What is payday loan?
Payroll-deductible loans are a type of personal loan designed to deduct the value of installments automatically, on the counter-checks of employees, public, employees of private companies or for the benefit of INSS beneficiaries.
This type of credit is considered one of the best options for those who need to borrow money at low cost, interest rates are lower and the payment period can be chosen between 6/12/24/36/48/60/72 and 96 parcels. Payroll-deductible loans are easy to approve and can be used for any purpose.
How does payroll deductible credit work?
Payroll-deductible loans are a form of credit that has loan repayment installments automatically deducted from the payroll or salary of the INSS, reducing risks and interest rates.
In the consigned, the value of the portion of the loan is paid to the creditor directly by the paid agency, in the case of retired is the INSS, as for federal servants. is SIAPE. That is, the loan is guaranteed to receive thanks to the automatic discount.
Consignment – Easiest and cheapest way to make loan
Once payroll has become the easiest and most uncomplicated way to borrow money, many first and second line banks, financial institutions and credit unions have offered on a large scale.
The discounts of the parcels have a limit of up to 35% of the monthly income of the applicant discounted in the salary, retirement or pension. Of the margin of 35% – 30% is intended for loans and 5% has to be used through payroll deductible credit card.
To make it clearer, let’s say that when applying for a payroll, the citizen has a monthly income of R $ 2,600 net, in which case, he can commit with discounts of installments up to R $ 780 reais, with one or more payroll deductible loan agreements.
A “payroll loan” or “payroll deductible loan” is a personal loan modality designed to make it easier to obtain money at low interest rates compared to overdraft, credit card and bank loan. The discount is directly on the payroll of:
- From the INSS Retirees or Pensioners benefit
- From the Servants and Government Employees aloft
- Soldiers of the Armed Forces Military – Army, Navy and Aeronautics
- Salary of Workers with a formal contract
For those who do not meet these requirements, it is not possible to get the approval of the payroll in any financial institution in the country.
Payroll – low interest rates
Different from the many types of loans available and with free access on the internet, in stores and bank branches, alternative paycheck credit that allows you to get the best and lowest interest rates for those who are looking for money with great conditions and low cost.
Because the portions are discounted directly at the source and paid to the creditor, financial institutions are less risk of defaulting, default is also much lower than any other modality. This facility allows banks and creditors to make payroll deductible credit deals from 1.22% to 5.32% at the most (this percentage may vary).
It is worth noting, however, that the payroll loan has a slightly higher interest rate for those who work with a signed portfolio, after all you can be sent away at any time. Employees of the INSS and civil servants, on the other hand, are stable in receiving their funds, which makes the operation easier to be approved by the financial entity.
How to make a paycheck loan?
There are some peculiarities in making a paycheck loan when you are a civil servant or retiree by the INSS, and when you work with a formal contract. Regardless of your case, however, you must apply for and authorize the financial institution of your choice to cash the loan from your salary.
In these 4 scenarios below, we will briefly explain how you can get your payday loan by falling into the categories allowed by law or authorized by federal, state or municipal agencies:
1. INSS retirees and pensioners
Payroll-deductible loans were created in 2005 and have since evolved considerably. It is currently a great option for those who need money but do not want to pay dearly for it. The money from the ” payroll deductible credit for INSS retirees and pensioners ” is fast, cheap and without bureaucracy.
One of the advantages for INSS beneficiaries is the use of this line of credit, with no doubts as to the interest rates, compared to the loan with property guarantee, with the differential of guarantee being the discount on the payroll. The interest rate for retirees and pensioners is offered on average 1.85% per month.
2. Servers and Public Employee
For a federal, state or municipal public employee, payroll deductible credit is a bureaucratic and inexpensive way to borrow money.
Servants and civil servants have the facility to pick up payroll up to 96 installments with interest between 1.44% and 5.32% per month depending on the bank and the number of installments. The request can only be made with banks and financial institutions accredited to the paying agencies
3. Military of the Armed Forces
Military personnel who need money but want lower interest rates than in private banks, being effective and in some cases temporary Armed Forces have access to:
- Paycheck loans for Army
- Payroll loan for Navy
- Payroll deduction for Aeronautics
To get the resources, simply enter the online payroll system or the payroll system of each Weapon, to have access to all the institutions allowed and also the margin to make the loan. Then it is enough to search for the institution with the best conditions and request the consignment for military personnel.
4. Workers with a formal contract
If you are a privately held employee with a formal contract (CLT), it is best to seek your company’s Human Resources (HR) to see if it has an agreement to make “private payroll”. Find out which banks or financial institutions make it easier to borrow and ask for your loan much cheaper than the personal loan made at your bank branch.
The highest rate of private company payrolls is at the rate of 4.72% per month, and the lowest rate is around 1.22% per month. It is worth mentioning that the personal loan can reach 15.4%, in fact up to 21.93% a month.
How to check consignable margin?
What is the assignable loan margin? Another common question from our users is: “How do I know if I have margin for payroll loan?”. Let’s see the best known ways to call this line of credit. So, to make a payday loan as we have already said, you need to have:
- Margin assignable
- Assigned Margin
- Margin for consignment
The three forms mean the same thing, however, with no margin is a bit difficult not to say impossible to hire a new payroll. Except when there is the possibility of “opening up” by doing a ” loan portability ” or ” buying loan debt “.
By law there is a maximum amount that can be discounted monthly for financial commitments or commit to loans, personal credit or financing. In practice, paying institutions and agencies are not allowed to discount a portion of the loan larger than 30% of the rent, with exceptions when up to 35% or 40% is allowed – incredible as it may seem.
Example: For those who receive a salary of R $ 2,100 reais, the margin for consignment in sheet is R $ 630. Then the citizen can do as many loans as possible until they consume the entire amount of R $ 630.
It is important to mention .. retirees and pensioners may have discounted up to nine loan agreements in benefit. Public servants the number varies from paying agency to paying agency. You should check in your HR to know how many deductibles with payroll loan is allowed for your category or type of agreement.
Requirements to apply for paycheck credit
As previously mentioned, payroll loans are a type of loan with a lower risk of default, simply because they are deducted directly from the payroll or from the benefit of the financial institution, the installments. Therefore, to get a payroll deductible loan you should be:
- INSS retiree or pensioner
- Working with a formal contract – CLT
- Federal, State or Municipal Public Employee
- Serve in one of the Armed Forces
How long does it take to make payday loan?
There is no certain time, the truth is that this factor depends on dozens of other aspects and credit policies. However, the approval and release period in general is confirmed between 24 hours and 72 two hours, that is, up to three days.
Of course the release can happen on the same day and, until the hour, as we said, for the money to get into the hands of the beneficiaries many processes are carried out by the banks sending the cadastre, by the INSS system to confirm the margin and make the endorsement to later have the approval and release of money by the bank.
What is the advantage of payroll deductible loans
1. Minor interest rate
Payroll-deductible loans today have no doubt the lowest market interest rates when compared to any other type of personal loan or financing. Since the repayment to the creditor is made at a discount directly on the payroll, the credit risk for the financial institution decreases a lot, in addition, because it is automatically discounted, the risk of default is also much lower for the bank and financial.
Payday loans are currently one of the first loan options for those in urgent need of cash. With the payroll, it is easy to avoid the high interest rates charged in some lines of credit, especially the medium and long term.
2. Easy approval and release
In the consigned, there is a greater guarantee to the financial institution of the receipt of payment of the installments, this reflects in less bureaucracy for approval, in general does not make the credit query in Serasa / SPC and the client may have restrictions in the name, the CPF is irregular or invalid.
Note: Any person who fits the basic characteristics of Retired or Pensioner of the INSS, Public Employee and Employee with a formal contract, will easily be able to make a loan .
What is the disadvantage of payroll deductible loans
1. No possibility of delaying payment
Unfortunately, the Brazilian economic reality does not go there, and not always the salary money lasts until the end of the month. As we are alive and moving, it is common to happen momentary unforeseen, some unexpected problems and expenses. Because of factors often out of our control, debts can tighten the budget even more, and when this happens, the postponement of payments and financial obligations are compromised.
At that time, some expenses and debts will be prioritized and others left out.
In the payroll is different, the amount of the installment discounted every month during the duration of the loan can not be advanced or delayed. This discomfort will cause the borrower to have to face the difficulty or obtain a new loan of another modality.
That’s what happens most of the time!
2. Lose the job or functional position
When making a paycheck credit , the petitioner signs a contract and it is agreed upon some rules to protect the lender. In the case of salaried workers, the person making the discount is the employer, and the employer passes on to the lender of the loan. Think then! What if the debtor loses his job when he is fired? Simple, in addition to increasing the rates of unemployed, you will have no more source of income or payroll to make the discounts.
What happens then? Banks, credit institutions or financial institutions have full payment of the loan upon termination of the labor contract.
Come on, and in case the termination does not cover the balance due? Well, in those cases, trying to make an agreement with the bank is the best option.
Consigned to negatives
Having traces in the consultation with Serasa, SPC, CCF and other credit protection agencies, that is, having the dirty name by having restrictions in the CPF can be a problem in many other types of loans, not payroll loans.
We know that when applying for a loan, first of all, the lender performs a credit query to find out how the client’s credit history, score and credit score is, only to pre-approve the registration. And, when checking restrictions on the CPF and inscriptions on credit protection registries, usually the reproof is right.
Bank and financial institutions do not like to take credit risk or have problems with bad debt.
Just to have an idea, in the loan to negativado, the interest is of up to 18% or more with release up to R $ 5,000 maximum.
In payroll-deductible loans, the creditor institutions do not take into account the claimant’s being denied. In addition, with the guarantee of receiving the cash discount, interest rates are lower – up to 5.32% per month and up to 96 months.
“Okay, this is a great lending option for negatives with the advantage of interest being one of the few that exists.
Organize finances with payroll
Living well, being quiet and at peace means above all being in control of your personal finances up to date. And managing your money can often seem like a full-time job.
Currently everyone who works has a more than busy routine, in addition to all duties and activity, you still need to look for ways to save money while shopping at the supermarket.
Everyone has to look for and use discount coupons, relocate with a thousand and one ways to cut costs by doing “do-it-yourself” projects. However, some people leave personal finances “to do”, or worry, until the time that the house falls and the debts begin to tighten the wallet.
You must learn how to organize your income and expenses in a way that contributes to your financial success.
By the way, paycheck credit for applying very low interest rates is certainly the best way for you to pay off more expensive debts, save some money and organize your financial life. It is worth mentioning that in some situations, the best option is not to take a loan to avoid debt and the snowball of debts – loan sharks or even think.
Repayment payment with fixed installments
The payment of installments destined to the consigned credit can not exceed the amount of 30% of the salary, salary or benefit. Remember that it does not matter the amount taken as loan and the term of payment contracted.
Paying the payroll with medium (36) and long (up to 96) terms is another advantage of this line of credit on consignment. In addition to the interest being pre-fixed, the installments are also equal from the beginning to the end of the contract.
This feature helps the consumer to organize his or her financial life according to the fixed amount of the monthly discount, preventing the loan from becoming a snowball and becoming more of a debt.
Consigned need a guarantor or guarantor?
Many types of bank loans are filled with bureaucracies and paperwork to get them hired. Just to get an idea, some even require a co-borrower or that the applicant presents a guarantor or guarantor to secure the loan.
What is a guarantor or guarantor? We know that they are people who take financial responsibility when the payments of a bank or commercial transaction involving money is delayed or the borrower has defaulted for not being able to pay the agreed amounts.
Using a friend, brother or known as guarantor or guarantor to make a loan, is serious, in most cases it gives a problem. Life is full of unforeseen events and if insolvency happens, the guarantor will take care of the debts.
In payroll loans there is no such requirement, just ask the lender and the guarantee will be the discount on the payroll.
Online payday loan how to do simulation
The fever of fintechs began a little more than 2 years ago, the system changed all the way to ask, approve and receive the money of a loan, in the old days, the processes were much more rigid, bureaucratic and time consuming.
In addition, when making a payroll, the applicant still had to send the documentation by mail and the values took days and days until it fell into the client’s account. But, nowadays, everything has changed. It is not necessary nor leave the house, by the camera phone itself it is possible to make a consignment loan in a few minutes.
On websites and credit platforms of many financial and banking correspondents, you get fast, easy online consignment credit without paperwork and interest rate below 2%.
All you need is Wifi access or 3 / 4G internet, a cell phone or computer. The step by step is very simple.
- Access the site or application: just choose a company with good conditions and start the process of registration and request
- Selecting the loan: The amount and amount of installments of your personal loan online
- Inform personal data: register your personal data in the platform or application
- Application evaluation: Wait for your personal loan application to be evaluated by the financial institution
- Money Release: Get the money from the payday loan application online in the bank account in a few hours
You can do a payday loan simulation and find the best conditions for your loan just one click.
What is the best bank to make a payday loan?
The best personal loan or best payday loan for sure will help you achieve your goals, whatever it may be, usually the resources are used to finance the repayment of other debts (consolidate your debt), for home improvements or expenses of emergency.
To know the best bank to get one or more loans, you need to compare different offers across multiple lenders, plus an important consideration is the interest rate seen from a report with Total Cost Effective – CET.
A paycheck with the lowest monthly rate at the end of the loan will have a debtor balance paid also lower, it is a matter of logic, however, you need to be aware if additional fees have not left the cost higher.
To guide your choice, we at Grana Smart do some checks and with our personal loan and payroll loan and loan negative reviews. You can choose one of our indications to succeed in your credit application.