Without a doubt, personal loan interest always makes anyone think twice before borrowing a little money, doesn't it? Well, did you know that there are payroll credit lines with much lower interest rates? Today we are going to talk about two of them: the Agibank loan and the Itaú loan. 

So, do you want to know more details about these two loans to assess which is the best option for you? So, read on!

First, let's talk about the Agibank loan. In this sense, the company promises a line of credit with many advantages, such as reduced interest, and offers a fully digital service through an application. However, unlike other fintechs, Agibank also has physical branches if you prefer face-to-face service. 

So, the bank offers two types of credit for retirees, INSS pensioners, military personnel or civil servants: the payroll loan and the personal loan.  

In this way, the payroll loan is paid in up to 84 months and is available to those who are negative, because the installments are deducted directly from their payslip, so Agibank does not consult the SPC/Serasa. The personal loan is indicated if you have already reached the payroll margin (about 35%) and need an extra amount. However, the total effective cost of this type of loan is slightly higher and the installments are up to 72 installments.

So, if you want to do a loan simulation to find out the amount and what interest rates are available for your financial profile, you can do it through the official fintech website for free and without bureaucracy.

In principle, Banco Itaú is one of the most credible financial institutions in Brazil and in the world. So, according to the company itself, one of its goals is to encourage the personal growth of its customers and help you make your dreams come true. 

Therefore, it was with its financial needs in mind that Itaú bank created the Itaú payroll loan. In other words, a type of loan for those who are retired, INSS pensioners or work in the public and private sectors whose company has an agreement with Itaú. 

In this sense, the institution offers a period of up to 84 months to settle the installments depending on your benefit, and you only start paying 90 days after hiring. In addition, you can choose the amount of installments and get a discount if you pay in advance for the month. 

Furthermore, the service is only available if you have an account opened at Itaú or if you receive your benefit there. So, if that's your case, you can apply for the loan via the internet, ATM, app or at one of the physical branches. 

So, in addition to the ease of applying for your Agibank loan, fintech offers reduced interest from 1.2% per month and a great payment term, which can be divided into up to 84 installments. Thus, you have more time to pay off your debt and the installments are more affordable.

Also, you don't need to justify to the bank why you want to acquire the money. That way, after approval of the loan, the amount will be credited to your account within 24 hours for you to use as you wish.

Furthermore, the bank offers a personal loan for those who have already used the payroll margin and want an extra amount. So, this modality can have the installments deducted from a current account and offers installments in up to 72 installments.

Well, the Itaú payroll loan offers interest of 2,72% per month, which is lower than your other lines of credit, in addition to a period of 90 days for you to start paying the installments. This way, you have time to organize your finances before making payments.

Furthermore, the bank gives you freedom to choose the value of the installments so that they fit in your pocket without compromising your income. So, you can also anticipate payments if you want and also get a discount for anticipation. 

In addition, the payment period can be up to 84 months depending on your benefit and the money will be credited to your account within 48 hours after the loan is approved.

In addition, if any unforeseen circumstances arise, you can apply for a credit renewal. That is, Itaú settles the active loans and releases another credit in your account.

At first glance, a negative aspect of the Agibank loan is that unlike other options in the same category, it does not offer debt refinancing and it is not even possible to delay or pause the payment of installments. Therefore, the amount will be deducted from your independent payroll if you have any financial unforeseen circumstances. 

In addition, the Agibank loan can only be taken out by those who are retired, pensioners, military personnel or civil servants. Therefore, it is not an affordable line of credit for many people. 

In addition, the interest on the personal loan is higher than the payroll loan and offers a shorter term installment, so you have to be careful when asking for yours so as not to run the risk of not being able to pay the installments.

So, the main negative point of the Itaú loan is that you need to have a bond with the bank. In this way, you can only apply for the credit line if you have a checking account or if you receive your benefit there. 

In addition, the loan amount and interest rates vary depending on your income and you need to have a pre-approved limit at the bank to access this information. In this sense, the simulation online or through ATMs is only possible for account holders. So if that's not your case, you'll need to go to a physical agency. 

Furthermore, like any other payroll loan, the Itaú loan is only available to a limited audience. Therefore, if you are not retired, pensioner, or employee of public and private bodies associated with Itaú, this line of credit is unfortunately not available to you. 

Although the Itaú loan offers good advantages, such as the initial term of 90 days for the payment of the first installment and the freedom to choose the amount that will be debited monthly from your account, you need to have a relationship with the bank and its interest rates are more higher than that of the competitor. However, the Agibank loan offers lower interest rates, but does not allow the customer to refinance if you need more money or more time to pay the installments. 

Before deciding between an Agibank loan or an Itaú loan, it is important that you have a good cost plan and carefully analyze all the information before applying for a payroll loan. So you are sure that you will be able to make all the payments and not run the risk of acquiring another debt.

However, if you want to know other lines of credit available on the market, check out the recommended content below.