You are doing a financial planning and realize that you will need an extra buck. Who never? Whether it’s a dream come true, a wedding or a trip to Europe. In other words, to clear the debts of the credit card once and for all; a payday loan can be a good choice.
But how does the payroll loan work?
A personal loan is a form where the customer borrows money from a financial institution. In this option, unlike a financing, for example, it is not necessary to state for what the money will be used. That is, you can use the loan money to travel, pay bills or get married.
Among the modalities of a personal loan, there is the payroll loan. This type of credit has as a differential the payment of installments. In it, every month, the debt portion is deducted directly from the salary or from the INSS benefit in case of loan for retiree or loan to pensioner.
That is, you do not have to worry about the payment. Since it will be deducted directly from the payroll. So you do not run the risk of forgetting or spending money on other things and being in debt with the financial institution.
What is the advantage of a payroll loan?
A payday loan is a good option for those who need extra money but want to pay less interest. That is because, as the installments are deducted directly from your benefit of retiree, pensioner or your salary, the guarantee of payment is greater. So, the institution that gives the credit has more confidence in you.
With this payment guarantee in place, the risk to the company is lower. And this makes the payday loan interest less than on a personal loan.
Who can hire a consignee?
As payroll loan installments are deducted directly from the payroll or the benefit, it is necessary to be included in some groups to be able to contract the credit. Workers with a formal contract, retirees of the INSS, pensioners and civil servants are the groups that can request this modality.
Remember that even if you have a formal contract, it is necessary that your company has an agreement with a bank. That is: for this group, it is still necessary to check with the company if this option is available.
For pensioners, retirees of the INSS and civil servants, the guarantee is greater. The bank understands that these groups have greater financial stability, so the chance of being approved a paycheck is higher as well.
But attention: your paycheck can be denied
As in all types of personal credit, the bank does a profile analysis. Even if your wallet is signed or you are a retiree of the INSS, for example, your payroll loan can be denied.
The institution makes an analysis of its financial life before granting the payroll deductible loan. Analyze the outstanding accounts, if you are a good payer and what you owe. So it may be that your profile is considered risky and not accepted for a loan. See the main reasons the loan is denied.
Is there a value limit on payroll deductible loans?
The Central Bank has restrictions on payroll. According to him, the value of the portion of the payroll loan should not exceed 35% of the salary or benefit.
For example, if you receive the minimum wage of $ 937, the installment amount should not exceed $ 328. This amount is calculated so that your salary is not compromised, and you are able to maintain a healthy financial life.
Needing urgent cash?
So payday loan can be a good option for you. In addition to that option money can be used for any purpose, it is usually released fast.
After the profile is approved, the money usually goes into the account within 24 hours. The term changes from one financial institution to another, but usually does not take long to be released.
So it is an option for anyone who is in need of quick cash and low interest rates. And stay calm: you do not have to be a bank accountant or financial institution with which you want to borrow. You do not need to have previous links to apply for the payday loan.
A good option for negatives
If you have the name dirty, this can be a good loan option to negativado. The payday loan has a greater guarantee for the bank that the installments will be paid on time. So if you are negative this may be an option with a greater chance of acceptance.
Learn more about loan to negativado in our post on the subject.
Care in hiring a consignee
According to the Central Bank itself, you need to take some care before hiring a payroll. Here are the tips and see if this is the best option for you:
- – Never provide your magnetic card or bank password to a third party. These data are not requested in the process of requesting a loan. Watch out for bumps.
- – Research interest rates in different institutions. They can vary widely. Thus, you ensure that you will make the best deal for your pocket.
- – See if the financial institution is authorized by the Central Bank. If you are retired or pensioner, also check if it is agreed to INSS.
- – Remember: Hiring a paycheck implies future debts. This can affect your financial life. Do the math and see if you will be able to pay all your bills even with the amount of the discounted portion of your salary.
Does Mocksew Crane do payday loan online?
Yes! You can apply for a paycheck loan at Mocksew Crane Brokerage. Your profile will be reviewed and, if accepted, you will receive the credit in a few days.
Make a payday loan simulation. Learn more about paycheck credit card and understand what is score.