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Having a negative credit record can create several financial restrictions for individuals, but is a payroll-deducted loan also on that list? Find out more!
Banks provide payroll-deducted loans to retirees, pensioners, and public servants with more affordable interest rates compared to other options. But what happens if someone belonging to this group has a negative credit record?
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First, it is important to emphasize that this type of loan is characterized by direct deductions from the paycheck, so the risks of nonpayment are extremely low. Therefore, some financial institutions allow people with a negative credit record to access this service.
Payroll-deducted loans stand out as one of the most favorable options because the law establishes that the interest rate cannot exceed 1.97% per month for retirees and pensioners. However, to obtain this loan, you need to have available borrowing capacity. Understand what it is and how to obtain it.
What is the borrowing capacity for payroll-deducted loans?
Read also: Digital Real: Governments Assess Changes to Benefit Payments. Find Out!
Basically, the payroll-deductible margin is a ceiling that establishes the maximum amount of a customer's salary that can be allocated to installments. In general, this percentage is 30%, with 30% allocated to loan payments and 5% to payroll-deductible credit card bills.
However, in the case of public employees, the margin may be higher depending on the level—federal, state, or municipal—as is the case with employees of the city of Rio de Janeiro. This group of workers has a payroll-deductible margin of 55%.
Furthermore, the city's mayor, Eduardo Paes, wants to add 5% to this limit. The goal is to allow his employees to access larger loans with the benefit of low interest rates.
How to apply for a payroll-deductible loan?
Read also: Bolsa Família: New loan options available through Caixa Tem
First, you need to check whether your bank provides this service for people with restrictions on their credit record. Remember to always use the banks' official communication channels, as there are many scams involving these types of services.
Generally, the bank will request some documents, such as an ID card, CPF, proof of residence, pay stub, Income Tax Return (IR), benefit statement from the National Institute of Social Security (INSS) – if applicable –, among others.
After that, an analysis will be carried out and you will receive guidance about the loan agreement. Within a few days, the money will be deposited into your account and automatically deducted, as stipulated in the agreement.
10 Banks and fintechs that offer payroll loans to people with a bad credit history
- Meutudo;
- Agibank;
- Banco Bari;
- Banco BMG;
- Bradesco;
- Itaú;
- Mercantil;
- Banco Safra;
- BRB Financeira;
- Caixa Econômica Federal;
- Banco do Brasil.
