You may have heard of payroll loans, an option for registered workers, civil servants and INSS beneficiaries. But do you know what are the requirements and procedures necessary to perform this type of negotiation?
Although widely used , there are still many doubts about the process. This is why we have prepared this article with key information on how payroll loans work. Check out!
How does payroll loan work?
Payroll-deductible loans or payroll-deductible loans are a type of loan that has a particular feature: the monthly value of installments is discounted from the salary or benefit of the contractor. In other words, the individual will receive a lower remuneration for the duration of the debt, whatever the amount. Such a discount cannot be avoided and is applied before the salary falls into the account.
Who can use the payroll loan?
Since the payroll loan installments are discounted directly from the person’s due date, not everyone can resort to this type of credit. The loan is specifically aimed at those working in the private sector with a formal contract, government employees and INSS beneficiaries (retirees and pensioners).
How to get a payroll loan?
Private sector employees should look to the Human Resources (HR) sector of the company they work for and find out which institutions they have an agreement with. That done, just get in touch with each one and consider which one offers the best advantages.
Public servants and INSS beneficiaries can go directly to a bank that offers payroll (more than 50, between medium and large) or apply for the loan through the internet.
This does not mean, of course, that the institution will deliver the money without a credit analysis, valid for both situations. The good news is that in most cases, once your order is approved, money can be deposited to your account within 24 hours.
What else do I need to know about payroll loans?
Acquiring a payroll loan can be beneficial for the INSS worker or beneficiary, as it prevents them from forgetting to pay the loan monthly, which generates fines and interest. For banks, this is a guarantee that all installments will be paid correctly.
People who have a dirty name can also get the credit, since the installment is discounted directly from the salary or benefit. In addition, the amount of the payroll deductible loan is not allowed to exceed 30% of the remuneration. This limit is to ensure that the employee does not commit all his income with loans while being able to organize his financial situation.
If you are in need of money and meet the requirements for hiring payroll loans, please contact us and we will assist you in this process!