The first paycheck loan can still generate many doubts: how to do it? In which bank? Where to get the cheapest loan? see http://www.cansurv.com/quick-cash-loans-the-particular-fastest-way-to-obtain-fiscal-aid/ for more notes
Without having these questions answered, INSS Retirees and Pensioners, Public Servants and Employees of private companies can make wrong decisions. And when it comes to financial decisions, there is still the risk of losing money.
I want to do my first paycheck. Where to start?
Find out what all the care needed to make the first payday loan safely! Find out what are the top 10 common questions about the first loan.
10 Common Questions About the First Payday Loan
Is it time to apply for a loan and are you evaluating options? Great. It started very well. And if when evaluating the modalities of credit you arrived at the payroll loan, take the time to clear your doubts.
1 – Which categories can hire the payroll?
The following shall be eligible for the consigned loan or card:
- Retirees and Pensioners of the INSS;
- Federal Public Servants (SIAPE), State and Municipal;
- Employees under the CLT scheme;
These groups or types of covenants can take out direct payroll discount loans . In return they pay cheaper interest rates.
2 – How are Payroll Loan installments paid?
Unlike a conventional loan, the payroll loan is automatically taken out . The payment is consigned, every month, at maturity and amounts defined in contract.
The portion is discounted directly from the paycheck or INSS benefit. Thus, there is no need to pay tickets.
The exception is for the discharge of the payroll deductible credit card . The minimum amount is also discounted in payroll. However, if the amount spent is greater than the assignable margin, the amount must be paid separately.
If it is not removed, the remaining balance will be added to the next month’s invoice.
3 – Can I make Payroll Loans at what age?
To apply for a payroll loan, you must be at least 18 years old. This rule may change depending on the agreement served. For Military of the Armed Forces the age is 21 years.
The age limit for consignees is, on average, 80 years. That is to say, therefore, that people who are 80 years old or up to 11 months old can hire this modality.
It is worth remembering that age directly influences the credit limit that will be released. Thus, people with a minimum or higher age (near the limit) may have an approved lower value.
This variation also takes into account other factors, such as the consignable margin, for example.
Before applying for your loan, consult the bank about the terms and credit policy.
4 – What is and what is the assignable margin for loan?
The assignable margin is the sum of the income that can be spent monthly with this type of expense. This limit is 35%, calculated on the net income, ie, without the other discounts.
The value is divided into:
- 30% assignable loan margin;
- 5% deductible margin for payroll deductible credit card.
Margins can be used at the same time, but they can never exceed those values. That way, anyone who has used the margin for loan can make a consigned card.
The card margin is unique and can only be used once.
5 – Is it possible to borrow at any salary?
Yes. From those who earn a minimum wage, even those who have higher income can hire a payroll loan. To do this, they must be in the eligible categories and have available margins.
The value of the salary or INSS benefit will impact the value of the assignable margin. If a Retiree earns R $ 998, which corresponds to the minimum wage, it can commit up to R $ 349.30, R $ 299.40 for loan and R $ 49.90 for the expenses with the consigned card.
Very simply, if a contract has the value of the installment of R $ 349.30, the possible limit has already been reached. Otherwise, the sum of all portions of active contracts can not be greater than this.
6 – What are the interest rates?
The payroll loan has nominal interest rates regulated by a ceiling. The maximum amount that INSS Pensioners and Pensioners pay is 2.08% per month. Public servants pay 2.05% per month.
The interest rate paid by Workers of private companies is, on average, 2.12% per month. Although this amount is higher than that charged in other agreements, it is lower than that of other personal credit modalities.
It is important to remember that Total Cost Effective (CET) is what will say how much the debt will cost. This rate, which is presented in the month (am) or in the year (aa), indicates all other taxes, charges, taxes that make up the total amount paid in the contracting of a loan.
7 – What are the deadlines for payment?
Retirees and INSS Pensioners can pay up to 72 times . Public servants can pay by up to 96. For Private Company Workers deadlines vary between 36 and 48 months.
It is worth remembering that, the longer the term, the higher the interest rate charged. The shorter the term, the loan is cheaper.
The assignable margin will also be compromised during the term of the contract.
8 – What is necessary to hire the Payroll Credit?
Because it is a less bureaucratic line, payroll can be contracted online and from the presentation of very simple personal and financial documents.
Generally, banks request: RG, CPF, proof of income and residence. INSS beneficiaries must present the INSS statement . For Servers and Employees, the paycheck can be made available.
Federal Public Servants can issue the online version of the paycheck by SIGEPE .
9 – How is it done and how long does it take to release the Payee?
After signing and having the loan agreement entered into , the average term for releasing the money in the account is 48 hours. However, in some banks it is already possible to contract the consignment with immediate release.
The amount can be transferred into the checking or savings account of the contractor. You can not credit the third-party account. Therefore, it is essential that the account be in the same name as the loan holder.
In the case of the consigned card, the process is the same. With the difference that the card will be sent to the indicated physical address. Once you have unlocked the card, the credit limit can be used to purchase installments or cash withdrawals.
10 – Should I make a deposit to secure my loan?
No. No suitable company will request any amount to analyze or release the application for the first payroll loan or new hires.
All amounts due must be stated and detailed in contract. Therefore,
When faced with such situations, report it. This is an illegal practice. You have to be careful not to fall on blows. So, be wary of any request in this regard.
Understand now, why choose this alternative and make your first consignment loan.
Why Choose Consigned Loan?
The payroll loan is the one with the lowest interest rate, when compared to other personal credit lines.
The benefit is linked to the fact that the payment is linked to the salary or monthly benefit. On the other hand, this also reduces the risk of default by the borrower.
In addition, the credit can be released to negatives, without consulting the SPC or Serasa . Therefore, Retirees, Pensioners, Public Servants and CLT Workers can hire this credit option, even if it has the dirty name. For this, of course, you need to have margin available.
Now that you’ve had the key questions answered, assess whether it’s time to make your first paycheck loan. Acquire credit with awareness and have an important financial ally.