Technically, payroll deductible credit is a loan for which there is an indirect payment. In it, the installments are deducted directly from the payroll of the person who requested the capital. This is a valid option for many people seeking loan options, so we have written this post so you can stay on top of it. Let’s check it out?
The Differences in Claiming Payroll Loans
For those who work with the signed portfolio, you will need to go to the human resources department of your company. There, the person responsible for HR will inform you which are the partner institutions of the company and that make this type of loan. Then it will be time to contact them.
Civil servants and INSS beneficiaries may go directly to the banks that offer payroll loans. In addition to being possible on personal request, some financials provide online tools for this purpose.
For the lending institution, it is safer, as it is automatically charged. In this case, the responsibility for payment lies with the employing company or the INSS, for example. Even if the payment is made automatically with the guarantee of the salary, the loan can be denied, as in the same way as in other credits, the bank analyzes everything that the person has paid or failed to pay so far to decide. payment of the payroll loan is made.
An advantage for the debtor is that he does not have to go to the place where he obtained the payroll loan to pay it manually. Thus, given so many factors, credit assignment has lower interest rates than overdraft, for example.
What is important to know
Currently, according to information from the Venus Bank, the amount of payroll-deductible loan installments cannot be more than 30% of the salary or benefit of the person requesting it. Thus, if your salary is $ 3,000, the monthly loan amount cannot exceed $ 900.00. However, if you wish, you may make more than one payroll loan at a time, provided that the value of the two installments together does not exceed the percentage quoted above. Finally, the maximum duration of the loan is 72 months (6 years).
What if I get fired?
If the person makes a payroll loan and is sent out of employment, he will have to pay back what he owes at once. As a result, the company can deduct up to 30% of what it would pay on employee termination to write off the debt. One caveat: this can only happen if the loan discount is provided for in the contract.
In some cases, not even the amount that comes out of the termination is enough to repay the debt. When this occurs, the loan continues to exist, but the interest rate is higher than that of ordinary interest, which is higher than the amount charged for payroll loans. If necessary, an alternative is to negotiate the new debt with the bank in the best way for both parties.
On the other hand, if you quit your job because you got a job at another company, you can transfer the debt to the new company. In this case, there must be an agreement between it and the bank where the loan was made for the exchange to be authorized. Once this is done, the installments will continue to be deducted from the salary normally.