Loan types: check out the most common ones and find out which one is better (Part 1)

Loan types: check out the most common ones and find out which one is better

In this article you will see:

What are the main types of loan

Which type of loan to choose?

Are you thinking about taking out a line of credit, but don't know what types of loans are offered by the financial market?

It is possible to hire different options, for the most diverse needs. You can opt for a payroll loan, personal credit, among others. Hiring can be done to meet several objectives.

A loan is not just about having cash. You can apply for a loan to finance your college, a car or a house, for example. That is, you may not even see the money, as it will be directed to repay your debt.

Before making the decision to hire a financial service, it is essential to know and understand the available options well. Keep reading to find out what the seven most common types of loans are and understand which option is best for you.

What are the main types of loan

The main types of loan are those that are more practical, safe, market demand and low interest, such as payroll loans and personal loans.

Next, Contabilizei lists the seven main types of loan and explains the characteristics of each one of them.

Payroll loan (Part 1)

Personal credit (Part 2)

Student or university credit (Part 3)

housing loan (Part 4)

car credit (Part 5)

consolidated credit (Part 6)

Anticipation of 13th salary (Part 7)

1- Payroll loan

Also known as payroll loan, this option is a solution that draws a lot of attention because it is practical to request. In this case, the loan amounts will be charged directly on the payroll or the retirement of the person who requested it.

As there is this security that the payment will be debited from the contractor's salary or INSS, the credit release is usually very simple and quick to be done. Nowadays, it is even possible to contract payroll loans through bank applications or websites (online).

In addition to practicality, this option is also highly sought after because it has lower interest rates, in addition to longer payment terms. In addition, the borrower does not need to indicate how he will use the requested money. That is, it is not necessary to present any justification for applying for the loan.

However, it is important to make it clear that this line of credit must be very well planned. When hiring, make simulations and choose an option that meets your needs so that you don't have other payments committed.

See Part 2 here

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