or, much less, to afford small luxuries. This type of measure only fits in situations of great need, after all, large debts that drag on for a long time can bring negative surprises, such as very high interest rates and abusive rates.
Do not wait for your debts to become bombs, pay them properly and avoid hiring.
This text was meant to help you understand if it is worth hiring a second time loan, especially if it is made to pay off the debts of the first hire. So you do not always have to hire this type of service, stay tuned to your accounts and make a good planning, spending only amounts that are covered by your earnings.
If the idea of the loan is just to start your own business, consult a specialist before undertaking it to know if your investment will have a good return and will not pose great risks to your financial health. Look for safe investment options with the help of a bank as this can offer you greater returns in the future.