Are you looking for a good loan option to help improve your financial situation? The first thing to look at is interest rates. To request the best credit, a lot of research is needed and Good finance will help you with this.
In this post we will show you the reason why payroll loan interest rates are so low.
If you are looking for the personal loan model with the best conditions, check out our post: Loan with lower rate: find out what better personal credit model!
Why does the payroll loan have a low interest rate?
We already know that payroll loan rates are approximately 2.10% per month , determined by the Central Bank. Check out what are the reasons, which end up becoming benefits for you, so that the rates are so lower compared to other types of loans.
This benefit is intended for people who receive their salaries or pension from any public agency. In these conditions, the chance of losing the job or the benefit is minimal. That is, the income of these people is considered fixed. Therefore, the risk of default is quite low and this is one of the factors that allows banks to work with a reduced interest rate.
Advantages : You get differentiated benefits from other types of loans, such as low interest rates, and there is still security that you will be able to repay your loans without incident
Before the salary or benefit is deposited in your account, the public agency responsible already performs the payroll and repays the amount of the portion of your loan to the bank. That is, the payment is automatic.
Advantages : There is no need to pay tickets, remember the due date or attend bank queues every month. Also, there are no charges for calls or letters.
Margin assignable to 30% of salary
Up to 30% of your salary can be committed with loan installments, and may have up to 9 credit lines. For example, if you earn one thousand reais in retirement, your limit or assignable margin is 300 reais. Therefore, within this amount, you can hire up to 9 installments on different loans.
The interest rates of the payroll loan are fixed , that is, the rates are established at the time of the contract and are the same until the end of the payment.
Advantages : As soon as you decide to make the loan, the charges that your loan will contain are presented. With this, you can already be sure that the value will be the same in all installments, from first to last, and there are no surprises with abusive rates later.