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Are you hesitating between a personal loan and a payroll-deductible loan? Explore the details of each one to choose the ideal option.
Deciding whether to opt for a personal loan or a payroll-deductible loan represents a crucial financial step that many people face throughout their journeys. Both paths offer distinct advantages and characteristics.
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Therefore, it is worth reflecting on each alternative before making a decision. Unlike a personal loan, a payroll-deductible loan is aimed at a specific audience and often boasts the most attractive interest rates in the sector.
However, to make an informed choice, it is essential to thoroughly understand these two forms of loan. By the end of this reading, you will have clarity about which one best suits your situation.
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How do payroll-deductible loans work?
Payroll-deductible loans stand out for having reduced interest rates, thanks to the low risk of nonpayment. They focus on public servants, as well as retirees and pensioners of the National Institute of Social Security (INSS).
Therefore, when someone from this group chooses this type of service, the bank deducts the installments directly from their salary or benefit. Occasionally, workers governed by the Consolidation of Labor Laws (CLT) are able to obtain this type of loan, but these are exceptional cases.
There is also a ceiling, known as the loan margin, which determines the percentage of the salary that may be allocated to the installments. As a rule, this margin is 35%, with 30% for loans and 5% for cards, but it may vary for certain public servants.
And how does a personal loan work?
Unlike payroll-deducted loans, personal loans are not tied to a limit such as the loan margin. In each situation, a credit check is carried out, but personal loans tend to be more adaptable in terms of the amount released.
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Banks typically approve personal loans based on the applicant's financial health. Thus, they do not require tangible collateral, such as a property or vehicle, to secure the loan, making them viable for those with fewer assets.
Therefore, it is vital to clearly discern your purposes when considering a loan and determine which type aligns best with your finances.
