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What are the types of Personal Loan?

The personal loan is an excellent option for emergency situations, with that in mind it is important to say that to make the best choice according to your needs, it is important to know all the modalities of this resource. To understand better, continue reading.

What this article covers:

What are the types of Personal Loan?

There are several types of personal loans, one of the best known is the payroll loan, but there are others, such as:

  • Personal credit;
  • Consolidated;
  • Anticipation of the 13th salary;
  • Student or university;
  • Automotive credit.

Unexpected trips, health problems or any other urgency cannot wait, and that’s what the loan is for.

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However, prior research is necessary, so that you know the difference between each modality and choose the one that best fits your reality.

How does each type of Personal Loan work?

Now that we know the types of personal loans, let’s explain how each one works, so you’ll have an idea of ​​which one is best for you.

How each type of Personal Loan works
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But in addition, you also need to search for banks, as some have cheaper interest rates.

Personal credit

Personal credit is ideal for those in a hurry, it is a better alternative than the overdraft, as it has lower interest rates. This personal loan does not require collateral, and to be done, you just need to go through a credit analysis.

Payroll loan

The payroll loan is an attractive option due to its low interest rate, this is because the installments are deducted directly from the payroll. After all, the lower the risk of the bank not receiving, the lower the interest.

In addition, this type of personal loan also has longer payment terms. However, always remember to ensure that the value of the installments will not “weigh in your pocket”, to the point of compromising your financial health.


Consolidated credit is more focused on paying off debts, that is, if you have several debts with a single bank, you can apply for consolidated credit and start having a single debt.

Anticipation of the 13th salary

The bank where you receive your salary usually offers the possibility to advance your 13th, although many people do not notice, this advance is also a personal loan. Subsequently, the value is deducted, when the 13th falls into the account.

Student and university credit

This modality is intended for higher-level students who cannot afford to pay tuition fees. There are several companies that work with this type of financing, the Government also offers this credit through FIES.

car credit

To get a vehicle faster, many people need to borrow. This happens due to the high value, mainly of the younger ones. This is why auto credit is such a popular option. It is interesting that there is an entry value, so that the interest of the following installments is lower.

What is the interest rate on the Personal Loan?

Check below the main interest rates of each modality presented throughout the text.

Personal credit on average 119.5%
Payroll loan varies between 20% and 35% per year
Consolidated It varies a lot according to each institution.
Anticipation of the 13th salary varies from 1.99% to 4.83% per month
student loan 6.5% per year
car credit varies from 15.30% to 19.63% per year in the main banks in Brazil

Keeping an eye on the interest rate is important to avoid problems in the future.

How to apply for a Personal Loan?

After researching and choosing the personal loan that best fits your profile and needs, just apply for it at the bank you have an account with or at another banking institution that offers lower rates.


To apply for your personal loan, just go to the financial institution that best suits your expectations, there are also many that offer this service online, making the process even simpler and more practical.

By reading this content, you can use the personal loan more assertively and consciously, bearing in mind that the personal loan, when done responsibly, has the potential to solve problems and make dreams come true.

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