Hiring a payday loan currently has been an easy task. However, to ensure an effective business, it is necessary to identify the best financial institutions. This saves time and money.
One facility is to contract credit by phone or computer. Hiring payday online offers several advantages. Among them, to be able to check the proposals and offers of credit.
Keep reading the post to better understand this strategy and improve your financial life !
What is payday loans?
payday loans are a type of loan in which the amount is deducted directly from the retirement payday or salary of the person who signed the contract.
For this reason, this type of loan is designed for civil servants and those with a formal contract.
In addition, the monthly salary and retirement allowance discount cannot exceed the 30% limit. That is, regardless of the amount of your payday deductible loan or how many loans the customer is paying, the cooperative can only deduct 30% of its salary to make the payment.
This security is due to the nature of income, after all, the salary is for the cost of life of the retired and worker.
How does it work?
This modality is one of the most viable alternatives for those seeking a better credit. Institutions take a lower risk with regard to non-payment since the retirement or salary discount is automatic. Therefore, interest rates are also lower when compared to personal loans, for example.
It is noteworthy, however, that the payday deductible loan has the highest interest rate for the signed portfolio worker as it can be fired at any time.
Civil servants, by contrast, have wage stability, which makes the operation easier to get approved by the financial entity.
For what purposes can it be used?
While payday-deductible loans have one of the lowest rates on the market and are an easy transaction choice, you need to check your budget and actual credit requirement before placing the order.
Keep in mind that the payday installment is discounted directly from the benefit or paycheck.
Now, if you have obligations with other debt that demand higher interest than payday, it is worthwhile to apply for the loan to settle the preliminary commitments and pay a lower rate. Provided, of course, the requester organizes his accounts and plans to settle the new credit without generating a priceless sphere.
So, before applying for credit, analyze well the deadlines, rates and shortages of each financial. Study your budget to plan better. And at the time of request, ask for the Total Effective Cost (CET) document to verify the accurate description of all values. Act financially and read the contract calmly to make sure this is a good deal.
Who can make a payday loan?
Generally speaking, to get a payday loan you need to have a proven, guaranteed , fixed income . This requirement is met by civil servants and pensioners, as well as private sector employees with a formal contract.
In the same way, informal workers without a formal contract also cannot get payday loans because they have no proof of income. In addition, in the case of employees of private companies, the company in question must be affiliated with the financial company.
What is required to make a payday loan?
The payday loan application process is simple. In general, financial companies like Bresol request:
- CPF, RG, proof of residence and salary statement;
- pay stub.
Before applying for a loan at a finance company, you need to check whether the company or the INSS has an agreement with where you will apply for payday loans. This applies to civil servants, workers with a formal contract or pensioners.
After defining the institution that will grant the payday loan, simply go to one of the agencies, deliver the documentation and sign the contract.
At this time, institutions like Bresol also allow you to place this order online. Thus, with the loan release, the credit will be available in the applicant’s account.
What are the benefits of this type of credit?
payday-deductible loans have many advantages compared to other modes of lending, including:
- Easy to borrow: Loan and credit release is quick and easy as there is not so much paperwork;
- Practicality: Several financials provide the payday loan. Money falls straight into the account and it is not mandatory to have an account with the same cooperative where the loan is requested;
- Longer terms: Following the agreement, the financial companies practice more flexible terms for payment. Some institutions offer up to 180 days for the start of the first installment;
- convenience: the loan installment is discounted directly to your INSS benefit or salary;
- no consultation with Serasa or SPC: even with the name negated it is possible to make a payday, because, in general, no consultation is made with the credit control agencies. The main condition is to have payable margin available.
How to choose the best financial institution?
When it comes to credit, that is, long-term debt, it is essential to look for the best crediting alternatives:
- institution with the lowest interest rates;
- better payment terms;
- effective care.
All these elements you find in Bresol, which works in line with its members.
In short, payday loans have lower interest rates compared to personal loans . As each installment is discounted directly from the payday, there is less risk of default. Thus, it is a good choice for those who need money fast!
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