Do you know the advantages of payroll loans? It is a modality that discounts the installments directly in pay, so that the control of the payment is made by the financial institution itself.
Unlike ordinary credit, payroll is directed only to INSS retirees and pensioners, to Federal – State – Municipal Civil Servants or to persons working in companies that have a special arrangement with banks to offer special entitlement to this benefit.
In addition to these factors, there are other very interesting benefits included in this loan modality. How about we know better? The following post will bring you everything you need to know about payroll loans. Check out!
1. Lower interest rate
Perhaps the biggest advantage of payroll loans is the low interest rate compared to ordinary loans. This is only possible due to the operation model that deducts the installments directly from the payroll of those who contract this credit.
Because of this guarantee and security granted by the direct salary discount, institutions offer lower interest rates, since the risk of default is practically nil.
2. Fixed value installments
It is very common that, in some loan modalities, installments will gradually increase over time, so that repayment of this amount will be made faster, benefiting the financial institution.
Within payroll loans this does not exist! The installments have a pre-established fixed amount before the contract is signed and so they remain until the end, that is, until the complete settlement of the amount.
3. Broader Credit Limit
The modalities of personal credit usually limit loans according to the percentage that will be committed from the salary, taking into account the value of the repayment installments. Banks generally set percentages of up to 30% of maturities.
In payroll-deductible loans, this amount may be higher, up to 40%. This is only possible due to the restrictions of people who can take this credit, as banks understand that they have greater financial stability.
4. Waiver of guarantor and analyst
It is common for financial institutions to request that a guarantor commit to enter the business, ie if the credit contractor defaults, the guarantor must be responsible for the values. This is not necessary due to the payroll discount and the liability of the affiliated companies.
Nor is a credit analysis required. In some cases, the loan is even made to people who are with the CPF in restrictive agencies such as the credit bureau.
5. Longer time to pay
Among the advantages of payroll-deductible loans, there is also a long period for repaying the value, unlike other modalities, which usually limit this time to a maximum of 3 years.
In this mode, the loan beneficiary can complete the discharge in up to 96 months, ie 8 years. This varies by consignee body, and this time is the maximum it can reach. Therefore, it is important to always check what is in the contract.
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