Who has never found themselves in a situation where they needed money and had nowhere to get it? Okay, having an emergency financial reserve is the best, but we know that there was often no planning for that. Therefore, today you will learn everything about how to take out an online loan, a good option for those busy times or big projects.
The personal online loan is an alternative when the person wants to undertake, expand an existing business, pay an expensive debt, consolidate several installments into one or fulfill a big dream, like an exchange trip.
So, basically the online loan is a credit that you get through the internet. There are some financial institutions that specialize in providing loans through online registrations, saving much of the time needed to go to an agency and fulfill all the bureaucracy in the middle of a kilometer line.
How to make a loan online?
Although banks have also offered loans online, it is not always worthwhile to choose a traditional institution when it comes to seeking money. In general, Good Finance is able to make offers at lower interest rates.
The online loan is a very quick option to get money. See below the step by step to make an online loan:
Simulate the amount to be borrowed
Knowing how much money you need, enter the website or application of the chosen company and, before closing a deal, make a simulation of the loan online. Although this attitude may seem small at first, this care avoids a surprise when the installment bill arrives. The online loan simulation allows you to know exactly how much you will pay in installments and in total, in addition to the interest rate and Total Effective Cost (CET).
In the case of Roy, there is more than one company offering online loans on the platform. Thus, you do the simulation and the platform seeks the most suitable option for the profile.
Search for an online loan with lower CET
After the simulation, the company will probably refer you to the loan proposal. In the simulation environment or even in the proposal you should look at the cost of the loan online.
In addition to the interest rate, the online loan may have other costs such as taxes and built-in fees. When evaluating the different options, compare not only the interest rate but also the final cost of the deal.
Technically, this expense is called Total Effective Cost (CET). All institutions are required to inform the CET of the loan online, but pay attention! Eventually, this cost does not appear so clearly in the simulations and contracts. Sometimes it is in small print.
If in doubt, seek the institution to understand this value, but never close a deal without knowing the final cost.
Choose your payment method
Think about the number of installments you are willing to pay. The installment payment directly affects the value of each monthly fee.
The greater the number of installments, the greater the interest. The monthly installments get smaller, it is true. But when you add everything, you will have paid a higher amount of interest.
In addition, another important decision is about the payment date. The ideal is that it is close to the day of receipt of salary or income. Therefore, this strategy decreases the risk that you will spend money before paying the installment.
Have proof of income ready
The financial institution may even call your food if you exercise and are emotionally well, but what matters to the financial institution is one thing: whether or not you are going to pay your debt. Which is not absurd, since everyone loses when you can’t afford the loan online.
Therefore, virtually every credit company asks customers to prove income before closing the loan. Other documents, such as identification documents, are also requested. Separate these two documents already to try to cut down on bureaucracy.
Now, if you choose to borrow from Roy, know that you are not required to provide proof of income. Because when connecting their bank accounts and credit cards, the consumer already shares some transaction information, such as earnings from wages or other income.
Based on this data and other spending information, the platform is able to analyze your financial habits and trace exactly the risk profile and the best offer for you. Easy, right?
Wait for the credit analysis and check your account
Right after performing this step by step, just wait for the credit analysis. The company will analyze all the information to close the deal and make the money available in your account.
+ New overdraft rules: what changes in your pocket
+ Quick loan: see how to get it
+ VIDEO: How to get a loan on the Roy Hobbs app?
Care to take a secure online loan
Check out some precautions that can save you from headaches when taking out an online loan:
Choose a trusted institution
The first step in finding out if an online loan is secure is to choose the bank, finance company or fintech you are going to hire very carefully. You can either check on the Central Bank website if the institution is registered or take a look at consumer complaint platforms.
Look for the security certificate on the website
The security certificate is a green padlock that appears in the address bar of the website accessed. So, be aware of this detail as the sites undergo a rigorous audit and verification process to obtain the certificate.
In addition, it is important to check that the website connection is secure and encrypted to prevent hacking. In your browser bar, the web address should start with “https: //” instead of just “https: //”.
Be wary of miracle ads
There is no miracle or easy money. If you see an ad promising worlds and funds, be wary! Online loans are regulated by BACEN and must comply with a series of requirements.
Certainly, there are some signs that should alert you. If you are asked to pay the first installment or some amount even before receiving the money, be even more suspicious. There are many scams on the market that offer online loans but request an advance payment.
Do not deposit money in the personal account
We previously commented that only financial institutions accredited to those authorized by the Central Bank can offer loans. Individuals are not authorized, under any circumstances, to grant loans online. Therefore, never deposit funds in bank accounts that are not legal entities.
Now that you have seen the step by step to take out an online loan, be sure to check out a text in which the Guides, the people who work at Roy Hobbs, tell what they have learned from taking out a loan.