Personal Payday loan is a quick and easy cash option for retirees , which offers exclusive and very advantageous interest rates and hiring conditions.
So, in this post will explain to you in detail how the Personal Payday loan works for retirees and what the advantages are in making the request.
Personal Payday Loans: Cash for Retirees
The Personal Payday loan is a personal credit modality that provides cash for INSS retirees and pensioners and public servants. Its main differential in relation to other loans is that the payment of installments is discounted from the benefit of the borrower.
That is, according to the assignable margin, the paying agency can deduct automatically from the applicant’s monthly income, a maximum of 30% . The amount of the deduction will be compatible with the amount of the loan requested.
This way, avoiding forgettings or delays in the payment of the parcels. And, if the applicant is denied in the market, he can still apply for the Personal Payday loan and succeed in the approval. This happens because the banks have greater guarantee of the payment of the installments. Since, since the deduction is compulsory, the Personal Payday has a low default rate .
What is the difference from other loans?
Through the comparative table below, it is possible to analyze the main differences in relation to the advantages of Personal Payday loans and other types of personal credit offered to retirees.
Advantages of the Personal Payday Loan
Knowing the advantages of a personal credit modality is certainly an important point to consider before applying. Therefore, the Bertram family has separated for you the main benefits of the Personal Payday loan .
The assignable margin is the maximum percentage of the borrower’s income that can be directed to the payment of the installments of the Personal Payday loan. That is, according to this margin, the paying agency can deduct up to 30% of the benefit of the applicant . Remember, it is not necessary to allocate all its margin, that is, this is only the maximum percentage that it can reach.
In addition, this limitation exists to avoid over-indebtedness of the borrower. And ensure that he has an available income to keep his family’s fixed expenses.
The high interest rates applied in most loan modalities are one of the biggest concerns of anyone considering asking for extra credit. However, in the consigned loan these rates are around 2.10% per month . Therefore, they are much smaller compared to the interest of other types of credit. The overdraft and revolving credit, for example, can reach up to 300% per year, according to data from the Central Bank . Other personal loan arrangements can reach 15% interest monthly.
The payment term of installments of the Personal Payday loan is up to 72 months for retirees and pensioners of the INSS and a maximum of 96 months for those who are public servants. Because deadlines are flexible, it is easier to keep a low portion value that fits into the borrower’s budget.
Now you know that Personal Payday is one of the quick cash options for retirees. So, do not miss have and know how to fulfill the dreams in retirement with the consigned loan.