Truth be told: it has never been easier to take out a loan as it is today. Banks and financiers have understood that credit, if well structured, becomes an attractive product for a growing share of Brazilians seeking additional money.
There are so many ways and means of contracting available (online credit via application, with property or car as collateral and minor interest for example), one of them continues to be attractive among many credit modalities available: the payroll loan.
Payroll: low-interest credit and longer maturities
This type of loan is quite usual in the market, and for several reasons. The differential is the form of concession, which is necessarily linked to people who have employment, public servants, active military or retirees of the INSS. Therefore, it is a type of credit that is granted only to people who possess “right income”, that is, source of regular and monthly income.
One way that banks have found to grant credit with more assurance that they will get back the borrowed money, since the payout of the payroll loan is “separated” in payroll and forwarded directly by the payer’s payer to the lender, without the person needs to pay the benefit directly; the installment is deducted from their maturities.
This form of credit, which guarantees the borrower’s own income as a guarantee, allows the bank to offer lower interest rates and longer repayment terms, in order to guarantee a more secure return. After all, there is an expectation that default will not occur, comparing credits granted in other ways.
However, there is an important component in this type of loan that aims to take this type of credit: the consignable margin.
Margin assignable: the necessary limit
But what is the consignable margin? It is a limit imposed by law on how much you can commit from your income to repay a loan. In the case of payroll loans, this limit is 30% of the person’s monthly income. That is, it is not possible to contract a payroll loan whose value of the benefit is above 30% of its monthly income.
This “lock” prevents you from unbalancing your monthly income and affects even your other expenses in the month, such as food, transportation, housing, etc. The banks and financial institutions work with credit simulations within this limit, considering the contractor profile of the loan, among other things.
Not all banks offer a settable margin of 30%, and there are institutions that have a lower limit to marginize the payroll loan. So, be aware of the conditions of granting a paycheck loan because the banks calculated their exact margin (how much you can hire) in time to simulate your loan.
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