Loan and Credit was founded in 1990 by two businessmen who decided to offer credit to retailers in the city of Sorocaba, in the interior of São Paulo. In 2010, it underwent a major expansion, starting the personal loan and credit card segment, after establishing partnerships with Redecard and Cielo. In 2015, the company also entered into a partnership with Good Credit to operate in the online lending segment.
Loan and Credit has issued more than 5 million cards, is accepted at over 2 million partner merchants, and offers over 30 financial products to its customers.
Loan and Credit Advantages
Low Interest: On average, the interest rate is 4.9% per month. This is below the average of the non-payroll-deductible personal credit market, which is currently 7.18% per month (Central Bank, May 2016).
For members, interest may be even lower, reaching 2.8% per month.
The credit is deposited to your bank account within 24 business hours of approval.
You can choose to be a Loan and Credit member, which can bring you benefits when you are loaning.
If you are a member, you may have access to pre-approved credit.
You can repay the loan up to 15 times, even for small amounts.
Loan and Credit Disadvantages
Many of Loan and Credit’s advantages are restricted to members. But becoming a member can incur unnoticed costs and can make your loan more expensive. So be aware: debit all fees charged to you before closing a loan.
The site is unclear as to the loan service. He guides the interested party to call the company for more information.
Interest rate : on average 4.9% per month. It varies according to your credit analysis. (given June 2016)
Rates : The Loan and Credit website is unclear as to this information.
IOF : It is the tax on credit operations. It is usually 0.38% + 0.0041% per day on the credit amount. If this cost is not reported to you before closing the loan, ask for it!
Caution! Fees such as brokerage fees or taxes (such as IOF) can make your total loan cost unaffordable. Always compare the Total Effective Cost (CET) before closing a loan.
Other documents may be requested from you before your loan is approved. But generally, only these 4 are requested:
- Document with photo (RG or CNH)
- CPF (if it’s already in the ID, then don’t worry about it)
- Proof of Residence (under 90 days)
- Proof of Income (pay stub, paycheck, bank statement, etc.)