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Know the myths and truths about the loan

You’ve probably heard that “taking a loan” is a bad thing, but in fact, the loan can be a good choice to pay off debts or achieve your goals especially if you can afford the installments.

We wrote this article for you to demystify the main myths, and know what is true about the loan. Continue reading the article and clear your doubts once and for all!

Myths and truths about the loan

Every myth can be unraveled with the truth. In periods of instability, such as the current moment in Brazil, it is common to need to resort to loans to pay off some debts or achieve a faster goal. See the main myths and truths about the Construction loan:

Loan interest is higher

This is one of the biggest myths about borrowing. In fact, the loan interest is usually much more advantageous than credit card revolving interest or overdraft, for example. 

However, it is important to note that most financial institutions usually offer personalized interest rates for each applicant. Because of this, people who are negative may have to pay higher interest rates.

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Applying for a loan impacts your credit score

Truth. Every request for a financial product or service can impact your credit score, whether it’s a loan or credit card, for example. Therefore, it is recommended that you make a request only once and wait at least six months to repeat the process if you are not approved.

In addition, it is valid to say that if you are approved in the application and pay the installments correctly, you do not have to worry about damaging your score.

It is recommended to take out a loan to pay off debts.

If you’re in debt and you’ve heard that the best solution is to take out a loan, know that it’s true. On the other hand, the loan must contain advantageous interest rates for it to be worth taking on another debt in order to pay off the debts.

For example: if you have debt on your credit card revolving (considered one of the highest interest rates on the market), it is worth taking a loan, paying off that debt, and paying the loan installments with fixed rates. 

It is possible to anticipate the loan installments and receive discounts

Yea! It is possible to anticipate the loan installments and receive discounts if you have the amounts and want to advance the payment. That is, when you pay off the loan before the contract period or anticipate installments, you receive a proportional interest discount.

Can I take out more than one loan at the same time?

Truth. If your application is approved, there is no rule that does not allow a person to take out more than one loan at the same time. Despite this, you need to be careful with any credit contract, so that you can afford the installments.

So, do you want to apply for a loan?

If you were ale to solve your main doubts and want to apply for a loan, make the CPF consultation free of charge on the Foregone portal and receive personalized indications of financial products and services!

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