Whoever wants a loan seeks to get the lowest interest rate. However, this demand is a complex and meticulous process. Unfortunately, the demand for credit is often made in times of financial tightening. It is not advisable to use regular credit, especially for consumption situations, it may even be necessary to resort to banks. In this context, its focus should be on the search for the cheapest personal credit , which implies having the lowest interest rate.
Pay Attention to Your Credit History
To get the cheapest personal credit you should have a good credit history. Never try to be late in repaying your credit, avoid paying interest and bank overdraft and seek a better relationship with your bank. Always keep in mind that your Banco de Portugal’s liability map must always be immaculate.
Look for Greater Involvement with the Bank
Your involvement and business history with the bank is critical to the confidence your bank has in your particular case. Try to have your accounts and various financial products in the same financial institution, avoiding changing bank frequently . When assessing your credit, the bank will analyze the involvement and history of your business relationship. The older and higher the involvement the greater the probability of having personal credit approved and with a lower rate.
Payment Times Have Impact on Your Financial Costs
The longer the repayment term of your credit, the greater the total cost you will pay, mainly due to the higher volume of interest. In this way, if possible, look for credits with shorter maturities. You may have a higher installment but will pay less for your credit. Get rid of the credits that are the greatest prisons that exist for the human being.
Take Special Attention to APR
The focus of your research effort on cheap personal credit should focus heavily on lowering the interest rate on your credit. Pay attention to the products that the bank requires of you because the associated costs (credit card annuities, insurance premiums, etc.) may weigh heavily at the end of the month. An important way of comparing total cost with these “hidden” costs is the APR. Look for the lowest interest rate.
Make Various Simulations and Compare
To get access to the cheapest personal credit we always suggest that you look for various credit simulations. If you wish, you can use the SGM Credit Simulator and see what rate would apply to your case. You can also contact one of our consultants to clarify your doubts.