Taking out a loan may be the only alternative for those who are over-indebted, lost their jobs or had some emergency expenses. It is necessary to know where and how to get credit, so as not to sink further into debt. With กู้เงินนอกระบบ this is very much possible.
First of all, remember that the loan is always the last option, to be used only in emergencies or to exchange an expensive debt for another more affordable. However cheap the credit line, it is not worth paying interest to the bank for what is not urgent, such as renovating the house or traveling, for example. The following are tips for getting into debt in the healthiest way possible and preventing your loan from turning into a snowball:
Prefer payroll deductible loans, but research before hiring
After real estate and car financing, payroll loans are the type of loan with the lowest interest rates on the market. This type of credit discounts the installments directly from the INSS salary or benefit, so the risk to the financial institution is low.
The average interest rate on payroll-deductible loans in June was 3% per month for private-sector workers and 1.9% per month for civil servants, according to the Central Bank. Just to give you an idea, the average interest rate charged on the revolving credit in June, to split the card bill, was 13.9% per month.
However, stay tuned. Even in payroll loans, there are big differences between the fees charged from one financial institution to another. For private-sector workers, the loan can cost between 0.65% per month and 6.36% per month, depending on the bank or financial institution, according to Central Bank data from the last week of July. For civil servants, the minimum rate in the same period varies between 1.03% and 5.42% from one institution to another.
If you are a wage earner, you can only get the payroll loan from the bank for which you receive your salary or from another institution that has an agreement with the company or the government. In general, companies only have an agreement with one bank, but some may have more flexibility. Try to get information from HR to research the rates among the member banks and get the most attractive rate, guides the chief economist.
But if you are a retired or INSS pensioner, you can receive the benefit at the bank you want and have more flexibility to research the payroll loan rates of each institution.
Seek cheaper loans to refinance debt
You can take out a loan with lower interest rates to pay off more expensive debt. This will not reduce your debt, but it will cause it to grow at a slower rate. Only those who are salaried or receive INSS benefits can hire payroll loans. If this is not your case, the second-best option is a personal loan, before paying interest payments in installments, using the overdraft or paying the card bill.
The average interest rate on non-payroll loans in June was 7% per month, according to the Central Bank. However, among banks and finance companies, this rate varied between 1.42% per month and 22.19% in the last week of July. When hiring a personal loan, the tip of researching rates among financial institutions is even more valuable.