Payroll-deductible loans are a simple and safe way to get credit. With cheaper and flexible plans, this modality has provided many opportunities to those who need money and good conditions.
Find out what it is, how it works and how to ensure the best conditions for your pocket!
But what, after all, is paycheck credit?
Payroll-deductible loans are personal loans where the value of the installments is automatically discounted, directly in the paycheck or INSS benefit .
It is considered as one of the best options for those who need money in the short term. With lower interest rates, payroll deductible loans can be used for various purposes.
The credit can be obtained in banks or financial institutions in the limit value of 35% of the monthly value of the salary, retirement or pension. This value is known as the assignable margin
Of this amount, 5% must be used exclusively through a specific credit card .
Thus, if a person has a monthly income of R $ 5,000.00 net, for example, can commit monthly maximum of $ 1,200.00 with one or more payroll loan contracts.
Learn how and why payday loans came about.
How did the paycheck come?
In order to reduce the indebtedness of Workers, Retirees and Public Servants through a form of financing with lower interest rates, Provisional Measure No. 130/2003 , announced during President Lula’s term of office.
In addition to defining the general rules for the granting of payroll deductible loans, this measure also gave rise to Law 10,820 / 2003 – which is a reference in this matter.
Since then, the payroll has undergone several revisions and improvements and has become increasingly popular. Precisely because it is a loan less bureaucratic and cheaper than the others.
Check the comparison between payroll loans and other modalities.
What is the interest rate of the Payroll Loan?
Payroll is the cheapest personal credit option of all. It is on average about ten times cheaper than other types of loans, such as credit card and overdraft .
Comparative Payroll Credit Rates
The guarantee of the payment that the financial institutions have, by the payment of the portion is discounted in sheet, is one of the factors that contribute to that the rate of interest is smaller.
This is because we know that the interest has to do with the size of the risk of who lends the resource.
Thus, it can be said that payroll is safer for those who take credit and for those who lend money. That’s because payment is guaranteed .
Unlike other credit modalities, the payroll has a cap on the interest rate. That is to say, that banks have a maximum limit to pass on to the consumer.
This amount is part of the costs of the contract, called Total Cost Effective (CET).
For many, payday loan is known as a payday advance. But, it is worth remembering that this advance is charged with interest and that the longer the term, the higher the interest. Therefore, the lower will also be the remaining salary balance at the end of the month.
In practice, the payroll loan has some specific rules, but it works just like any other type of loan where you have to make monthly payments to pay off the debt . The biggest differences are in the interest rate and in the way the payment of benefits is performed.
In addition to other advantages, the sport has attracted more and more people. However, it can only be hired by some groups. Find out what they are and if you find yourself in one of them.
Who can hire a Payroll Loan?
The categories eligible to hire consigned workers are: INSS Retirees or Pensioners, Public Servants, Armed Forces Military and Private Enterprise Workers .
In the case of INSS beneficiaries, it can only be contracted in authorized institutions . However, there is no need to be in the same bank where you receive the benefit.
Each category has minimum ages and different payment periods (or installments). But in general, it is very easy to get credit.
The paycheck is also a viable alternative for people who have experienced some sort of tightening or unforeseen and have ended up, by chance, with the “dirty name” and negatives . There is no consultation with SPC or SERASA.
It is intended for people who have at least a guaranteed income at the end of the month. Therefore, it does not apply to the case of self-employed or informal workers.
In all cases allowed, it is necessary that the institution or company that pays the benefit or salary, has an agreement signed with the banks .
The interested party does not need to be a bank account holder. In this way, it is possible to make simulations and evaluate the best bank to make the consigned loan .
For hiring this credit, usually the required documents are:
- Photo identification document (RG or CNH);
- Proof of address
- Updated contracheque or INSS statement . For Retirees you also need an account document in the bank where the loan will be deposited.
What are the deadlines for payment and limit of contracts?
The term of payment of payroll can be up to 96 months for Public Servants . In the case of Retirees and Pensioners of the INSS, the term goes up to 72 months . Private Empress workers pay on average, within 48 months.
The maximum amount of loans for INSS beneficiaries was changed from six to nine loans . Public servants can take as many loans as they need. The limit is the available margin.
How long does it take for the Payroll Loan to fall into the account?
Another advantage of payday loan is that the time between approval and payment can happen in hours.
In the case of free margin or refinancing , the credit can enter the user’s account on the same day, if the documentation is delivered and approved by the bank and the endorsement occurs normally.
In case of portability to other banks , operation in which the user migrates their loan to another financial institution, the value can take up to three weeks. Nevertheless, this is an operation that compensates for the reduction of the interest rate.
With the endorsement, the source paying the salary (company or public institution) or benefit (Social Security) authorizes the monthly discount of the installments in the paycheck and the money is then released into the account of the contractor .
Take advantage to discover your pre-approved proposal for loan or paycheck card. Without leaving home in a few minutes and with the best conditions for you! Make a simulation online now!
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