The payroll loan is one of the financial service options currently available in the market, especially in Brazil. A good opportunity for you to settle your debts, make investments and others.

In the midst of an economic crisis we are facing, with prices and cost of living skyrocketing, seeking ways to regularize financial life has been a priority. However, being negative is still one of the impediments, which drives the interest in payroll.

But, before applying, you need to understand what this type of loan is, how it works, how to apply, what happens if you are turned away. So, follow all the information we have prepared to clear all your doubts about it!

It is worth saying then that the payroll loan is the model in which you apply and have the installments charged directly to your payroll on a monthly basis.

This means that the deduction is made from your salary, retirement or pension. Therefore, it is aimed at civil servants, retirees, pensioners and people who have continuous income received in a bank account.

If you are looking for an option that allows you good conditions, you can start to consider this loan model. After all, interest rates are applied in a lower amount than on a common loan. This happens because institutions have lower risks of default, as they have the portion deducted directly from the salary and the guarantee that they will be paid off.

However, even working with a formal contract, people do not always have these same conditions and opportunities, after all, they can be fired at some point, which creates insecurity for banks.

So, for this group, the interest may be a little higher, as companies need to guarantee their profit. Therefore, this format is more attractive to pensioners, retirees and civil servants.

In order to reduce the number of indebtedness of those with fixed income, the payroll loan emerged. Created in Brazil through Provisional Measure No. 130/2003, still during the term of President Lula.

This measure defines the general rules for granting payroll loans, but also gave rise to Law 10,820/2003, which became a reference in this matter.

Since its creation with the aim of providing credit with lower interest rates, payroll has already had numerous revisions and improvements by other presidents. Thus, it became more and more popular due to its low bureaucracy.

In this format, the customer requesting the loan signs a contract, in which he authorizes the credit company to deduct the portion of his salary. That is, part of the income value is compromised even before leaving the account.

However, there is a limit to this. You can commit up to 35% from your gross income. Therefore, if you earn R$ 3000 per month, you can make installments of up to R$ 1050 reais.

However, some companies allow and assume the risk of making a larger installment so that the payment is made outside. Of course, that way interest rates end up being higher.

In order to make this payroll loan possible, the bank or fintech that will lend will request bank documents that prove your income being deposited monthly in the indicated account.

If confirmed, you sign the contract and it goes to your bank branch, so that it releases the transfer of the installment amount to the company that granted you the credit.

This modality requires collateral in exchange for the loan, so it is intended for a selective group of people. Therefore, it is granted to those who have fixed income being received via bank account.

It is important to remember that in this type of loan you can apply for a bad name. That's because, your guarantee will be the continuous receipt of salary. For companies that practice this modality, it does not differentiate your credit score.

The ideal is to request in real cases of need. It's not because you have margin that you need to request. Save the feature for when:

The payroll loan offers numerous advantages for those who want to regularize their finances. If you analyze it coldly, you will notice the positive difference between a common loan for this format.

It is precisely for this reason that it has become so popular in recent years. In addition, the number of companies that work with this type of financial service has also grown.

So, with this vast competition, more and more facilities increase. Companies compete, therefore, in simplicity to gain their trust and provide the service.

We separate some of the advantages of this modality for you to check out. See below!

Committing the budget and paying interest rates is therefore not a wonderful option in the eyes of economists. However, if there is a need to resort to credit, let it be the one with the least negative impact.

Having this view then, it is possible to say that the payroll loan is worthwhile. Especially when compared to other loan possibilities offered in the market today.

Remember, then, that this option is worthwhile if it is combined with good financial planning. If your intention is to take another loan for superfluous actions and debt accumulation, it will be a bomb for your budget.

Therefore, before applying for a payroll loan, analyze your financial life. See what your fixed and variable accounts are, the available amount of your income, so you don't regret it in the future.

Taking out a loan to get into debt and then having more restrictions in your name is not worth it. Have discernment to understand the right time to request.

With financial wisdom, it is possible to make this loan an important option for recovery.

That the payroll loan is made for those who have a fixed income or work registered, you already know. But what to do if you hire the service and get fired or lose your income?

Well, in the case of a CLT worker or contracted civil servant, the company will submit a contract to you where it will have a clause authorizing the discount on your termination.

Much is publicized about how the loan works, how to apply and its numerous advantages. But, it is important to emphasize that part of the contract that can be seen as a disadvantage.

The credit company can deduct from you up to 30% from termination. That way, if you have R$10,000.00 to receive upon termination, for example, the organization can deduct R$3,000.00 to pay the existing credit with the bank. 

However, depending on the amount of your loan, this percentage may not be enough for repayment. Then, you will need to negotiate with the bank to pay the remaining balance in installments.

In cases where the benefit – retirement or pension – is canceled for some reason, you must negotiate with the company and pay the agreed amount monthly.

If you do not, your name will be negative and will have all known effects for those who have restriction in your name.

Surely you are now thinking about which companies are the best for this type of credit granting. This doubt is therefore very important and pertinent so that you do not get involved in a scam.

Some people act in bad faith by pretending to grant credit, but in the end it is a scam. So, it is important to know the company and have a reference before closing a contract.

Therefore, the tip: apply with one of the Serasa eCred partners. The platform has years of experience in the financial market and more than 15 partner banks and fintechs that offer security to applicants.

To apply with one of these partners, you need to register on the site, then perform a simulation. Then, you will see the companies that best suit your profile, just send the proposal to quickly receive the approval response.

So, check out the list of Serasa eCred partners available for you to take out a loan:

Even with so many options and great advantages, if you choose other options, remember to take some precautions.

Another important tip is not to divulge personal information other than:

A payroll loan is the ideal option for you who are negative and need a credit, with a payment guarantee to offer to the company. It is also ideal for those who do financial planning and want to have lower interest rates.

Therefore, just request a simulation according to your income and close the contract with the company that most interests you for the conditions.

Speaking of companies, you need to be careful which one you apply for. As demand increases, scams also increase. Make sure you are relying on reliable companies with a history in the market.

If this content helped you, keep reading our articless and organizing your financial life!