The payroll loan
The payroll loan is one of the forms of personal credit that offers the least risk to institutions – because the risk is less? This is because when the contractor, usually retirees or social security pensioners receive their benefits, the discount of the portion of the loan has already been authorized by Welfare, that is, the institution receives value directly from the agency of the beneficiary. Currently, payroll loans represent one-fifth of all personal loans granted in the loans segment.
In recent months public banks and private banks have started a wave of declining interest rates on loans, in particular the “payroll loan”, most of the Specialists, Trade Unions and NGOs report that the reductions are minimal and do not meet the real needs of about 29 million social security beneficiaries. To speed up the process, the Federal Government through the Apobank reduced the minimum and maximum rates of payroll loans, right behind the Bank of Brazil and later followed by private banks, driven by market pressure and not to be left behind in the credit.
At Brazillian bank, the rates for payroll are offered from 0.79% per month. Apobank offers rates starting at 0.75% to 1.77% per month. At Bank Ipao, they range from 0.89% to 2.2% and Bradse, from 0.90% to 0.79% per month. Here we can not understand, but the minimum rate only serves for consigned loans in 6 installments and the highest rate for loans up to 60 months.
At present there are 57 financial institutions and credit that are authorized by the social security to grant payroll deductible at the benefit, the maximum rate is limited at 2.34% per month, it is up to the bank or financial institution to reduce this ceiling or not.
Are you looking for the most appropriate interest rates on the payday loan? Check below the “infographic of the payroll loan interest rates” prepared by the Folk Art Editor / Folhapress on the Folha Online
The one interested in making consigned loans has to do a lot of research among banks and financial institutions.