Personal online credit: what is it and how to contract?On November 26, 2019 by admin
The facilities of everyday life are getting bigger with the advancement of technology and are reaching the financial area, you know? Mobile-app-controlled credit cards that are completely independent of banks can now be found on the market, financial management apps that help you control spending and the ease of the moment: online personal credit.
Personal credit online? What is it?
Online personal credit first emerged in the United States to unite investors with entrepreneurs or entrepreneurs looking for loans to expand their businesses but could not afford the high rates of banking institutions. Here in Brazil, the idea was adapted in accordance with local legislation and works as Direct Consumer Credit (CDC) or personal credit, the one offered by banks faster and often with a pre-approved value.
What changes when we talk about the online platform like Lendico?
Almost everything! For starters, it’s the rates. We indicate that you always be aware of the Total Effective Cost (CET), which is nothing more than the sum of interest, IOF, tariffs and / or charges. Lendico’s CET ranges from 2.79% to 5.26% per month , depending on customer credit analysis and installment option.
How are the rates so low?
This is possible thanks to the structure of the company, because as the operation is completely online, the infrastructure becomes cheaper, more efficient and less bureaucratic; therefore, the advantage is passed on to the personal borrowers. Do you know the average annual interest rate that major banks charge for unsecured personal credit? More than 120% per year!
And what is the main facility?
In addition to lower interest rates? All communication is made through the internet, from the credit application to the sending of the documents. After registration and simulation on the site, if the proposal is accepted, the documentation is reviewed within two business days and being approved, the money will be in your checking account in three business days!