The 5 biggest benefits and disadvantages of the paycheck-deductible loan
At the time of suffocation, take out a loan? the most obvious way out for those who need emergency cash, isn’t it? truth? However, there are several types of loans that can be made. And this whole transaction needs to be well thought out. In the last few years, the payroll loan has grown a lot – among those who need credit. As it offers several benefits, this type of credit has a high demand in financial institutions. Are you interested in knowing more about the topic? So, read here everything you need to know about the risks and benefits of the payroll loan!
What is the payroll loan?
The payroll loan? It is one of the most common types of credit available on the market. Here, the total amount of debt? pay for discounted installments directly from the person’s paycheck or retirement? what makes life easier for both those who lend the money and those who receive that amount. Typically, these loans are repaid in up to 72 months, and can be taken at most financial institutions.
What are the benefits of this modality?
Low interest rate
Especially in times of high interest , the payroll loan can be quite advantageous. This is because their annual interest rates are around 25%, while in overdrafts it is 460%. Besides,? It is important to remember that the interest rate of these loans? pre-fixed, that is, the person who signs the contract already? knows how much interest you will pay. So, the ideal? do research in several financial institutions in order to find which proposal? more advantageous for you.
Possibility to take payroll loan with negative name
At the ? the rule, but many institutions usually open payroll loans to those who are with the name in Serasa . How do I pay the borrowed amount? discounted directly from the employee’s paycheck or retired, the chances of default, even with a dirty name, are small. If this is your situation, payroll loans can be a great choice!
Broader credit limit
Is the credit limit for payroll loans? of at? 35% of the beneficiary’s salary. So, this type of credit? it is normally used to pay the most urgent debts, which demand a quick settlement.
And what are the biggest disadvantages of the payroll loan?
Payment without (re) negotiation of dates
Paying the consigned credit is perhaps your biggest disadvantage. Because it is automatically discounted, isn’t it? Is it possible to negotiate dates, and oh? the possibility of not paying a portion if you need that money. If you take out a payroll loan, the best thing to do? consider, as your real income in the period, the net value of your salary or retirement minus the value of the installment to be paid.
A limited number of people who can do it
Because it is directly discounted on the payroll, only workers with a formal contract, INSS pensioners and retirees and public employees can apply for that credit. Once in that group,? It is also necessary to make some reservations: if you are a professional with a formal contract, the company where you work must have an agreement with the financial institution where you intend to take out personal credit.
Do INSS pensioners and retirees, as well as civil servants, have a much better situation with banks since they are considered as people with greater financial stability. In this way, they are able to achieve better consigned credit proposals in financial entities. Should you? not included in this group, a possibility seek a low interest loan. Are you manages to compare different possibilities and hire personal loans through the GuiaBolso website and the application. Did you notice how loans are not a 7-headed bug? With planning, they can be great tools to improve your financial health. And you, already? Did you use a payroll loan?