If you need to borrow and don’t know how, be aware that payroll loans can be an excellent choice, both for the convenience of debts that occur directly on your payroll and for the generally lower interest rate than other loans. . So here’s what payroll loans mean, and take advantage of this option!
Are you interested in the payroll loan but don’t think you understand it right? Not sure about something? Doubts are part, it is important to know some details that make all the difference. Learn All About Payroll Loan: And Payroll Loan what it is, who can take it, and strategies for not getting it wrong.
Remember, however, that to apply for such credit, you must be employed or retired. So, better understand how this type of credit works and clear all your doubts here!
Payroll-deductible loans usually offer much lower interest rates than other lines of credit.
What does payroll loan mean?
Also known as Payroll Loan, payroll loan is a loan with indirect payment, and the installments are directly deducted from the payroll of the individual, so there is a need to have a fixed job or be a pensioner, in order to acquire it.
This type of credit can be obtained from banks or financials, just by doing some simulations on the requested amount. However, there is a limit percentage of commitment of your income, which is 35% of your salary, ie, if you have a salary of USD 1,000, the installments of your payroll credit may not exceed the amount of USD 350 .00 per month . This is even a rule provided by law.
In addition, some documents need to be filed in order for the application to be effective, and the duration of the installment payment cannot exceed 72 months.
The main reason that payroll loans have lower interest rates is that it offers more security to those who are lending the money, because the collection is practically automatic and the responsibility for payment lies with the employer, the union or the agency of the bank. government.
In this way, it is possible to extend the loan even to persons with names in default . Not to mention that for the contractor, it is also advantageous in that it decreases the work of going to a financial institution to apply for, and having to control and make the monthly payments. These factors also contribute to lower interest rates than other types of loans.
What benefits of payroll loans
If you are about to buy a good loan, and need money to complete the purchase amount, always remember to look for payroll loan information before closing another type of loan.
With payroll loans, consumers get the advantage of paying the cheapest interest rate in the market, and this is quite a benefit considering the current crisis .
See a rate comparison to better understand the benefits of this modality:
– Payroll-deductible loans: between 1.4% and 3.5% per month;
– Loans to finance real estate and cars: between 0.8% and 5.2% per month;
– Personal loans: around 7.2% per month;
– Installment credit: around 7.9% per month;
– Overdraft: around 12.7% per month;
– Revolving credit: around 15.6% per month.
And there is still the credit for negative people, that is, that has restriction in the name, which can exceed 21% per month. Very high interest, isn’t it ?! And as you can see, payroll-deductible interest rates lead the interest ranking, being considered the lowest.
And in addition to the advantage of having one of the lowest interest rates, payroll-deductible loans also have other benefits, such as the ease of having the direct discounted payroll amount. This ensures more control and organization in your finances.
Another benefit, and one of the most important for those who have had recent credit problems, is the fact that the money is released even to those who default on credit protection agencies. This enables people who are having trouble getting credit to regularize their situation.
There are also those who use payroll loans to concentrate several debts in one, and the person requests the payroll to cover all debts he already has, and only has the monthly payroll debt in his account. This enables greater control of your expenses.
Payroll loans offer a quick and simple way to get a loan.
Anyway, in order to enjoy all the advantages of applying for a really advantageous credit, with the certainty that you are doing the right thing, always remember to compare the interest! Avoid throwing money away with abusive interest and paying your bills without worrying.
Now that you know what payroll credit means, leave your comment on the post, and share with us your experience with this type of credit. Have you ever requested? What do you think?