Bank loan: Understand the difference between payroll and personnel

 Know the modalities of loan in bank : the payroll and the personnel. Find out which one has the best hiring conditions.

The payroll loan is a credit modality

The payroll loan is a credit modality

The payroll loan is a credit modality in which the payment of the monthly installments is automatically debited from the applicant’s monthly income. That is, for this deduction to occur, it is necessary that the borrower has a fixed income for life . Therefore, only public servants, retirees and pensioners can apply for payroll deductible loans.

Due to this pre-requisite, banks have greater guarantee of total debt repayment. Consequently, the default rates are lower, which eliminates the need for credit protection agencies. In addition, interest rates are low reaching approximately 2.12% per month.

Personal loan with guarantee

Personal loan with guarantee

The secured personal loan is one of the credit modalities that offers the lowest interest rates in the market, around 1.90% per month. To carry out the hiring, it is necessary that the applicant presents a good as collateral: a car or a property . That, because if the debt is not fully paid off, the bank will take possession for the good of the borrower.

But if you do not own a property on your behalf, you can take the unsecured personal loan with a guarantor / guarantor. Thus, if the loan is not paid, the debt will be automatically transferred to a third party.

Unsecured Personal Loan

Unsecured Personal Loan

Unlike secured personal loan, to take out an unsecured loan, it is not necessary to present a good or a guarantor / guarantor. However, this type of credit may provide higher interest rates . This is because, financially speaking, this is a riskier operation for the banks, since they have no guarantee of the payment of the installments.

What is the best loan for me?

What is the best loan for me?

Now that you are familiar with the modalities of bank loans, you know that in the case of public servants, retirees and pensioners, payroll loans offer better hiring conditions . In addition, it has a simple contracting procedure and no bureaucracy. Thus, see below the details of the financial institutions that offer the payroll:

The financial institution offers payroll loans for public servants, employees of private companies and retirees and pensioners. You have flexible payment terms , and can vary in up to 96 months. In addition, since the Bank does not perform credit analyzes, those who are negativado in the market can also apply for the loan.

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