The loan is one of the first options remembered by those who need money. Regardless of the reason for its use, those who have a need and need to solve with emergency or in the short term, always look for the best conditions. raisinrats.com has details
But among so many banks and so many lines of credit available, it is difficult to know which one has the most advantages.
Hence, the first step is to know the main differences between payday loan and payday loan .
What is a Loan?
The term loan, popularly speaking, can be understood as an exchange. One party yields something to the other in return for some benefit . This transaction can be either formal (contract or legal document) or informally (such as word agreements).
In the case of the bank loan, the bank (transferor) lends money to a company or individual (beneficiaries). Personal loan or personal credit can be requested by anyone over the age of 18.
As it is one of the main financial services of the banks, its remuneration is given by the interest rate and other operating rates. That is why the final amount paid by the customer can vary greatly. The average interest rate on a personal loan is 6.49% per month and the term up to 48 months.
In this transaction, the money can only be released by signing a contract between the interested party and the bank. After signing the agreement and having the credit received, the borrower pays the bank a monthly installment.
The amount of this installment will be equal to the total of the amount borrowed + rates, divided by the term for payment.
Thus, if the contract is $ 15,000 to be paid in 24 months, the monthly installment is $ 625. This payment is usually made via bank slip.
When the installment is paid on time, the value of the debt remains the same. However, when the payment is made out of the expected date, the amount is reset. This difference is due to the other interest incurred under the contract. An example of this is the default interest rate: percentage rate on the delay of payment of a security in a certain period of time.
One of the big problems in delaying several installments of the loan is to accumulate debt. As interest is added and added to the initial value, the remaining balance can increase significantly.
In this case, many finance experts guide the renegotiation of the contract. In this way, the beneficiary can clear his name and avoid other implications such as indebtedness.
Today an alternative available to personal loan is the payroll loan, which offers other advantages.
What is the Payroll Loan?
Unlike other types of loans, the payday loan is the personal credit automatically debited from the paycheck .
In practice, every month the value of the installment is already deducted from the salary or benefit, in the case of retirees and INSS pensioners. That way, the borrower knows how much they will pay and does not have to worry about taking the slip, for example.
In addition, the interest rates of the payroll loan are less than that of the ordinary loan. This is possible because, as banks retain direct pay on the sheet, they reduce the risk of not receiving.
This is a mode of credit widely used by retirees, pensioners, public servants and workers with a formal contract and military . People between the ages of 18 and 80 can get credit without too much paperwork.
Today, payroll loan interest rates are around 2.05% and 2.08% per month. Retirees and Pensioners have up to 72 months to pay and Public Servants up to 96 months .
Although they look similar, the two types of loans are different in several ways.
12 Differences between the Personal Loan and the Payroll Loan
Although they are personal credit options, both the personal loan and the payroll loan are more suitable for certain cases. Therefore, it is worth knowing the main differences:
- Personal Loan : 6.49% per month (average);
- Payroll Loans : From 2.05% to 2.08% per month (nominal interest rate);
- Personal Loan : Anyone who has an account in the bank of interest;
- Consigned Loan : Pensioners, INSS Pensioners, Federal, State and Municipal Public Servants, Signed Workers and Armed Forces Military;
- Personal Loan : From 18 to 80 years (may vary depending on the policy of each bank);
- Payroll Loan : From 18 to 80 years (may vary according to the policy of each bank);
- Personal loan : Banks authorized by the Central Bank;
- Payroll Loan : Banks authorized by the Central Bank and in the case of beneficiaries INSS banks authorized by Social Security also ;
Free amount limit
- Personal Loan : Up to 30% of monthly net income;
- Payroll Loans : Up to 35% of monthly net income (5% for credit card use only);
Deadline for payment
- Personal Loan : Up to 48 months (may vary depending on the policy of each bank);
- Payroll Loan : Up to 96 months (maximum case applied to Federal Servants);
- Personal Loan : up to 60 days (may vary depending on the policy of each bank);
- Payroll Loan : usually without grace period;
- Personal loan : usually with guarantor and guarantor;
- Loan Payroll : no guarantor or guarantor;
Conditions for releasing credit
- Personal Loan : credit blocked for negatives;
- Loan Consigned : credit released for negatives ;
Collection of TAC (Credit Opening Rate)
- Personal Loan : Generally Charged
- Payroll Loan : exempt for INSS beneficiaries;
Term of credit release
- Personal Loan : Within 72 hours (variable condition depending on the policy of each bank);
- Payroll Loan : Within 48 hours (variable condition depending on the policy of each bank and the endorsement);
Form of payment
- Personal loan : Payment by title or automatic debit in checking account;
- Loan Payroll : Discount on the INSS paycheck or benefit;
- Personal Loan : Yes;
- Payroll : Yes.
Note: Sources: Central Bank, Social Security and Banks
Before deciding to hire one modality or another, it is important to ask yourself if the loan is even necessary.
Although this doubt seems to make no sense, we guarantee that if you make conscious use of the loan, you will have an alternative source to get the money you need .