First of all, make a plan

The loan is meant to save you from financial trouble, not to give you more damage. Therefore, organize your expenses, see how much you need at the moment and also how much you will need monthly to pay off your debt. With these values ​​in mind, let's move on to the next step.

Where to take a loan

To take out a loan, you can resort to banks, finance companies, fintechs, cooperatives and department stores. Don't be in a hurry when choosing and always choose reliable institutions that will offer the best conditions for what you need.

Beware of scams

Be careful with suspicious links, 

Keep an eye on CET

Each institution has different limits, conditions and payment terms. When choosing which loan is more advantageous for your pocket, keep an eye on the  CET (Total Effective Cost) , which is the sum of interest rates and all fees for the financial transaction you are carrying out.

With warranty or without warranty?

When taking out a loan, you can opt for two types: secured or unsecured loan. By offering collateral, which can be your property or car, you get much more attractive interest rates. On the other hand, the unsecured loan is the modality best known by Brazilians, where you don't need a good to get the extra money.

Set an installment amount that fits in your pocket

To prevent your debts from becoming a snowball, define which loan installment amount you can really pay per month without being squeezed. It is very important for you to know what this amount is so that you do not commit to a portion that you will not be able to pay.

Check your credit score

The  score  is one of the criteria used by financial institutions to release credit. Your score can even make all the difference when applying for a loan, because if your score is low you may not get the money you need or even have a very high interest rate. So always be aware of your score to get the best conditions.

Keep your documentation up to date

To take out a loan, you basically need to be over 18 years old and have valid personal documents, such as RG and CPF. It is also necessary to present proof of income (payslip, bank statement, income tax return, etc.) and residence.

See how it's not that difficult to understand what it takes to get a loan? Good luck!

Now that you've seen how easy it is to understand what it takes to take out a loan, get to know Loan Sim, fintech from Grupo Santander.