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Paying off a birthday loan is a frequent question for those who adhere to this modality.
This is because, as it is a loan that uses the FGTS and does not have payment slips, it is difficult to know how it can be paid off.
And, if you are going through this challenge, know that today's material can help you.
That said, to learn everything about this type of loan and understand the payment options, come with us!
What is a birthday withdrawal loan?
Before we talk about how to pay off a birthday withdrawal loan, it is important to understand the modality.
This is because this content is essential to understand payment options.
The anniversary withdrawal loan is also popularly known as FGTS loan.
And the reason for this is because the guarantee used to grant the amount by the bank is the FGTS balance.
Therefore, when taking out the loan, the customer has the possibility of anticipating the so-called anniversary withdrawal by up to 10 years.
The anniversary withdrawal is the name given to the annual possibility of withdrawing up to 30% of the value present in the FGTS account, in the month of the anniversary.
As we know, the FGTS It is a resource that can only be withdrawn on specific occasions, and the anniversary withdrawal is the only possibility that does not require proof of need.
However, with this option, the worker can only withdraw a certain percentage per year.
The anniversary withdrawal loan emerged precisely as an alternative to this situation.
In this way, the bank anticipates up to 10 years corresponding to the anniversary withdrawal, and discounts the installments directly from the FGTS account.
Therefore, many see this alternative as advantageous, since it is a loan that the applicant does not need to worry about paying.
But how can I pay off my birthday loan if the installments are automatically discounted?
We'll find out soon!
Who is the anniversary withdrawal loan suitable for?
By now you understand how the FGTS loan works, and you know that the payment of installments is done automatically.
This will help us understand how to pay off a birthday withdrawal loan, but first we need to talk about the indications for this modality.
After all, who is the FGTS loan suitable for?
To answer this question, it is important to highlight that this modality requires a balance in the FGTS account.
Therefore, this option is only recommended for those who have some value in their account.
This amount does not need to be high, and can be either active accounts (amounts paid by the current company), or inactive accounts (amounts held due to resignation or just cause).
This means that especially for those who have money tied up, this is a good alternative.
Furthermore, as we have seen, the FGTS loan It is a modality free of installments.
Therefore, this may be the ideal option for those who need extra money, but do not want to compromise their budget for the coming months.
And finally, the last recommendation for this modality is for those who face difficulties in obtaining credit.
This is because, with the FGTS as collateral, it is not mandatory to have a positive credit rating.
So, if you identify with any of these situations, this could be your ideal type of credit!
How to pay off anniversary withdrawal loan?
After everything we’ve seen, you certainly already have a good understanding of how the FGTS loan works.
This way, we can finally start talking about how to pay off a birthday withdrawal loan.
As we have already seen, the initial proposal is that payment occurs automatically, through periodic discounts made by the bank in your FGTS account.
Therefore, if you have signed up for this option, you should know that you don’t need to worry about paying the bill.
This is because you just have to wait, and the installments will be paid periodically.
However, it is worth saying that this option deserves two observations:
- The value of the FGTS is compromised.
- Settlement can take a long time.
So if you regret compromising the your FGTS balance or if you want to pay in less time, it may be interesting to pay in advance.
The good news is that this is a simple procedure, and can be done directly with the bank with which the loan was taken out.
Simply contact the bank and request early repayment of the loan.
It is worth mentioning that this advance cannot be made using the FGTS balance.
In other words, you will have to use other financial resources to do it.
Furthermore, early repayment of the loan can be made in full or in part.
If you choose to pay in full, simply pay off the entire amount you owe.
To pay partially, this can be done by paying in advance.
In this case, you can reduce the time of the debt and avoid interest, but you cannot pay it off immediately.
Either way, there are options, and you can choose the one you like best!
Tips when applying for this type of loan
As we have seen, paying off a birthday loan is not a difficult task, but it requires planning.
Furthermore, this option ends up deviating from the initial proposal of the modality, which is to avoid installments.
However, for those who wish to avoid interest or uncommit the FGTS balance, it's certainly worth it.
But, if your case was the second, it may have happened because you did not take some precautions before joining the modality.
This is because, like any loan, this one also has its negative side, and this consists precisely of compromising the FGTS balance.
For this reason, we will now look at some tips for those who want to join the sport safely.
Plan with your FGTS
The FGTS is a fund that aims to offer guarantees to workers under specific conditions.
This includes unexpected layoffs, public calamity situations and even cases of illness or disability.
Therefore, messing with this balance in a careless way may not be a good idea.
This is because you would end up without the warranty in these cases.
For this reason, it is important that you keep an eye on the use of your FGTS before taking out the loan.
Ask yourself the following questions:
- Do I intend to use this amount in the coming years?
- Do I have any financing to settle or pay off?
- Would this amount serve as support if needed?
If your answers indicate that there is no problem in using it, then it is worth it.
This will help you avoid having to pay off your anniversary loan just to ease your FGTS balance.
Keep an eye on the fees charged
Our last tip is about the fees charged for this type of loan.
This is because this modality is already widespread among banks, so many institutions offer it.
For this reason, it is worth keeping an eye on the interest rates charged, in order to ensure the best deal.
By opting for a contract with lower interest, a smaller portion of your balance is committed.
So, for those who want to take out a loan in a smart way, it’s worth keeping an eye on this tip.
Finally, after learning how to pay off your anniversary loan, use the information to find the best solution for your contract!
Enjoy and read it too 👉 How do I know if I have FGTS to receive?
