Want to move loan to another bank? Every citizen needs money, either from his own work, or through loans and financing. In Brazil, normally you work as a wage earner and you earn little, sometimes you go through the wages money problem can not last until the end of the month, because you have spent too much or simply because the bills, expenses and financial commitments consumed all the money earned.
Nowadays many Brazilian citizens, as well as citizens of other countries, have as their lifeline the alternative of being able to seek from banks, financiers and credit companies the money that is lacking to finish the month. The result of this search is to borrow, enter the limit or use special check. But what most Brazilians do not know is that it is possible to change the payment of installments from one bank to another and still get some extra money from the operation.
Change loan and installment?
The financial operation is called credit portability, read below other links of articles that talk everything about this subject so relevant for those who want to reduce the value of the parcels:
☛ Banks buying debts
☛ Sell loan debt
☛ Alternative credit portability to pay off cheaper debt
☛ Portability to reduce loan interest
☛ Transfer to another bank
☛ Portability is worth changing or changing loan
To perform the portability you need to have access to all the information related to the contract, that is, about the debt of the loan, before requesting the migration to another bank, the most important data are:
- Know exactly how much the loan balance is due
- Inform the total number of parcels and how many have already been paid
- Know the number of installments still to be paid and the current interest rate
- Informs bank and loan details that are in the contract.
To do this, contact the institution where you made the current loan as they have all the necessary data you need to file in a portability request at another bank. To make understanding easier, we have listed six considerations on how to perform this type of credit that is regulated by the Central Bank.
1. Have all the information of the original contract
To hire the portability and switch loan to another bank, you need to be in possession of all the information pertinent to the contract that you want to portabilize. The new bank that will exchange the debt will provide a list of necessary documents.
2. Negotiate as the current bank and the new bank
With all the information in hand, find a new lender and negotiate the terms of the new loan. In the new transaction, the cash amount released will be used to pay off the outstanding balance of the old operation, which is left over.
3. How Credit Portability Works
In portability a new financial institution makes the electronic transfer of the exact amount in cash to the bank holding the old loan to repay the debt in advance. It is prohibited to transfer the costs of this operation to the customer.
4. Are there rules and limitations for portability?
For individuals, especially in the payroll, there are some rules:
- The amount of the new loan can not be greater than the debit balance in the old bank;
- The term of the new operation can not be longer than that of the previous operation.
5. Do not trade six for half a dozen
When making portability, request the Total Effective Cost (TSC) of the new lender and compare with the old one. The CET tells you how much you will actually pay for the loan. This makes it easier to compare and evaluate more accurately whether or not portability is worth doing. Also evaluate the conditions of the new contract, mainly interest rates and tariffs.
Portability is already regulated for a few years for credit operation transfers, if you want or need to reduce your installments, portability is an excellent modality for that.