Civil servants are used to the term “payroll loan”. In general, it consists of a credit that is automatically charged to the payroll. But what about private payroll loans ?
Private payroll loan
When someone makes a payroll loan, the installment is discounted before the person even gets his or her salary. In this way, the financial institution is less vulnerable to defaults and therefore offers lower interest rates.
In the private payroll loan the same happens, with some peculiarities. What really changes is that not everyone gets a payroll loan and the rates are not the same as those offered to civil servants.
Intended for workers in private companies, private payroll loans have higher rates because they do not have the same stability as public servants or INSS beneficiaries, such as retirees or pensioners.
How to apply for a private payroll loan?
To make a private payroll loan application, the employee must make a request to the Human Resources area of his company. The department will then contact the bank to release the amount.
Who defines the payable margin, that is, the loan limit that the employee may have is the company itself and it is variable from individual to individual.
Also, another disadvantage of private payroll loan is that the employee cannot choose the bank he wants. The company will decide this because credit can only be taken if there is a partnership between the bank and the institution in which you work.
When a company does not partner with a bank that offers this type of loan, the employee cannot contract the product.
Banks offering private payroll loans
There are many banks that offer private payroll loans, but we reinforce again that to take credit your company must have a partnership with the financial institution.
Documents to make payroll loans
In general, the documentation required by banks to perform the payroll loan is RG, CPF, proof of income, proof of residence (a consumer account) and pay stub of the last three months.
In addition, the company will pass your data to the bank in which it has an agreement.
Option for those who can not do payroll
If the payroll loan line is not available to you, a good solution is to look for lower interest personal loan lines. It is always important in these cases to look at the CET of the loan, ie the Total Effective Cost. This is where you know all the fees that are applied to your loan.
At Holico the monthly CET ranges from 3.02% to 5.84%, from 43.7% to 99.52% per year. This variation is due to the credit analysis and the customer installment option (12, 18, 24 or 30 times).