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The difference with a payroll loan is that the installment amount is discounted directly from the payroll.
And because of all this payment security, the company offers lower interest rates, something we will talk about throughout the content:
What is a payroll loan?
First of all, understand that the loan can compromise up to 35% of the consumer's monthly income.
Of this amount, 30% is available as a loan and 5% is in the form of withdrawals to a payroll credit card, in accordance with Law 10,820 (2003) and Law 13,172 (2015).
Therefore, the customer can request credit from an insurance company, financial institution or bank.
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The maximum payment period would be 96 months for federal public servants and 72 months for INSS retirees and pensioners.
Therefore, it is interesting to highlight that the payroll loan is completely safe for the bank that lends the amount.
This is because the charge is automatic and is the responsibility of the employing company, union or government agency.
Advantages
In addition to the bank checking payment security, you also have some benefits:
The first major advantage of applying for a payroll loan would be the speed of approval.
Given that the company has payment security, credit analysis becomes simpler and faster.
Some companies can make the amount available within 24 hours, so it is interesting for an emergency.
In fact, the installments are discounted automatically, which proves how easy the process is.
Basically, there is no risk of incurring charges for possible late payments.
And most of the credits can be requested in the digital environment.
The above feature also has a positive influence on rates, which become even lower.
And finally, the payroll loan can be requested by individuals with negative credit.
Interest rates
Regarding credit interest, understand that the final amount varies depending on the bank chosen by the customer.
By accessing the Central Bank website, you can check all the details about the fees and the amount that each institution charges.
To give you an idea, the INSS payroll loan rate for individuals at Banco Inter would be from 1.20% per month and 15.42% per year.
Banco Pan has interest rates of 1.83% am and 24.36% pa
Therefore, note the importance of comparing between companies to pay a fair value for your payroll loan.
It is worth noting that in addition to interest, companies also charge the Tax on Financial Transactions (IOF).
Therefore, be aware that it is the duty of each bank to disclose the Total Effective Cost (CET) of the operation, making the final value of the credit very clear to the customer.
Conclusion
To obtain a payroll loan, you need your ID and CPF, as well as proof of income and residence.
After that, choose the best bank for your case and run the simulation through the digital environment.
Also check out the service VirtusPay.
