The money we earn is hardly enough for all our current needs. Buying and renovating one’s home, traveling around the world, taking courses to grow professionally, paying off debt, taking care of a sick relative. For these and other reasons, the payday loan is a quite convenient solution.

It is not always possible to postpone goals or urgencies for an uncertain future. This is why certain credit options have become significant in the lives of Brazilians. This is not to say that the choice is always easy, after all, it is important to be cautious and understand all the variables before taking a loan.

If you are interested in applying for a payday loan, you are likely to have your own questions. So today we will comment and answer the most frequently asked questions on this topic!

What is the differential of payday loans?

What is the differential of payroll loans?

payday-deductible loans are a type that differs from other types of credit because it is interconnected with the paycheck or INSS. Thus, instead of having to pay the monthly installment of the debt, it is deducted directly from the salary.

This format brings more security to the financial institution, which will be guaranteed payment while the person is employed. This allows you to better negotiate loan details such as the total amount, terms and even the interest rate.

Who can apply?

Because of this payday connection, people who are unemployed or in informal jobs cannot apply for this type of loan. payday-deductible loans are mainly directed to civil servants of any area, retirees and pensioners of the INSS.

Private sector professionals can also take this loan, if they have a signed portfolio, following the CLT regime. However, because it is less stable, it is normal for interest rates to be slightly higher than other cases, so be careful to look for the best option.

It is also normal to have an age limit, like this: the minimum is 18 years old and the maximum is usually 80 years old. Also, even within the range, people who are close to the threshold may have restrictions on the approved amount.

How much money can I borrow?

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It is normal to have questions about the issue numbers. The amount a person can borrow will depend on their salary, as they can only commit up to 30% of what they earn.

Thus, an employee who earns a minimum wage may have a maximum monthly payment of 300 reais. Those who earn 3 thousand reais can negotiate installments of up to one thousand reais per month. Despite the fixed price of the installments, the total amount depends on the amount of months you will pay.

Usually, the payment term is no more than 72 months. But this may vary depending on the financial institution and the case of the person.

What happens if I become unemployed?

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If debt is discounted from salary, what happens if the employee is fired? Initially, up to 30% of the termination amount is used to repay the loan. If this amount is not sufficient to settle the remainder, the debt should be settled in the form of slips. In some cases, if you are having difficulty paying the amount, you can negotiate with the bank.

Private payday loans are easier when the same platform meets the needs of the employee, the company, and the financial institution. Contact us for more information about our services!