Payroll-deductible loans are a form of personal credit in which installment payments are made automatically, directly deducted from the paycheck or INSS benefit. It has advantages such as the ease of hiring and the possibility of requesting it even with the dirty name. Moreover, in this mode, interest rates are the lowest in the market.
In contrast, the contractor does not have the option of not paying the installment because it is automatically deducted from the benefit. Therefore, it is necessary to have a fixed income, ie financial stability.
If you are interested and want to hire this service, know who can and what are the rules for getting your payroll deductible credit.
Who can hire?
The following groups of people may apply for a payroll loan. Remember that each category has specific hiring rules.
- Retirees and Pensioners (INSS beneficiaries);
- Public Servants (Federal, State and Municipal);
- Military of the Armed Forces;
- Workers with a formal contract (private company).
If you fall into one of these groups, you can look for an institution that offers the service. She will then check what your Payroll Margin is, which is the maximum amount of income that can be committed on a payroll loan.
Retirees and Pensioners
The retire is the one who contributed to the Social Security and acquired the right to receive a benefit, and the pensioner is the one who receives the benefit, because he or she depended on some retire.
For them, the monthly installments cannot exceed 35% of the amount received, and 5% of it is intended exclusively for use in payroll credit card. The INSS states that the payment is up to 72 months (6 years), and the interest rate cap is 2.08% per month.
It is also worth remembering that, due to banks’ credit policy, the maximum allowed age is 80 years.
Federal (SIAPE), State or Municipal Servers
Federal, State or Municipal public servants are eligible for payroll-deductible loans, and the rules are valid for active, inactive, retired or pensioners.
The ceiling to be hired is also 35% of the rent, but can be paid in up to 96 months (8 years) with a nominal interest rate of up to 2.05% per month. To request, the institution of the server must have an agreement with the bank that offers the credit.
Armed Forces Military
Active or inactive Army, Navy and Air Force military personnel may also engage in payroll-deductible credit. The deadline is also 96 months, but may vary from case to case. Interest rates are from 1.50% per month.
Worker with signed wallet
Private payroll-deductible loans are available to workers, and the term for installment payments may vary by institution. As the risk here is higher, the worker needs to have a minimum period of signed portfolio, which is also at the discretion of the banks. It is their way of verifying that the contractor has a guarantee and financial stability.
The average interest rate charged is between 1.40% and 3.50% per month. Important: The company that payroll loan applicant works for is not required to offer this benefit. If you intend to purchase it, please inform the Human Resources department in advance if this possibility exists.
In the event of dismissal during the repayment period, the outstanding balance is passed to the borrower, including the responsibility to pass the monthly amount to the bank.
Now that you know who can borrow payroll loans, understand the benefits and advantages * of this service.