You have probably heard of payroll loans. The option is often offered withdrawals and pensioners in advertisements from different media. But did you know that other audiences can also use credit? Cheaper, this loan can be a great alternative for those who need money!
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.
Payroll-deductible loan is a type of loan that can be used by civil servants, withdrawals and pensioners of the INSS, and by workers with a formal contract.
- Its differential is in the installment payment mode: the amounts are automatically deducted from the consumer’s payroll.
That is, the individual can not fail to pay, or delay a portion. This feature gives banks a lot more security as they are sure they will receive their due.
- The result is cheaper interest and fees, and a generally longer payment term.
There are cases where payroll loans can be obtained, or at least simulated, over the internet. Search for the option in the major banks.
What is the best payroll loan bank? Where to do?
Another advantage of the option is that it is easy to hire for the same security felt by banks. As long as you have a fixed monthly income and apply for credit consistent with this income, you are very likely to get what you need.
Either way, it is important to pay attention to two main points.
- The first is the requested credit amount. In order not to compromise finances, it is ideal that the loan repayment does not exceed 30% of the individual’s monthly income. Thus, even with the compulsory payment of installments, the budget will not be compromised.
- Secondly, planning is critical. As mentioned, the payment time of a payroll is usually longer. In this situation, it is necessary to put at the tip of the pencil all the expenses foreseen for this period, and plan savings if necessary. With this in mind, it becomes more difficult to lose control of finances.
Care in hiring payroll loans
There are still other points that need to be evaluated before deciding to get the payroll loan so that it can be used to the best of its ability.
Starting with the compulsory payment of installments. If you do not have a very high income, the consumer may have their quality of life impaired. That’s right even if the installments correspond to only 30% of your income, as previously suggested. After all, the individual will no longer count on the values corresponding to the benefits.
What if you can’t afford it?
In this situation, however, it is important to know that there are alternatives. If you experience difficulties in your finances, you can contact the lender bank and request a renegotiation of the values.
- The finance company is not required to accept a deal, but usually does so to maintain a good relationship with its client. With negotiation, the consumer can have their installments decreased, and thus better organize the budget.
The same kind of contact should be made with the bank in case of client unemployment. If this occurs, there will be no more payroll for the installment discount, and the bank will not receive its due.
This will characterize the individual’s default, and may even lead to the inclusion of his name in credit protection services. Therefore, it is essential to talk to the bank and negotiate a new form of payment.