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Find out now everything about online payroll loans, banks with the lowest interest rates and how to apply in 10 minutes!
The payroll loan was implemented in Brazil in 2004 and has since spread rapidly among the Brazilian population. Initially, the loan was limited to public servants and later to INSS retirees and pensioners.
Today, private company employees with signed employment contracts, beneficiaries of LOAS, BPC and more recently Auxílio Brasil They can also count on this option and request a payroll loan online.
Want to know everything about how online payroll loans work and how to apply for them in 10 minutes? Read this text until the end and check out all the details!
Summary
- What is a public payroll loan?
- What is a private payroll loan?
- How do public and private payroll loans work?
- The most important types of payroll loans
- What is the best online payroll loan?
- How is an online payroll loan made?
- Who cannot take out a payroll loan online?
- How to declare a payroll loan on income tax?
- What about the Auxílio Brasil loan?
- Why take out an online payroll loan? Understand the reasons!
- And what are the disadvantages?
- What is the payroll loan with the lowest interest rate?
- Payroll loan or real estate financing? Which is the best option?
- Payroll loan or vehicle financing?
- Payroll loan vs. personal loan: what are the differences?
- How to apply for a payroll loan online in 10 minutes?
- Conclusion. 20
What is a public payroll loan?
Whether in a bank queue or in online advertisements, the term payroll loan is always mentioned as an easy-to-adopt financial solution. But do you know exactly what a payroll loan is?
In principle, this type of loan is a secured credit discounted from the payroll. In this way, the credit is only intended for INSS retirees and pensioners, public servants and members of the armed forces.
What is a private payroll loan?
If on the one hand there is a type of credit only for the INSS public and public employees, on the other, employees of private companies now also enjoy the functionality.
In other words, the private payroll loan is a secured credit with the installments discounted directly from the worker's salary.
In this case, it is important for the employee to have a work record and for the private company to have some type of agreement with the lending financial institution.
How do public and private payroll loans work?
We know that the government and the employer are responsible for paying the salaries of public servants, INSS beneficiaries and employees governed by the CLT. For this reason, the payroll loan is regulated by a specific law!
In advance, the public loan is governed by law 10.820. Therefore, as the legislation provides the monthly fee must not exceed 40% of the salary and the 5% of this limit is exclusively destined for debts due on credit cards.
In other words, let's say, for example, that you are retired from the INSS and receive a benefit of R$$2,000.00 every month. In this case, the maximum installment amount of your payroll loan cannot exceed R$$700.00 and your credit card debts cannot be greater than R$$100.00. Got it?
Most of the time, There is no credit analysis and consultation at SPC and Serasa for the public payroll loan in which the paying source is the government. For the private payroll loan, there is an analysis and consultation of the credit score.
However, in both situations, the lending financial institution is free to decide to carry out the credit analysis and check the score whenever it deems convenient.
The most important types of payroll loans
Loan for INSS retirees and pensioners
The loan for INSS retirees and pensioners is exclusive to citizens who receive the benefit through the National Institute of Social Security.
However, in this type of payroll loan there are some important differences in relation to interest rate and to the payment term.
When it comes to loans, the rate should not exceed 2,08% and 3% for the assigned credit card. The maximum payment term is 72 installments, but there is the possibility of paying it off in a shorter period of time.
Payroll loan for public servants
Federal, state or municipal public servants have the option of taking out payroll loans with lower rates and longer payment terms.
However, the public body must have an agreement with the lending financial institution. The payment terms for the loan can be up to 96 installments, with interest rates of up to 2.05% per month.
Loan assigned to BPC
Those who receive BPC also have the right to apply for a payroll loan. Did you know that? In 2022, the government released the loan to BPC beneficiaries, creating more opportunities for Brazilian families.
According to the law 14.431, citizens who receive the Continuous Benefit Payment can now apply for the payroll loan credit.
The assignable margin is the same as that of INSS retirees and pensioners of 40%, with 5% destined exclusively for the use of the assigned credit card.
So, if you receive a minimum wage, currently R$1,212.00, the monthly loan payment is a maximum of R$1,424.20. For the card, the maximum limit is R$1,424.20.
Loan for military personnel of the Armed Forces
This type of payroll loan is intended exclusively for Brazilian army personnel, active or retired. To have access, the professional must be between 21 and 75 years old and have a career.
The big difference and advantage is the interest rate, one of the lowest in the financial market: from 1,50% per month. The maximum payment term also has a lot of advantage, as it can reach 96 months.
Loan for employees with formal employment contracts
Employees with formal employment contracts can now also benefit from the option of a payroll loan. However, the company must have a partnership with financial institutions to release the credit.
Furthermore, the private company employee has a consignable margin of 40%, of which 5% are exclusively allocated to credit card expenses.
In other words, if the worker receives a salary of R$1,000.00, the monthly discount cannot exceed R$1,050.00 for loans and R$1,500.00 for expenses with a payroll credit card.
Brazil Aid Consigned Loan
Starting October 10, 2022, beneficiaries of Brazil Aid have access to a payroll loan. The monthly payment is discounted directly from the benefit and cannot exceed the assignable margin of 40%.
The maximum term for payment is 2 years with a maximum interest rate of 3.5%. Among the banks that will work with the Auxílio Brasil payroll loan modality, we can mention the following:
- Pan Bank;
- Safra Bank;
- Daycoval;
- Federal Savings Bank;
- Crefisa;
- Agibank;
- Capital Consig Credit Society;
- Zema Financial;
- Value Direct Credit Company S/A;
- QI Direct Credit Society;
- Pintos S/A Credits;
- Financial Fact.
Loan secured by FGTS
Another option for a payroll loan for CLT workers is the FGTS guarantee. In this modality, the worker advances up to 7 years of the balance in the Guarantee Fund and the installments are discounted annually directly from the FGTS account.
Take advantage and also read: How do I know if I have FGTS to receive?
Interest rates are lower and should not exceed 3.5% and the loan is available for online contracting. An excellent option for consumers who need quick cash in their account.
What is the best online payroll loan?
In fact, defining which is the best online payroll loan is not an easy task. However, the consumer must be aware of three fundamental pieces of information: ease of application, interest rates and security of transactions.
Want to find the ideal loan for your needs? We at Cred Consultation We have created a list of the best payroll loans to apply for online without any headaches!
Online payroll loan Banco Pan
In advance, when we talk about online payroll loans, one of the pioneering banks is Banco Pan.
You are probably wondering now if this financial institution is trustworthy and we are going to clarify all your doubts.
At this initial stage, it is prudent to emphasize that Banco Pan has been present in the market since 1969, founded by the great businessman Silvio Santos. Since 2011, the financial company has been controlled by BTG, which owns the majority of the shares and has shared management with Caixa Participações SA (a wholly owned subsidiary of Caixa Econômica).
Rightly so, One of the main financial products is the 100% digital payroll loan. Today, credit is available to retirees, INSS pensioners, public servants and members of the armed forces.
The approval process takes around 2 to 5 business days and the money goes straight into your checking account. In fact, the payment terms are very advantageous and can be extended up to 84 months.
Advantages of Banco Pan's online payroll loan
- Digital 100% hiring;
- You don't need to be a bank account holder;
- Discounts at partner establishments;
- Amount credited to account within 2 business days.
Disadvantages of Banco Pan's online payroll loan
- The credit approval period can take up to 5 business days;
- The bank does not offer an option for private company employees.
What are the interest rates on Banco Pan's online payroll loan?
Minimum interest rate: 1,20% per month
Maximum interest rate: 3,70% per month
Minimum total effective cost: 1,25% per month
Maximum total effective cost: 4,10% per month
BMG online payroll loan
Another pioneer in payroll loans is Banco BMG, present in the financial market since 1930.
Currently, the institution is one of the 6 largest banks in Brazil and received the award for best digital bank in 2021.
In fact, the consumer has the flexibility to request credit on different platforms such as: application, website, WhatsApp, telephone or directly in a physical store.
Just like Banco Pan, the debt payment period is 84 months, but the difference is the possibility of hiring employees under the CLT regime, as long as the employer has an active agreement with the bank.
Advantages of BMG's online payroll loan
- Multiple ways to hire online
- Loan available to employees of private companies;
- Attractive interest rates.
Disadvantages of the BMG online payroll loan
- Little information about the approval period;
- No extra benefits at partner institutions.
What are the interest rates on the BMG online payroll loan?
Minimum interest rate: 1,80% per month;
Maximum interest rate: 2,05% per month;
Minimum total effective cost: 2% per month;
Maximum total effective cost: 2.27% per month.
Olé online loan from the Santander Group
First of all, Olé Consignado is a digital payroll loan platform from the Santander Group.
In advance, credit is available to public servants and pensioners and INSS retirees.
As we know, the hiring is 100% digital and the difference is in the term for payment of the debt of 120 months! There is also the possibility of requesting the loan directly at a physical store, the authorized Credi Perto correspondent, present in more than 1500 points.
Advantages of the Olé online payroll loan
- Digital 100% hiring;
- Possibility of hiring from authorized banking correspondents;
- Term of up to 120 months to pay.
Disadvantages of the Olé payroll loan
- Not available to members of the Armed Forces and employees of private companies;
- Little information about the deadline for approval and money in the account;
- Little information about interest rates;
- There is no benefits program.
What are the interest rates on the Olé online payroll loan?
Minimum interest rate: not informed
Maximum interest rate: not informed
Minimum total effective cost: 1,20% per month
Maximum total effective cost: 2,74% per month
Online payroll loan Banco Inter
Banco Inter has the best financial products for Brazilian consumers, without bureaucracy and digital 100% contracting.
Among the options we cannot fail to mention the online payroll loan, also available for employees of private companies.
Currently the big highlights are in advantageous limit of at least R$1,600.00 and the Inter Black card available for contracts over R$100,000.00. (Except for private company employees)
After approval, the deadline for the money to be deposited into the account is up to 3 business days and the customer has up to 120 months to pay off the debt. In addition, you recommend the loan to friends and family and earn R$$150.00 per closed contract.
Advantages of Banco Inter's online payroll loan
- 100% membership online;
- Money in the account within 3 business days;
- Advantageous payment term;
- There is an option available for private company employees;
- Black credit card for contracts above R$100.00;
- Refer and earn promotion;
- Protected Credit Insurance (contracted separately).
Disadvantages of Banco Inter's online payroll loan
- There is no information on interest rates and total effective cost;
- There are no discounts at partner institutions.
What are the interest rates on Banco Inter's online payroll loan?
The financial institution does not explicitly state the minimum and maximum loan amounts. However, consumers can run a simulation online on the website to get an idea. The exact amount can only be determined after a credit analysis, as the rates applied also depend on the agreement.
Creditas online payroll loan
In fact, we can say that Creditas has the best payroll loan for consumers with a registered portfolio.
This is because the institution works with the private payroll loan exclusively for members.
Furthermore, in 2020 and 2021 the organization took home the award for best online loan company, according to Reclame Aqui (Brazilian complaints website).
In fact, the loan is available, even for those with bad credit and the limits are very advantageous, reaching up to R$70,000.00. The payment term is 60 months and the value of the installments cannot exceed the margin of 35% of the employee's salary.
Advantages of the Creditas online payroll loan
- Available to consumers with a registered card;
- Online hiring;
- Advantageous term to pay the installments.
Disadvantages of Creditas online payroll loans
- Not available for public servants, military personnel and INSS beneficiaries;
- Exclusive credit for employees of partner companies.
What are the interest rates on the Creditas online payroll loan?
You should know that the interest rates on the Creditas online loan are very advantageous: from 1,25% per month. But of course, everything depends on the payment deadline and contracted values.
Crefisa online payroll loan
Another safe and advantageous online loan option is through the financial institution Crefisa.
In fact, the credit is available to public employees, INSS beneficiaries and consumers who receive BPC assistance!
The payment of the first installment is extended to 60 days after the contract is signed, with a maximum term of 84 months to pay off the debt. With the endorsement, money reaches the customer's account within 48 hours.
In fact, the consumer has the flexibility to place the order either through the app or through WhatsApp. In other words, if you are looking for a easy and safe loan taken out via Whatsapp this is the ideal.
Advantages of the Crefisa online payroll loan
- Money in the account within 48 hours;
- Advantageous installments of up to 84 months;
- The customer pays the first installment after 60 days;
- Online hiring through the app or Whatsapp.
Disadvantages of Crefisa's online payroll loan
- No availability for private company employees;
- There is no information about the interest rate and total effective cost.
What are the interest rates on the Crefisa online payroll loan?
At Crefisa, the amounts on interest rates, IOF and total effective cost are informed directly at the time of contracting. In fact, everything depends on the agreement and the installments requested and cannot exceed the maximum provided for by law, as we saw at the beginning of this article.
How is an online payroll loan made?
According to the content presented, the online payroll loan is one made through digital platforms, with the installments discounted directly from the payroll.
In this way, the monthly payment of the debt is initially made directly by the employer or public paying body. The entire procedure is governed by law and has very affordable interest rates when compared to personal loans or other forms of credit.
After that, the amounts are deducted directly from the payslip and the paying sources are the following institutions:
- INSS beneficiaries: Dataprev;
- Public servants: at the discretion of each public body in particular;
- SIAPE Servers: SouGov;
- Employees under the CLT regime: hiring employer.
To apply for the loan, the client must have a credit limit and the payment source must be affiliated with the financial institution. In most cases, after approval, the money is released within 3 business days and the first installment is only due in 30 days.
Indeed, the consumer is not obliged to open a current account at the bank where the loan was requested. However, to receive the money, the appropriate account must be in the CPF of the person who hired it.
If you don't have a checking account yet, remember that it is a necessary tool to receive your money. In fact, there are several online membership options, without the need to pay monthly fees, such as BMG, Banco Pan and C6 Bank!
Also take the opportunity to read: Digital account with credit card, more savings for your pocket!
Who can't do it?
Despite the ease and very low interest rates, payroll loans are not available to all consumers. Therefore, the following groups of people are excluded from the benefits:
- Anyone who does not have a free consignable margin;
- Under 18 years of age;
- People over 80 years of age;
- Temporary workers and interns;
- Public servants in temporary positions without career stability;
- Anyone who receives temporary assistance from the INSS, such as sickness and maternity benefits, for example;
- Who receives alimony.
How to declare a payroll loan on income tax?
Did you know that all loans over R$1,4,500.00 must be declared on your Income Tax Return? But don't worry, the procedure is very simple, and we'll teach you step by step below.
First, gather the main documents on hand to make your declaration.
- Copy of the previous year's Income Tax return (if applicable);
- Voter registration card;
- Income report (received from paying sources);
- INSS income report (Retirees and pensioners);
- Value of financial income (Issued by banks);
- Report on payment of contributions to private pension entities (including CNPJ);
- Receipts and payment slips for school expenses of the taxpayer and his/her dependents;
- Receipt of rent paid or received for the previous year;
- CPF and name of beneficiaries of health expenses and CNPJ of the institutions that received the payments;
- Name and CPF of beneficiaries of donations or inheritances;
- Name and CPF of children and ex-spouses who received alimony;
- Deeds/purchase agreements for real estate or land relating to the previous year;
- Vehicle purchase and sale document (name and CPF or CNPJ of the buyer and seller);
- Purchase document for goods or vehicles acquired through a consortium;
- Documents related to employment termination with individualized values.
Applicants for a payroll loan must submit the income report for the previous year. The document is issued directly by the financial agent granting the credit.
Namely, INSS retirees and pensioners have access to information through My INSS (National Institute of Social Security website). Public servants must access the Server Portal to get the data.
Select the digital method to file your Income Tax return
With the necessary documents in hand, now let's get down to business, as there are three ways to make the declaration: official website of the Federal Revenue Service, IRPF Program, mobile application.
Once this is done, the first step is to select the type of declaration that best suits your needs: create a declaration (for the first declaration), import data from the previous IRPF or import a pre-filled declaration.
Enter the requested personal data and then look for the option “Real debts and burdens”, then select the creditor specification according to the respective codes:
| Code | Financial Agent | Specification |
| 11 | Commercial banking establishment | For loans granted by banks |
| 12 | Credit, financing and investment companies | For loans granted by financial institutions (Private institutions that provide loans and financing) |
| 13 | Other legal entities | For loans granted by companies in other segments |
| 14 | Individuals | For loans granted by individuals |
| 15 | Loans taken out abroad | For loans taken out with banks and financial institutions outside Brazil |
| 16 | Other debts and real burdens | For loans that do not fit into any of these options |
Generally, cases of payroll loans fall under the options 11 or 12. Now let's move on to the next step: entering data about the loan taken out.
To do so, in the “discrimination” tab, enter the details of the loan, the reason for taking it out, the number of installments of the debt and the details of the financial agent.
Finally, simply enter the total loan amount and the amount paid up to the time of declaration. Consumers with more than one active payroll loan must file one declaration at a time.
What about the Auxílio Brasil credit?
The loan granted to dependents of the Federal Government's Social Program Auxílio Brasil is now a reality among around 20 million families.
The result is greater ease in getting quick cash to pay bills, cover unexpected expenses or fulfill a dream purchase!
The law was regulated on August 12, 2022 and the assignable margin is 40% on the benefit, current value of R$400.00. That is, the monthly installment must not exceed the value of R$160.00.
What are the interest rates on Auxílio Brasil's payroll loan?
As provided by law, the interest rates on the Auxílio Brasil loan were set at a maximum of 3.5% per month. The maximum term for repayment of the debt is 24 months.
Discounts are automatically applied to the benefit balance and on the payment date, contractors receive only the remaining amount. Furthermore, the charging of the TAC (Credit Opening Fee) is not permitted.
The best banks to take out Auxílio Brasil payroll loans
In advance, not all financial institutions are allowed to work with the loan assigned by Auxílio Brasil. Among the main banks we can mention: Federal Savings Bank, My Everything, Banco Pan and Crefisa.
Let’s find out now how each of them works and which is the best option for your pocket?
Consigned loan from Caixa Brazil Aid
As expected, the maximum value of the installments is 40% of the benefit, R$160.00 per month. interest rate adopted by Caixa is 3.45% and term of 24 months.
However, the minimum installment amount must be R$15.00 and the money is deposited into the same account in which the beneficiary receives Auxílio Brasil.
The citizen has the flexibility to carry out the hiring online through Caixa TEM application, Lottery shops, Caixa Aqui branches and correspondents.
Online loan secured by Auxílio Brasil Meu Tudo
The second financial institution that has already presented the loan proposal is Meu Tudo. The interest rate is also one of the lowest on the market, just 3,39% per month.
The client makes the simulation online directly on the website and the minimum loan limit is R$200.00. In fact, payment can be made in up to 24 installments!
Loan assigned to Auxílio Brasil Crefisa
The Auxílio Brasil loan at Crefisa is a great opportunity for beneficiaries with restrictions on their name.
The money is deposited into your account quickly, within 24 hours. However, the installments are small, only 6 months.
The customer requests the loan directly via WhatsApp, 0800 or at an accredited establishment. Interest rates are informed at the time of contracting.
Why take out an online payroll loan? Understand the reasons!
Before applying for credit, it is common for many consumers to sit on the fence due to lack of knowledge. To solve these difficulties, we at Cred Consultation We have prepared a list of the main reasons for taking out a payroll loan.
Lower interest rates
First of all, lower interest rates are one of the main reasons why you should opt for a payroll loan. If you are eligible for the benefit, conventional loans are not advantageous.
To give you an idea, while the interest rate on a personal loan reaches 8%, the payroll loan cannot exceed 2.8% or 3.5% – as is the case for beneficiaries of Auxílio Brasil in the latter case.
Accepts negatives
The latest records report that the average number of people with bad credit in Brazil is 66 million.
If you are part of this group, a payroll loan is certainly a great opportunity to pay off old debts, balance your finances and get out of trouble.
After all, during credit analyses, financial institutions do not consult the SPC or Serasa. This procedure further increases the number of approvals.
More time to pay
The deadlines for paying off the online payroll loan debt are much longer and with one detail: exceeding the interest rate margin provided for by law is prohibited!
In other words, if you need money to make an investment such as a low-value property or buy a new car, a loan is still the best option.
Public servants, for example, have the right to divide the loan into up to 96 installments and INSS beneficiaries into up to 84 months.
Fixed installments and automatic payment
The installments for payroll loans are fixed and payments are discounted automatically.
In other words, if today a consumer decides to take out a loan with an installment of R$160.00 for 96 months, this balance will be fixed until the last installment.
Furthermore, as mentioned at the beginning, the payment is deducted directly from the benefit. Therefore, the chances of getting into debt and forgetting to pay the installments are practically zero.
No bureaucracy, safe and no queues
The last reason why you should take out an online payroll loan is absence of queues. Today, thanks to technological evolution, consumers can carry out the procedure from home via the internet.
There are several reliable and secure banks that offer the product online, without complications. In many cases, you can even make a request by Whatsapp, the most famous instant messaging application used daily by all of us.
Also read: 5 safe websites to take out loans online via WhatsApp
And what are the disadvantages?
Low interest, long term to pay, accepts people with bad credit, are there any disadvantages to a payroll loan? Although there aren't many, we do have a small restriction.
The credit is available exclusively to civil servants, members of the armed forces, INSS retirees and pensioners, LOAS, BPC and Auxílio Brasil beneficiaries. In many institutions, the credit is also extended to employees of private companies with a formal employment contract.
Therefore, professionals, freelancers, alimony recipients or employees who work without registration do not have access to the payroll loan.
Another disadvantage is the payment date, since the client cannot pay on a day other than the day they receive their salary. Therefore, it is not possible to find another source of income to replace the payment of the installment of the loan.
What is the payroll loan with the lowest interest rate?
Currently, according to the latest data from the Central Bank, when the branch is credit for INSS retirees and pensioners the loan with the lowest interest rate belongs to CCB BRASIL SA, with 1.30% per month.
Next, we have the Celetem Bank with a monthly fee of 1.57% per month, as we will see in the table below:
| Financial institution | Monthly interest rate in % |
| CCB BRAZIL SA | 1,30 |
| CELETEM BANK | 1,57 |
| FINANCE ALFA SA | 1,62 |
| SICOOB BANK S.A. | 1,64 |
| BRB BANK | 1,65 |
| INBURSA BANK | 1,72 |
| SICRED COOPERATIVE BANK | 1,72 |
| PARATI CFI SA | 1,73 |
| BANESTE BANK | 1,73 |
| BRADESCO BANK | 1,78 |
Lowest interest rate for private payroll loans
When the area is privately assigned, according to the Central Bank report, the private payroll loan with the lowest interest rate is offered by Banco Celetem at 1.06% per month. Then, in second position we have the Banco BMG with 1,52% per month.
| Financial institution | Monthly interest rate in % |
| CELETEM BANK | 1,06 |
| BMG BANK | 1,52 |
| SICOOB BANK | 1,60 |
| BRK SA | 1,78 |
| PARATI | 1,85 |
| SENFF BANK SA | 1,87 |
| BANK OF SÃO PAULO | 1,89 |
| SAFE BANK | 1,92 |
| INBURSA BANK | 1,93 |
| DAYCOVAL BANK | 1,97 |
Lowest interest rate for public payroll loans
To public servants, according to the most current table from the Central Bank, the public payroll loan with the lowest interest rate is the LECCA with 1.06% per month, followed by CCB and Banco Inter with 1.37% and 1.38% per month respectively.
| Financial institution | Monthly interest rate in % |
| LECCA CFI SA | 1,06 |
| BANK CCB BRAZIL | 1,37 |
| INTER BANK | 1,38 |
| SICREDI COOPERATIVE BANK | 1,41 |
| AL5 SA CFI | 1,49 |
| FEDERAL SAVINGS BANK | 1,49 |
| BANK OF THE NORTHEAST | 1,50 |
| BRB | 1,50 |
| BANK OF THE STATE OF PA | 1,54 |
| BANESTE BANK | 1,58 |
Payroll loan or real estate financing? Which is the best option?
When purchasing a high-value asset, the following question often arises: which is the best option, a payroll loan or real estate financing?
After all, the interest rates on payroll loans are very low, while those on real estate financing are higher and require a down payment of at least 20%.
To clear up your doubts, we will first clarify some factors about the real estate financing.
In advance, real estate financing is a type of credit exclusively for the acquisition or construction of properties. Generally, the payment terms are much longer and can reach 30 years, that is, around 360 monthly payments.
In the credit analysis, it is possible to combine family income, as long as the monthly installment does not exceed 30% of the family income. Currently, the interest rate is around 9% per year plus the TR rate, which depend on the current Selic rate and the consumer, in most cases, finances only 80% of the property.
The amount of the loan will depend on your income, available loan margin and credit analysis at the financial institution. Some have a maximum credit limit granted, so negotiation is necessary.
Do a simulation before hiring!
Let's say, for example, that you are a civil servant and have a monthly income of R$10,000.00. In this case, your installments cannot exceed R$3,500.00 and the maximum installment is 96 months. Right?
Now, it all depends on the value of the desired property. In a simulation carried out at Banco Inter, a credit of R$300,000.00 in 96 months has an approximate installment of R$5,712.00. which would not fit into the budget of the example cited above.
Now, when simulating the same property at Caixa Econômica, in the SBPE system, the client with an income of R$10,000.00 can finance R$240,000.00 with a down payment of R$60,000.00. The payment term is quite long, 420 months.
In this situation the first installment will be around R$2,437.30 and the last one will be around R$600.00. In fact, the customer will pay around R$1,798.04 in interest alone. Meanwhile, in our simulation of the payroll loan, the difference is R$1,798.352.
Therefore, when it comes to purchasing property, which generally involves large amounts of money, the best option is to opt for real estate financing.
But of course, first of all, simulate both loans that suit your needs exactly so you can select the best option for your budget!
Payroll loan or vehicle financing?
Did you know that a payroll loan can be used to buy a new or used car? In fact, when it comes to payroll loans or vehicle financing, we can infer that the first option is one of the most advantageous!
In fact, another advantage of opting for a loan is in relation to the sale of the asset, since with the negotiation made through financing the vehicle remains alienated to the bank until the debt is fully paid.
Additionally, you can negotiate the cash price directly with the owner or dealership.
To help with your question, our team simulated a new Gol 2022/2023 model car that currently costs around R$77,250.00. At Banco Inter, for example, the amount comes to R$1471.00 in 96 installments, or 36 of 2,802.38, without bureaucracy.
On the other hand, when we simulate financing, using the Icars vehicle simulator, the customer gets a maximum installment of 60 times in the amount of R$2,408.75, or 36 times of R$3,124.98. This with a minimum deposit of R$7,225.00.
Did you notice the difference between the situations? If you are eligible for a loan and have available margin, a loan to purchase a vehicle is more advantageous!
Also read: Car financing, how does it work and what are the rules?
Payroll loan vs. personal loan: what are the differences?
A payroll loan is not the same as personal loan! As we have seen throughout this text, the first option has a direct discount on the payroll and is linked to the consignable margin.
But what about personal loans? How do they work? What’s the difference?
In short, a personal loan is a type of credit granted by the financial institution without justification for use, as well as the consigned one. However, the installments are not discounted directly from the payroll and the amounts released do not depend on the “credit margin”.
As credit does not have a “form of guarantee that it will be paid”, interest rates tend to be higher and credit analysis is more rigid.
Differences between a payroll loan and a personal loan
| Payroll Loan | Personal Loan |
| Only available to a specific group of people | Available to all consumers over 18 years of age |
| Accepts negatives | Has stricter credit analysis |
| Direct discount on payroll | The customer makes payment by means of payment slips, payment slips or direct debit |
| Interest rates are defined by law and for retirees and pensioners the maximum amount is 2.08%. | Interest rates are higher and currently average 6% per month |
| The limit depends on the customer's credit margin | The limit depends on the customer's credit analysis, taking into account monthly income, credit score and payment history. |
| Longer payment terms | Shorter payment term |
Also read: How does an online personal loan work on a payment slip?
How to apply for a payroll loan online in 10 minutes?
First of all, applying for a payroll loan online is easier than you might think. In fact, there is no longer any need to wait in line at the bank for hours or photocopy a bunch of paperwork.
So, all you need to do is put these 3 steps mentioned below into practice!
To apply for a payroll loan online, provide the necessary documents
First of all, the first step to applying for your online payroll loan is to have the necessary documents at hand. Therefore, gather the following:
- ID;
- CPF;
- Updated proof of income;
- Pay stub or INSS benefit number.
Research financial institutions to select the best online payroll loan option
Next, investigate which financial institution best meets your needs. At this stage, compare interest rates, payment terms, benefits, advantages, disadvantages, time it takes for the money to be deposited into your account, and so on.
Once everything is in order, just move on to the last step!
Apply for a payroll loan online and wait for approval!
Once you have selected the ideal bank, simply access the application tools, such as the app, website or WhatsApp. Enter your personal details and send the requested documents.
Finally, just wait for the analysis response that usually arrives by email. Then, sign the contract and provide the bank account (it must be in your CPF) to receive the money.
Conclusion
In short, an online payroll loan is the most advantageous form of credit! After all, the amounts released are usually quite high and the payment terms are very advantageous.
Furthermore, interest rates cannot exceed the amounts stipulated by law, which provides greater security and savings for the customer. However, as we have seen, not all consumers have access to this benefit.
Since the credit is only available to public servants, retirees and pensioners of the INSS, beneficiaries of Auxílio Brasil, LOAS and BPC, it also extends to employees of private companies with a formal employment contract.
Did you enjoy learning about the subject and how to apply for a payroll loan online? Take advantage and also find out: Good options for payroll credit cards!
