Have personal credit for lack of money? Let’s imagine this situation: Helena wanted to start a small business of her own, for that she rescued all the savings she had saved in the savings, but still needed more money. It lacked funds to hire skilled labor and also raw material for its trade, a clothing store. She needed a secure financing for her business to file as soon as possible.

This really is not just a situation that involves only the lives of few entrepreneurs and owners of micro and small businesses, it seems to be a widespread fact that it is in the business of hundreds of entrepreneurs who to carry on with their business. For lack of money, the remedy is to seek financing in banks, financial and alternative means.


What are the credit options for lack of money?


What are the credit options for lack of money?


How many times have you faced a similar problem? Lack of money is a very common occurrence in the life of every working citizen, whether here in Brazil or in other parts of the world, borrowing money is a worldwide recurrence.

Luckily there are several financing options for the most diverse types of borrowers. They are accessed for financial distress when you face a shortage of money. Each option has its pros and cons. However, how can you react to these funding options? Let’s find out:

  1. Bank limit on Special Check



    Bank limit on Special Check


The overdraft or bank credit limit is an available financing facility for people who have bank account. Based on relationships, financial transactions and account transactions, the bank allows the customer to access a certain cash value when their balance is no longer positive. The bank charges interest on the amount discovered. In addition, there is a limit of days that the customer can use the money without charging interest, usually 10 days.

Pros: The credit limit of the overdraft helps the customer to cope with the temporary shortage of money. Interest rates are medium, so you can avail the extra funds without having to formalize a loan, and still not paying interest for a few days.

Cons: The credit overdraft facility of the overdraft is not available to everyone and only to those who have a checking account. There is a limit that restricts the amount of money accessible for immediate use.


  1. Private Credit Cards


  1. Private Credit Cards


This is the most commonly used source of credit for money financing, credit card are no doubt the turn of the time in the financial market. Credit cards allow you to make a transaction, which is paid later up to 50 days. In this way, you can buy goods and services on credit and pay days later when the credit card bill is generated.

Credit cards have a billing cycle that usually ranges from one month, so you can avail the free credit for up to 50 days. In addition, many cards also allow for the ease of converting part of your greats into points, benefits and compensations. In a lack of money, you can buy a product or pay a service using a credit card and bill the payment only for the due date.

Pros: Credit cards allow you to make transactions without paying with cash via and cash. You can convert the values ​​of the purchases into points for your own benefits, you can install the purchases up to 12 times without interest. It has a cycle of up to 50 days to pay the amount spent on purchases.

Cons: Although credit cards allow an interest-free credit period of up to 50 days, if you do not make your payments until the due date of the invoice, interest is charged and that interest is very high. Credit cards also have other types of charges that increase your expenses like annuity and fines for late payment and overflow.


  1. Pre-Approved Line of Credit



    Pre-Approved Line of Credit


A line of credit is like a pre-approved loan. Banks and financial institutions allow their clients a pre-set limit for them to withdraw when they need it with a bundled installment without red tape. This limit is called a pre-approved credit line.

Pros: It’s a simple facility that allows you a fast and super easy credit limit to get. It is cheaper than the interest rates of cards and are charged according to the term chosen by the borrower.

Cons: It is a temporary source of funding that has to be repaid in a short time. There is a pre-set limit for the amount of credit, above this you have to apply with the lender.


  1. Personal Loans

    Personal Loans

Personal loans are the most common and the best source of finance for individuals. These are multi use loans that do not require any kind of collateral. Repayment in installments is done in up to 5 years or more and many financial institutions also allow flexibility in payment options and interest rate.

Pros: Loan can be used for any personal or business need. No guarantee is required. The loan is easy to apply and approve. People with restricted and denied names also have easy access.

Cons: By not requiring collateral, personal loans generally have a high interest rate. The amount of the loan depends on the repayment capacity of the applicant or bank client.


These were some of the sources of personal credit for lack of money. A personal loan option of 12, 18, 24 and 48 months can be a good source of credit as it is easily available from various companies and lending institutions and has short, medium and longer repayment terms.

You can use a personal loan to buy luxury items or pay off debts. Lending and credit platforms, credit marketplaces, banks, cooperatives and various financial institutions always offer special offers for hiring personal loans to attract borrowers and retain them.

Remember Helena? That one from the beginning of this article, she managed for lack of money to expand her clothing store a personal loan with one of our partners. You can too!

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