The personal loan is suitable for those who want to transfer a debt or need to make a high value purchase but do not want to use the credit card limit. Borrowing from an institution requires planning because by signing the Bank Credit Note (CCB) you will be honoring your good paying commitment. But what if you have an unexpected and can no longer pay the installments?
No use, your name will be on a special list
The first thing that happens, and there is no escape, is the negativity of your name. The institution that lent the money will inform the SSC and Soresa about the default, so you should receive a letter informing you of the minimum term for debt negotiation.
Needing a loan? Maybe not…
When your name is denied, all financial institutions, stores and banks will know of your default, not just the one that informed Soresa and the SSC. That is, if you want to take a second loan to make a debt transfer, you will have difficulty getting it if you have not renegotiated the pending.
A debt that becomes a snowball
Without financial planning, and once overdue, the portion increases due to the interest applied. Therefore, an essential point, rather than interest rate, is to know what your Total Effective Cost (CET) is, ie the sum of all costs involved in the loan including interest rate, fees, taxes and others. This sum of all costs will result in the total amount of interest you will pay. Not only the CET, but getting a good installment option is crucial, because you need to be able to pay the installments without weighing too much in your pocket.
Bad Paying Fame
The problem of delinquency, in addition to the negated name, is the reputation of bad credit in the institution where the credit was taken. Therefore, as much as the debt is repaid, the institution will still know what happened and may reject an upcoming personal loan application or even financing.
Your phone will ring…
In addition to all of the above, we remind you that you may receive calls from the collection company as in most cases the bank or financial institution that has lent you the money may sell your debt to a collection company which will call you many times. times a day. The solution? Renegotiate the outstanding debt.
So when taking out a personal loan, or renegotiating a debt, put all your payables on the table and see when the installment payment is best. Schedule payment of installments to the best date, so no money is missing.
And if you’re considering a loan, the rates that Bendico offers are personalized and much lower than those charged by major banks! Make a simulation now and realize your dream!