More and more financial products are available to us. With so many offers we find it difficult to choose. Has it happened to you? To help you make the best choice, I tell you what are the different types of loans you can buy. Find out which one suits you best.

Bank loans

Bank loans

These are the typical loans that you can access. They are what you acquire with the bank through a contract. Those usually have lower interest rates than other services of the same financial institution. There are different names and there are even loans that specialize according to what you want to acquire with them, with slight variations in interest, amounts, etc.

An example of a bank loan – which insurance you have already requested – is a loan for your own business, another example is a personal loan. To get them you have to go through a process that is not fast at all. This allows the credit and the amount to be approved or not after an evaluation so that they can give you the money.

Card Loans

Card Loans

If you have a credit card, you have been told that you have a parallel line of “x” amount of soles. These can be removed from the same ATM.

You can get very excited when they offer you a loan like that and you may end up accepting it without knowing the high interest rates they carry. If you have time to think about it: I don’t recommend them. Accept it only if it is for an emergency or if you are going to pay them in one or two installments. A planned personal loan is better!

Online loans

Online loans

Online loans are a quick way to get the money you need directly into your account. You just have to have a good credit history, be of legal age and have a mobile phone number in your name – and at hand. One of the great benefits of this type of loans is that they can be obtained in just minutes and not much paperwork is required to access one. On platforms like Squire Allworthy, loans from 500 to 50,000 soles can be requested.

Whatever loan you are going to ask for, the ideal is that you compare the different offers. Even if you are going to request the cash provision, you can get a better proposal, remember: there are banks that charge less interest than others.