When a person has some debt or needs financing, they resort to a loan; in banks there are payroll loans, which can be a good option and have the characteristic that they are granted to employees whose salary is paid to an account in a financial institution, explained the Confusef (National Commission for the Protection and Defense of Users of Financial Services).
What is payroll credit?
The payroll loan is a financial product that can be granted to workers or employees whose salary is paid to an account in a financial institution (bank), mentioned the Condusef through his magazine protect your money.
- Compared to other loans, the payroll loan can only be granted by the bank where the worker is deposited
The payment is deposited directly into the account, and is automatically deducted when the salary is deposited.
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“Unlike other credits, the risk of this one is lower, since as long as the contracting party maintains his job and receives his salary on a regular basis, the payment of the same will continue to be fulfilled.”
I want a payroll loan, how do I contract it?
If you have already decided to hire a payroll credit, you must go to a bank branch where your employer deposits your payroll; In order to start the process, they will ask you for official identification, account statements and proof of address.
- In some cases, it can be contracted through an invitation at the ATM
Does it take a long time to authorize a payroll credit?
to be authorized this type of credit will depend on the institution, it can be from 30 minutes, an hour or even a few days, after requesting it. The amount of the money will depend on your salarythe periodicity in which you are paid and the age of your payroll.
- After you are authorized, the time to pay off the debt will be between six and 72 months on averagewith monthly or fortnightly payments, will depend on your bank and how much they have authorized you.
Among the advantages of using the option in your favor is that no guarantee is required and the loan depends on your salary. Another advantage is that they can grant it to you more quickly than a personal loan, explained the Condusef.