Retirement Loan: How It Works and What the Benefits


Conquer a material good or gain a financial breath in times of emergency. The retiree loan can be a good choice for anyone who falls into the category. Even because relying on extra money is often the only alternative to reach a certain goal.

Going for a loan to get the necessary amount is the medium used by many, including retirees.

There is a difference that is observed from the beginning when the subject is loan for retired. The name of the transaction itself is different: payroll deductible loans.

This mode of credit, just like the traditional personal loan, allows the money to be used as the retiree would. But it has some important peculiarities that distinguish it:

– Only attend a specific audience formed by professionals with a formal contract (provided that the company where they work has an agreement with a bank). Federal, state, municipal, military, retired and INSS pensioners also enter;

– The repayment of the loan is done in a different way. The amount of the installments of the loan for retired is debited every month of the salary. Or, in the case of the retiree, it is deducted from the benefit even before the money enters the account. This guarantees the payment of the loan contracted, regardless of the financial situation of the retiree;

– The value of interest is different from other types of loan. This is because the bank that performs the payroll loan has more security regarding the payment of the installments. Hence, the interest rates in general are lower than those charged on the personal loan. In the end, the retiree saves money.

Learn About Retirement Loan

Learn About Retirement Loan

Now you know the main features of the loan for retired. Check out, then, other important details so that all your doubts are healed. So you can judge with discretion if it is the best loan option available.

When hiring payroll loans, the retiree has access to the money quickly. It can be in the account in 24 hours, which term varies according to the chosen financial institution. But it has the limit of up to 72 months (six years) to repay the loan. Term that may be lower, according to the option of the retiree.

The experts tip for retirees is to simulate the loan before hiring the product.

Thus, it is possible to assess the amount that will be committed every month of the benefit. Paycheck credit provides security for those who opt for it by virtue of a rule. The monthly loan rate can not exceed 35% of the salary, in the case of the retiree, of the benefit.

But there is a detail. 5% of the limit can only be used on the payroll credit card. See the end of the text for more information about this card.

There are examples of retirees who wish to make more than one payday loan. This is allowed as long as the value of both hirings does not exceed the limit of 35% of the monthly income.

Therefore, it is often necessary to reassess the amount that the retiree wants to get to pay for emergencies or buy what he desires because of the monthly discount that will be made. It is worth remembering here that the retiree does not need to prove the purpose of the credit, and can use it as he wants.

To have access to this product is very simple. The retiree does not need to have an account with the bank where he will contract the payroll. He will have the amount credited to the account in which he receives the retirement. It should only be equipped with the main documents: CPF, RG, proof of residence and paycheck.

There is also the possibility of hiring the product online. Just go to the banks’ websites and follow the guidelines.

The payroll loan interest rate varies according to the bank in which the retiree will make the hiring. But to get an idea, it is around 1.5% to 3.5% a month.

Another appeal of the modality is in the fact that the loan is realized even if the retiree is not with his financial life in order. This is because the SPC or Serasa is not consulted for possible problems.

Renegotiation

Renegotiation

Despite all the facilities offered by payroll deductible loans, there are situations where the retiree can not pay the debt.

In such cases, you need to talk to the bank to renegotiate the loan. This is possible by increasing the number of installments or even making a new loan to repay the first installment.

Credit Card Consignment

Credit Card Consignment

The paycheck-deductible credit card is intended exclusively for those who hire payroll-deductible loans.

It is a card that can be used just like the conventional credit card. But at the same time, it presents some differences.

The main one is that in the consigned card, if the holder can not pay the full amount of the invoice, the minimum payment is already deducted directly from the salary. In this case, the benefit of the retiree.

The paycheck card has no annual fee and credit limits are generally higher than on a conventional card.

Another difference is that the retiree is not required to be an account holder at the bank where he applied for the credit to have the card. Just as it again does not go through previous cadastral analysis.

But the biggest appeal of this card refers to the interest rate and term of payment.

Know the interest charged by traditional credit cards.

The rates are lower (with average interest of 3% per month). Mainly because the bank has guaranteed payment for the loan. And also the payment term is extended compared to the conventional credit card. While the latter can present a term of up to 35 days, the paycheck credit card can reach 50 days.

Despite these advantages, experts recommend that bills be paid on time so that the debt is not increased.

See tips on how to save money.

Other Payroll Credit Card Features

Other Payroll Credit Card Features

  • Allows cash withdrawals of 90% of the limit of your card;
  • It presents invoice equal to the invoice of the conventional card, with description of places of purchase, date, etc;
  • Depending on the card’s flag, you can access point programs.

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