A payroll loan, when used with common sense, can be beneficial, so we will present here in this article, What are the advantages of a payroll loan?.
To avoid affecting your financial health, only borrow the amount you really need.
You can use this loan to cover emergency expenses, pay off debts, and more!
What is a payroll loan?
Civil servants, retirees and pensioners can take out this short-term loan.
Also known as payroll loans, this type of loan can have many benefits, for example:
1. Interest rates are more affordable
When compared to other interest rates, consumers generally find this rate more affordable.
For those who are already enrolled in the Auxílio Brasil Program, the rate is around 3.5% per month, according to Ordinance No. 816, of September 26, 2022.
2. Ease of hiring
In this type of loan, the customer uses their own account as payment guarantee, which will serve as proof of income for the release of the money.
3. More flexible payment terms
Payment terms are usually very attractive, depending on the amount contracted and the customer's history.
They can reach up to 120 months, however, it is always important to read the contract and observe what fees are included in taking out this loan.
How does a payroll loan work?
Before applying for this loan, it is important to evaluate the best time to apply, when we know What are the advantages of a payroll loan?.
We realize that it can be advantageous to use this loan to pay off debts with an overdraft, for example.
It is also intended for people who intend to start a business or renovate their home, and you can apply for it at banks such as Caixa Econômica Federal and Banco do Brasil.
It is important to remember that, in this modality, the installments are deducted directly from your salary. Therefore, only hire what you need.
If you already have a bank account, getting a loan like this is simple, just look for your manager and request an assessment.
Who can apply for the loan?
People who are part of the groups mentioned below can apply, check it out:
● workers with signed employment contracts from private companies;
● public servants (active, inactive and pensioners);
● military personnel of the Armed Forces (active, inactive and pensioners);
● INSS retirees and pensioners;
● beneficiaries of the Auxílio Brasil Program;
● beneficiaries of the Continuous Benefit Payment (BPC).
If you meet the above requirements, it is essential to present some proof of income for this situation.
We can bring a pay stub or INSS beneficiary number, it is also important to have an identity number.
You must also bring an updated proof of residence, and don't forget your CPF.
Conclusion
So now that we've shown What are the advantages of a payroll loan?, know how to use this extra money intelligently.
You can use simulators to understand the amounts you really need to borrow, so the loan doesn't compromise your budget.
Be careful when applying for loans, always analyze your budget and whether there is actually a need for this loan.
If necessary, talk to your family about this hiring, check if there are other more efficient ways to pay the bills.