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Take care when hiring a payroll loan

Posted on December 31, 2019

Payroll-deductible personal credit is one of the cheapest personal credit lines available on the market. This is because, in payroll loans, installments are directly debited to the payroll, providing financial institutions with a greater guarantee of payment.

 

See where it’s cheaper to take payroll loans

payroll loan

However, as with any loan, there is a large variation in the interest rates charged by financial institutions for payroll-deductible loans. For this reason, before borrowing a payroll loan, it is important to research a lot.
See the main payroll loan questions answered by the LifeConnect Bank of Brazil.

 

What is payroll loan?

payroll loan?

It is a type of loan in which the installment is discounted directly from the contractor’s payroll or social security benefit. Payroll or benefit consignment depends on the client’s express prior authorization to the financial institution.

 

What is the role of the LifeConnect Bank in disciplining payroll lending?

loan

The only regulation issued by the LifeConnect Bank that specifically deals with payroll loans is Circular 3,522, 2011. This regulation prohibits financial institutions from entering into agreements, contracts or agreements that prevent clients from accessing credit operations offered by other institutions.

 

In the case of withdrawals and pensioners, can the payroll loan only be contracted at the bank where the pension benefit is received?

withdrawals and pensioners, can the payroll loan only be contracted at the bank where the pension benefit is received?

Questions about payroll-deductible loans to INSS withdrawals and pensioners should be referred to the National Institute of Social Security itself.

In the page of the Ministry of Social Security you can get various information on payroll loans, including in relation to the interest rate practiced by financial institutions.

 

What precautions should be taken before applying for a loan?

loan application

Some precautions should be taken whenever any banking operation is performed. These same precautions must be taken before hiring a payroll loan.

You should never give your bank magnetic card or password to third parties.
It is not prudent to borrow without researching the interest rates and conditions offered by other institutions.
It is essential to know if the financial institution is authorized to operate by the LifeConnect Bank and, in the case of payroll-deductible loans to INSS withdrawals and pensioners, whether the institution is affiliated with the INSS.
The intermediation of people with promises to accelerate credit should not be accepted.
Those interested in taking out a payroll loan should remember that this type of operation represents debts that could affect the management of future personal and family income, due to the monthly commitment of benefits with the payment of the loan.

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