You want to apply for a personal loan, but you are in doubt whether it is better to apply for a bank or for a financial one? In this article we will clarify your doubts about how each one works and what is the best option for you. Check out! An editorial over at

Bank x financial: how does each one work?


Banks lend to their clients or those of whom they know the financial history. You can borrow from a bank that is not a customer, just take the history of your previous bank.
Just by lending money only to customers who are able to pay their bills, banks offer lower rates because they judge that the chance of default is low and know they are at a lower risk.
Financial companies accept clients even without knowing their financial history completely, so they do not know if they are people who pay their bills on time. In this way, the financiers generally charge higher rates, since they accept a greater risk of default.

What are interest rates?

What are interest rates?

The CET, which is the sum of all fees charged on the loan, of banks is lower than the CET of the financial. This information was disclosed in a study by Proteste (Brazilian Association of Consumer Protection). As we have seen, this means that the personal loan will be more expensive if hired by a financial person regarding the same application in the bank.
So if you think about asking for a personal loan go first to the government banks, like Banco do Brasil, because they will have the best rates. Followed by private banks and lastly the financial ones. See the average interest rates of 5 banks according to the Central Bank, the consultation was held in July 2018.

Check out the interest rate of 5 financials and note that the lowest interest rate is twice the average rate of banks. 

Which one is worth the most?

There is no universal answer to this question. It all depends on your profile and your financial situation. If you have a good relationship with the bank where you work and pay your bills on time, it is advisable to look for your manager and analyze his proposal for your loan application, probably the interest rate will be better than the interest rate .
Recalling that banks also lend to negatives, interest rates may still be lower than financial ones as long as the customer does not have a recurring default history.
However, if you do not have a good track record with your bank, whether or not you are negative, your interest rate will also be high. In this case it pays to consult the two options and check which one is more advantageous for you. Do not forget to always look at the CET (total cost effective), as it will be the interest rates + all charges charged. It is important to note that the interest rates shown here are average rates and may vary according to your profile.
Regardless of your financial history, it is also worth consulting the online loan option, usually interest rates are more advantageous. The IQ Loan is a partner of several institutions with attractive rates, make a simulation and compare!