The factored in the benefit or salary is the sheet assignment of a loan, in fact it is more one of the modality of personal credit available for contracting in all Brazil. Since its inception it has become one of the cheapest credit modalities, when related to interest and concession facilities in other forms of credit in the market that lends money.
In the payroll in the benefit, the benefits are discounted all the early months when payments are made by the INSS and the private company contracted by the banks and financial which the employee or employees receive the wages in general to the eighth business day.
The consigned credit concessions can not exceed a maximum of 30% discount in the value of the income of the applicant, that is, when the beneficial owner who are retired and pensioner of the INSS or when the public servant and employee of private company contract the credit loan installments may not exceed 30% of the amount received. Institutions are also limited in the discount period that currently is up to 72 times for the INSS and variable in private companies and in the public sector.
How Payroll Loans Work
Payroll loans are a type of loan for retirees, private sector workers, public servants and pensioners. Its great advantage is that it has lower interest than the special check, with discount of the direct payroll parcels, which makes possible the hiring even in case of “dirty name”, and also allows to divide in plots to lose of View.
The paycheck-off method of personal credit offers three forms of discount:
1ª. Discount made directly to INSS benefit, the operation consists in discounting the installments of the loan authorized by the Insured monthly.
2ª. Consignment with withholding – consists in the retention by the bank that the applicant receives the benefit or salary and that granted the consigned personal credit. The bank or company is authorized to make the discounts in the account of the benefit, checking account and in the payslip of the monthly installments to complete the amortization of the balance due. Nor can it exceed 30% of the income commitment.
3ª. Card Consigned in the benefit – In this form of deducted payroll, the holder receives a “paycheck credit card” issued by a bank, a financial institution or a credit union with the INSS. With the card you can use it to buy products in general trade. The Maximum Consignable Margin Retention (RMC) allowed on the consigned card is equivalent to 10% of the 30% authorized by the INSS.
Where can you get the payroll?
Payroll-deductible loans are authorized for banks, financial and credit cooperatives and other credit institutions to offer and loan the loan at a discounted rate. Borrowed money is one of the cheapest on the market and it is currently possible to find payroll offers from 0.75% with a maximum of 2.14% per month.
In the personal credit consigned in the benefit, the applicant does not have to be a bank accountant or client of a financial institution to access the credit, nor is it required to make the request of the consignee in the bank where he receives the benefit or counter-check, consigned private company , the request must be made at the bank accredited by the companies that the applicant works.
In paycheck-deductible loan, you take money now to pay installments in the future. The payroll loan is usually cheaper than personal loan, overdraft and revolving credit card.
Consigned Credit Simulator
In the payroll loan, the contractor borrows money and receives immediately but repays in installments in the short, medium and long term. Payday loans apply to lower interest rates, so they are cheaper than non-payroll loans, overdrafts and credit card interest. Below you can check the average rates that the factories that sell payroll are charging:
- Consigned INSS (retirees and pensioners): 1.95% per month
- Consignment Public (civil servants): 1.51% per month
- Private Payroll (employees with a formal contract): 1.98% per month
In the payroll simulator below you can do your simulation of how much more or less you can borrow and how much will be the monthly installments.