Bank loan portability: everything you need to know

More difficult than having to take out a loan is knowing that, often, the interest charged amounts to twice the total amount we borrow. In this regard, bank loan portability is an option that many people are unaware of, but which can bring significant financial benefits. This is because it brings the possibility of transferring the debt to other financial institutions that have more advantageous conditions.  

How does loan portability work?

Loan portability is an option that allows the customer to transfer the balance of a loan contracted with a bank to another that offers better conditions, such as lower interest rates and more advantageous terms. To carry out portability, the customer must ask the bank that is receiving the loan payments to issue a document called a “payment slip”, which represents the total amount of the debt.  

With this document, the customer can look for another bank or financial institution to negotiate a new credit operation.

It is worth remembering that loan portability is not an obligation on the part of banks, but an option they offer to customers. Therefore, it is important to evaluate the conditions offered by each place before deciding on portability.

Is it advantageous to carry out loan portability?

The main advantage of loan portability is the possibility of reducing the amount of installments you owe and, consequently, the total amount of debt . This is because, by transferring the balance to a bank that offers lower interest rates and more advantageous terms, the customer can achieve a significant reduction in monthly installments.

In addition, loan portability can also be an interesting option for those who want to change banks, but do not want to get rid of an already contracted debt. With portability, it is possible to transfer the debt to a new bank without having to pay all installments at once.

It is also worth remembering that credit portability is for any type of loan , whether it be payroll loans, personal loans, housing loans or others.  

Basically, the contracted interest and the duration of the debt, as well as the person's ability to repay that loan, is what characterizes a credit. The freedom of being able to seek a better offer from this equation is great for those who need to improve these conditions to catch up on their bills and live in the blue.  

Which banks do loan portability?

Currently, banks are obliged to offer the option of loan portability to customers. However, the conditions offered by each bank can vary greatly, so it is important to research and compare proposals before making any decision to change.

Among the banks that offer loan portability are Banco do Brasil, Caixa Economical Federal, Itaú, Santander and Bradesco, among others. It is important to point out that each bank may have specific rules for portability, such as the requirement of a minimum amount of balance to be transferred, for example.

In addition to traditional banks, it is now also possible to make loans at 99Pay, the digital wallet already available in the 99 app , through the 99Empresta service . Available to customers in São Paulo and Rio de Janeiro, 99Empresta offers loans from R$500 to R$10,000, with monthly interest from 2% to 10% (average of 6%) and the possibility of installments in up to 12 months.

The loan application process at 99 is quite simple and can be done directly through the 99Pay tab available in the 99 application . To be able to make the loan from 99Pay , the digital wallet only requires the National Driver's License (CNH) and the RG. After delivering the requested documents, the analysis is done in a few minutes and then the customer's credit limit is defined.

In addition to the personal loan, 99Pay has been offering a completely free financial education course since October . Made in partnership with edtech Barkus, it is aimed especially at those who need to organize their bills, pay off debts and start investing. Meet!