Of the types of credit that can be hired online, the payroll loan is the one that offers the lowest rates of interest of the market, reaching about 2.08% per month.
Another model of credit that can also be requested online is the personal loan . However, their interest rates are higher and may reach 26.44% per month. Learn below for more details!
The payroll loan has the lowest interest rates in the market, since the monthly installment is deducted from the customer’s income. So, financially speaking, hiring offers greater security for the banks from which the debt will be paid. It also eliminates the need for credit analysis.
However, in order for this automatic discount to happen, only people who own a fixed income can hire the paycheck-deductible loan . They are: public servants, retirees and pensioners.
You do not have to worry about installment values as the automatic discount on the payment is limited to up to 30% of your salary / benefit, without compromising your entire monthly income.
With regard to hiring, the payroll loan can be requested 100% online, on the institution’s own website, which makes it more convenient for you. And since there are no bureaucracies with credit analyzes, the amount is available more quickly, ranging from 3 to 5 business days .
One of the main advantages of personal loans is that they do not have restrictions on the people who can hire them, unlike what happens in the payroll. However, this is a type of credit usually has higher interest rates. This is because the banks have no guarantee that the installments will be paid in the future.
Other points to be analyzed in a loan
Before choosing a type of low interest online loan, some important points should be analyzed. See below what they are:
Define the reason
It is important to define the reason you are going to take out a loan. So, you can choose a type of credit that best meets your needs.
Payroll loans can be a good option for hiring civil servants, retirees and pensioners. However, in the payroll loan there is a restriction on the maximum amount of credit contracted, since the monthly installments are limited to 30% of their salary, and there is a maximum for the payment of the monthly installments. They are up to 72 months for retirees and pensioners, and up to 96 months for public servants.
In relation to the personal loan, since there is no percentage that limits the value of the installments, the client is free to contract a larger amount when compared to the payroll. However, since it has slightly higher interest rates, care must be doubled, since the value of the installments can jeopardize a large part of your salary.
Analyze the additional costs
Interest rates are not the only charges charged on loans, other taxes are also applied. Therefore, before making the hiring, it is important to analyze the rates applied in each type of credit:
In relation to insurance rates charged on loans, they may be charged in the amount of the monthly installment or discounted once a year on your invoice. In addition, they vary according to the bank and the insurance type contracted, and it is necessary to analyze with the institution before hiring.