Documents required for an online personal loan

The documents required for an online personal loan are usually the RG (or equivalent document), CPF, proof of residence and income. This list may change slightly depending on where the loan is negotiated with. Companies are going to use these documents to prove the identity of the borrower and his ability to pay the agreed installments.

 

List of documents required for an online personal loan

personal loan

There may be some kind of change in the list of documents required by the institutions and in the way they are going to be presented, for example, in person or over the internet. Usually the list with the most requested items is listed by Guiabolso:

  1. RG
    If you do not have an ID, all banks and finance companies accept the replacement with another official document with photo: CNH (National Driver’s License), passport, work card, such as professional identification cards, those of the National or regional Councils of your job (OAB, CRM). If you are a foreigner you will need the RNE (National Alien Registration).
  2. CPF
    This cannot be replaced by an equivalent document.
  3. Proof of address
    A recent electricity, water, gas or telephone bill is used to check where you live alone or with people in your family. Institutions generally consider accounts up to three months ago to be recent. Ideally, they should be in the name of the person who applied for the loan, otherwise, it will be necessary to add a new document to the list: the marriage certificate or the RG itself, all of this to prove the family bond with the spouse or parents.
  4. Proof of income
    It is more common to verify monthly earnings with a simple bank account statement. A copy of the income tax or work permit is also an option. Other proof of employment may also be accepted, such as employment or social contract of the company (if it is the owner or partner), identification of Individual Microentrepreneur (MEI) or proof of income received as self-employed.

 

And what do companies do with them?

online loans

Usually the documents are used by the company for 3 fundamental reasons:

  • prove the identity of the person applying for the personal loan
  • know where you can find the customer in case of a problem
  • check the economic condition and the real possibility of paying the value of the parcels closed at the time of the order

The deadline for analyzing credit and documents and approving a personal loan application usually takes a few days between the country’s main financial institutions. In addition to these three steps, it is still common to make another type of consultation.

 

Checking the reputation of the borrower

online loans

The list of documents also serves for the company that made the credit offer check on the reputation of the future customer in the market. For this, it can use its own information or surveys from specialized places, such as Serasa and Boa Vista.

The two institutions usually inform the so-called credit score. The higher it is, easier The higher it is, to get personal credit and the better the payment terms and conditions will be.

However, anyone who thinks it is impossible to get a loan even with a low score or a negative name is mistaken. The only difference is that the interest rate should be higher and the payment term may not be that long.

Other precautions before separating the required documents in an online personal loan

The credit offer analysis must also include a comparison between the amount requested and the total returned at the end of the contract. That is why it is very important to simulate the values ​​and make a comparison between the competitors.

By projecting how much the installment will be and for how many months you will have to pay it, it is possible to find out what interest rate will be charged and to know if the institution is being transparent and revealing the Total Effective Cost of the loan or only the rate his nominal.

And comparing competitors makes it easier to find the best price and the most favorable available conditions, even for those who have already taken out a loan. It is always time to negotiate and even ask for the loan portability if a better offer is not covered.

What is Working Capital Loan? Find it out!

One of the difficulties that entrepreneurs face is getting enough working capital to keep the business running. Have you been through this? So, know that there is a solution and it can be simpler than you might think.

So it’s time to understand how a working capital loan works.

This is a way to generate cash quickly for your company so that all financial commitments are honored. After all, until your business reaches the point of equilibrium, it is natural to go through a few squeezes for lack of money.

So, read on to understand what the working capital loan is, how it works and why it is worth it.

What is a working capital loan?

What is a working capital loan?

Working capital is the money you need to use on a daily basis to honor your business commitments. It can be used to pay employees, buy goods or raw materials, pay taxes and even deal with certain unforeseen events that require an extra amount.

The problem is that many companies have not yet reached a financial balance and this makes it difficult to bear all the expenses that arise. After all, in addition to the planned costs, you have to face the unforeseen. That’s where you need to avail of loans.

It is a good thing that there is a type of loan aimed precisely at restoring or increasing working capital. This is the ideal solution to deal with everyday expenses so that your business does not run the risk of weakening.

How does the working capital loan work?

money

The main detail of this type of loan is that it is only made for legal entities. So, your company needs to be active and properly formalized. When applying for this loan, you will be asked to present certain documents, such as the CPF and the partners’ identity card, CNPJ, the social contract and the income statements of previous years. Depending on the case, you may need to submit some additional documents, right?

Unlike other types of loans, you are not required to say what the purpose of the money you are borrowing is for. However, it is important to have common sense and use this capital correctly and efficiently.

How to use working capital correctly and efficiently?

cash

The purpose of this loan is not to enable investment in the business structure that will only bring returns in the medium and long term. Keep in mind that working capital should be used for everyday business expenses. Therefore, the extra money you raise in this operation will serve to increase working capital and will be used to take care of these various expenses.

For example, the amount borrowed can be used to honor the company’s financial commitments in those less profitable periods of the year, keeping employees’ salaries and payments to suppliers up to date.

In addition, this loan can be useful to help you build up your inventory before some period of more intense movement. You can also take advantage of these resources to buy goods or raw materials with special discounts that suppliers can offer.

Finally, it is clear that this amount will be well used when covering unexpected expenses, such as special marketing campaigns, additional expenses related to hiring new employees or the costs of moving to another location.

Why is the working capital loan worth it?

money

Since the working capital loan was created with this business need in mind, it is much more interesting than an ordinary loan. Check out some advantages.

Very competitive interest rates

It is possible to hire this type of loan at more interesting rates when you offer some asset as collateral. After all, financing tends to have a high-interest rate because of the risk that the institution runs when giving money.

On the other hand, offering a guarantee reduces the risk for the creditor, who, in turn, is able to charge a more friendly interest rate. So, find out about this possibility when applying for your loan, okay?

Take this opportunity!

Agility in hiring

When you go to an office or bank to apply for a loan, you usually have to deal with the heavy traffic in the city center, lack of parking spaces and the delay in service. Not to mention the time you fail to dedicate to your business.

However, there are institutions that offer working capital loans with incredible agility. If you choose the right company to make your request, you can resolve everything through an online environment. Dealing with this type of subject without leaving home is great, isn’t it?

Ease of dealing with financial problems

Any business is subject to unforeseen circumstances. However, if your company is still new, you may not be able to handle it yet and you will be in a serious squeeze.

If working capital is lacking, difficulties will arise that may cause delays in payments and, as a result, distrust on the part of the market. Therefore, the working capital loan will help keep your business safe.

Shorter deadlines for solving short-term problems

Some types of loans limit installment amounts, so you are forced to pay monthly installments for a very long period. And the more time you spend paying off a loan, the higher your interest expense will be.

In the case of the working capital loan, it was designed precisely to meet the needs of the business in the short term. This means that you do not need to be limited because of a monthly expense that can last for years.

As this article has shown, it is possible to raise capital quickly without having to pay absurd interest. Thus, you can honor your company’s commitments and even invest to increase productivity and, as a result, profit. Therefore, the working capital loan can be your great ally in strengthening your business.

If you are interested in this great solution and want to take some more questions, contact us right now!

How to calculate credit card revolving?

The credit card revolving can easily lead the consumer to lose control: a dinner here, a shop there and, when the bill arrives, the scare is certain. Who knew that a little piece of plastic would forever change our relationship with money? It cannot be denied that, when properly used, the credit card makes life easier, it is practical and safe. To escape default, many people end up opting for revolving credit and paying only between the minimum amount and the total bill. Want to better understand how it works and how to calculate the credit card revolving?

 

How does credit card revolving work?

credit card revolving work?

Each month, you receive the invoice with all detailed expenses and the total amount to be paid. When there is not enough money to settle everything, there is the possibility of paying the minimum amount, at least 15% of the total – up to an amount below the full amount of the invoice. However, make no mistake: despite immediate relief, entering revolving credit is a classic example of card misuse and can make your debt unpayable. In the following month, the operator or bank will charge the amount that was left open, plus interest, fine and late payment. And we are not talking about any addition! To give you an idea, the interest rate on the revolving credit card reached 486.8% earlier this year. The percentage is among the highest in the market, along with interest on overdraft. 

 

How to calculate the card spinning?

credit cards

With a simple example, it is clear how damaging the use of revolving credit can be to your finances. Before opting for the minimum invoice payment, try to calculate the impact of that choice on your budget. Please note:

  1. The invoice arrives with the amount of $ 900 and the minimum payment is 20% (that is, $ 180);
  2. Automatically, you put $ 720 in the revolving credit;
  3. In the next month, this amount will jump to $ 864 plus fine and late payment interest.

 

What are the losses of not paying the full invoice?

credit cards

Just do the math to see that entering the revolving credit card is far from a good deal. The chances of seeing a debt become unpayable are great. Therefore, choosing the minimum payment of the invoice should be your last option. If you see that it will not be possible to pay the card bill, look for other forms of financing. A loan may offer lower interest rates. Another more radical possibility is to seek justice to negotiate the debt. While the lawsuit is being discussed, you cannot be considered in default. However, to avoid all this headache, the ideal is to keep your finances in order and use your credit card consciously. Remember: the limit is not part of your income.

 

What are the new rules for the use of the rotary?

credit cards

From April 2017, the use of credit card revolving will have new rules. The consumer can use the revolving credit for only 30 days. In the following month, either you pay the entire invoice or the bank / operator will present a proposal to refinance the outstanding balance. The consumer must pay attention to the rules of the new system because it will be possible to have several installments running in parallel. Ultimately, this practice can replicate the misuse of the rotary for the installments. Now that you know how credit card revolving works, see how to choose the most appropriate card for your profile and keep learning how to have a healthier financial life! Within the current model, there is no set deadline for settlement and it is possible to use the revolving loan indefinitely, which can result in a mountain of interest payable.

Is it possible to refinance debt?

If there is one thing that usually takes many people’s sleep away, it is debt. In addition to restricting credit possibilities in the market, they unbalance any financial planning. In order to solve this problem, many people turn to debt refinancing.

If you don’t know how this process works, keep reading this post and learn more about it!

 

Understand what debt refinancing is

Understand what debt refinancing is

Debt refinancing is a type of credit intended for those who have financial issues. It is a great opportunity to end debts and removes the name of the credit protection agencies.

The big advantage is the possibility of negotiating more affordable values ​​for the discharge, even more if the intention is to undo the payment in cash. If that’s your case, don’t hesitate: ask the financial institution for a good discount.

Whoever prefers to negotiate in installments will have their name removed from the debtors’ records as of the first payment.

 

Know which debts can be refinanced

Know which debts can be refinanced

Virtually any type of debt can be refinanced. You can request this facility for both consumer debts incurred from making a purchase, as well as credit debts, in the case of those who find it difficult to honor with a loan, financing or card bill.

Individuals and companies may also seek to renegotiate tax debts. Anyone who has issues with the Federal Revenue Service or with Social Security can join the program of regularization of tax debts announced by the federal government at the end of 2016. Whoever owes the States or municipalities needs to look for the incentives offered by these agencies to check the possibility of refinancing.

 

Learn how to apply for refinancing

debt loans

To make this request is very simple: just contact the creditor institution and check the conditions offered for the debt to be settled. Often, creditors themselves often seek out debtors in search of a renegotiation, or outsource this activity to another company. This is also a great opportunity to make a deal.

In the case of banks and finance companies, some already offer this type of negotiation online, making life easier for those who do not have time to attend an agency in person.

 

Here are some tips for requesting debt refinancing

Here are some tips for requesting debt refinancing

Despite being a great way to regularize the financial situation, there are some precautions that must be observed before applying for debt refinancing. The main one is to make sure that you will be able to honor the new commitment, so as not to turn this opportunity into another headache.

If you decide to pay your debt in installments, the recommendation is that the value of the installments does not exceed 30% of your income. This care is essential to reduce the risks of getting involved in other debts because of refinancing.

With the recent declines in interest rates, the current moment is good for those who want to exchange their debt for a cheaper one. To do this, look for financial institutions that have already readjusted their rates to the new indicators to obtain more affordable financing and settle once and for all their financial issues.