Did you know that if you are retired, public servant or employee, you can choose to take out a payroll loan and thus access interest and special payment conditions?

Unfortunately, not all Brazilians know that this option exists. That way, when it comes time to access more credit, they always end up opting for ordinary personal loans.

However, the payroll loan option may be more interesting, because in addition to the special conditions, you will not need to provide collateral and you can access a higher credit amount.

Want to know how this is all possible? So, continue with us in this post that we will explain in detail how the payroll loan works!

First of all, let's understand in depth what a payroll loan is so that you can learn more about it.

Therefore, a payroll loan is nothing more than a type of loan. 

But, what sets it apart from the others is that the payroll loan was made exclusively for retirees, pensioners, employees and public servants.

In this way, these people can go to a financial institution and apply for this loan. At the end of the operation, the value of the installments will be deducted every month from the paycheck of the benefit received.

Thus, banks feel safer when making this type of loan, since the chance of the user defaulting is very low.

In this way, financial institutions usually offer better conditions in this type of loan, where the person can access lower interest rates, greater credit and more time to pay.

The operation of a payroll loan is very simple. It all starts with the person going to the financial institution that offers it and applying for the loan.

Thus, when doing this, she will be asked to send some personal documents and those that prove that she has a fixed income.

In this way, the institution will be able to carry out the credit analysis and inform the person of the total amount that he can lend. Here, it is important to pay attention to a feature that is a little different from other loans.

In the payroll loan, there is by law a limit on the value of the installments. Thus, credit installments cannot exceed 35% of the person's salary.

Therefore, depending on the amount of your salary and the number of months that the institution allows you to repay the loan, you will get a greater or lesser amount of credit.

Upon knowing the amount and finalizing the loan request, the credit installments will be automatically deducted from the user's paycheck. 

That way, while the loan lasts, the salary that the person will receive will be slightly less due to the loan discount.

In short, all people who receive a fixed salary with the same amount every month can access the payroll loan.

Thus, in this group of people it is possible to find those who are:

Namely, those who receive the Auxílio Brasil still have more exclusive conditions to carry out the payroll loan, since it is an option that was recently released by the Ministry of Citizenship.

In this way, these people in particular can access installments of up to 40% of the value of benefits and interest, which are at most 3.5% per month.

So far you can learn more about the payroll loan and understand how it works in practice.

But, in addition to knowing its main characteristics, it is also essential that you know the positive and negative points of taking out this type of loan.

In summary, the payroll loan has several interesting advantages. Among them we highlight:

Therefore, those who carry out a payroll loan can easily access much lower monthly interest rates on the market.

To get an idea, the payroll loan has a much lower interest rate, which is a very low amount compared to personal loans.

In addition, the loan repayment term may also be longer. Generally, people have a term of up to 2 years to pay. In payroll, it is possible to find much longer and more comfortable terms.

Despite the positive points, the payroll loan also has some disadvantages that should be considered, such as:

In this way, those who take out the payroll loan and lose their job may have to pay off the loan at once. This can be done by taking out another loan to pay off the remaining balance.

In addition, it may be difficult to renegotiate the debt in the future. This happens because the payment of installments is automatically deducted from the person's salary or benefit.

Therefore, before taking out this loan, it is essential to pay attention to these points and reflect on whether this is the option that best suits your lifestyle.

To apply for a payroll loan, you only need to access the website or go to the nearest branch of the bank or financial institution to apply.

By doing this, you will only need to submit your documents for the institution to review. This way, she will be able to inform the amount of credit that can be released.

That way, you just sign the contract and formalize the payroll loan. Thus, the money will fall into your account in a few days and the amount of the installment can already be deducted from your next paycheck.

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