Despite the high popularization of payroll loans, applicants still have many doubts. Mainly in relation to the payment of the parcels. How are loan installments paid? Is it possible to stop paying for one or more months?
Paycheck credit offers the benefits of deadlines, limits and lower rates due to how monthly installments are paid . These factors are also evaluated, based on the risk of the loan.
Briefly, creditors (banks) need to consider a number of factors by listing the benefits that will be offered in each mode of credit. In common loans, for example, the evaluation criteria are usually:
- Bank score;
- Financial history;
- Family income;
- Among others.
The criteria that are evaluated in the credit analysis of the payroll loan are smaller:
- Margin Available;
- Eligible category (Retirees, Pensioners, Public Servants, Military and Workers CLT);
Therefore, Retirees, Pensioners, Public Servants, Military and Workers of private companies can have access to the consigned loan even with restrictions in the name . In fact, hiring payroll loans to clear the name is a widely used option .
Hence, the forms of settlement the installments of a loan also vary and can translate into benefits for the holders. Know more.
Forms of discharge of the installments of a loan
When the borrower links his loan with the payment, he guarantees the lender that he will not fail to pay those installments. After all, the automatic debit occurs regardless of the financial situation that the borrower is in.
This is an issue that should be considered before hiring any loan. Many people make new debts, without planning how the monthly and variable expenses will be during the term of the contract.
For this reason, according to the SPC / Serasa, a third of the borrowers had their name dirty in the last 12 months because they failed to repay loans.
When contracting a new debt, it is indispensable to rethink how the other bills will continue to be paid , such as light, rent, telephone, together with the installments.
In the case of ordinary loans, the borrower may fail to pay one or more installments if the income of the month is lower, or the expenses have increased. But this solution is very dangerous. Getting into a debt cycle is quite common.
This risk, however, decreases in the case of payroll loans.
Unlike the other categories of credit, with consigned credit, loan installments are automatically deducted from salary or INSS benefit .
Thus, the amount will be deducted from the paycheck, retirement or pension . The paying institution is responsible for transferring this amount to the creditor banks after the contract has been entered into.
With this, the borrower does not run the risk of becoming defaulter. The assignable margin , which is the maximum amount that can be committed monthly from the income with these payments also ensures a healthy financial limit for that purpose.
The deductible portion of the loan is made before the salary, retirement or pension falls into the holder’s account . That is, the company that makes the payment of the salary or benefits retains the value of the parcel.
It is important to remember that the authorized limit is associated with the assignable margin and the value must be explicit in contract. As the loan installments are fixed, the discounted amount will be the same every month.
Undue or unauthorized rebates should be asked at the bank where the loan was requested.
To understand how the process of payroll works just compare it with the ordinary loans.
In these contracts the contract is made between the borrower and the bank, without participation of the paying institution. Exactly for this reason that common loans can be hired by any occupation.
Provided, of course, the criteria for credit analysis are in accordance with the standards stipulated by the bank chosen.
Therefore, in the case of the common credit the borrower can delay the installments of the loan or fail to pay them. Recalling that this decision results in high interest rates and the risk of becoming a defaulter.
Those who contract the non-payroll personal loan can pay the installments, usually in two ways:
Bank slip payment
The creditor bank, that is, who provides the credit to the borrower, sends or makes available online a ticket for the payment of the installments. In this way, the applicant must pay the ticket at the bank, lottery or by the bank application.
The deadline for payment must respect the date quoted in the document. Payments made after the deadline have financial implications such as interest collection or even non-receipt after a certain date.
In these cases, the debt holder should seek the bank, for negotiation or request a new ticket for discharge of the parcel.
Another alternative is to register the installments of payroll for payment in the automatic debit. But it is important not to confuse with consigned debt.
In this situation, the loan installments are not tied to the policyholder’s salary, but rather to your bank account. The invoice is simply another fixed account, during the term of the contract.
Remember that the borrower can cancel the registration for automatic debit at any time you want. Another necessary care is to be aware of the balance available in account to avoid falling on overdraft.
Each type of credit has its advantages both in relation to the amounts of credit released, form of payment, contract conditions. So it pays to compare the options to define the best.
Now check out the advantages of automatic deduction of consignment loan installments.
Advantages of the automatic discount of the installments of the Payroll Loan
The way to repay the installments of the loan considerably affects some benefits for those who contract this service.
Although the payment of the installments of the personal loan can seem easier, in fact, it can also facilitate the process of indebtedness.
Another point to be considered is that interest rate changes are directly linked to the cost and risk of financial transactions. Thus, the higher the risk, the higher the interest rate charged. What changes with the payroll loan, which has exclusive benefits for the categories served.
Charging of lower interest rates
And it is precisely for this reason – risk – that the payroll loan interest rates are lower than those of ordinary personal loans .
With the lowest risk of default the cost of borrowing money becomes lower. Interest rates, therefore, accompany this decline.
INSS pensioners and retirees pay, on average, 2.08% per month and Public Servants 2.08% per month. This rate refers to nominal interest rates that is limited by law . However, banks may offer lower interest rates.
Ease of payment
Another benefit of the loan installments being debited automatically is the ease of payment. After all, the policyholder does not have to move to the bank or lottery. And neither does it depend on the installation of an application or the internet.
There is no way to forget the date of payment, but on the other hand this also generates another benefit which is to not pay additional interest rates.
Values and dates fixed
The installments of the loan are pre-fixed and with dates stipulated in advance in contract . In practice, this means that on the day of maturity, the portion will always be discounted at the same value.
Both the date, the value and the interest rate are pre-set. This way there are no surprises at the end of the month or the risk of getting in the red. Thus, you can also have better financial planning.
No interest charges for bad debts
Lastly, the best benefits of all. When hiring a payroll loan the policyholder does not run the risk of paying fines or interest due to non-payment.
As mentioned, there is no possibility of not paying the installments, that is, the risk of default is practically zero.
If you are thinking of a new