Some financial institutions have exclusive lending options for salaried employees of private companies. Professionals who have a payroll account in any bank can avail to get personal credit. This type of loan is very easy to approve and the approved credit limit varies with the employee’s income.
How Does Personal Credit Work For Employees?
Banks offer a pre-approved credit limit to employees, which can be redeemed at any time. After the money is released, the customer can use the value for any purpose. The use of personal credit is indicated only in emergency situations such as health problems or to give relief to bills.
Although money is released quickly, personal credit has very high interest rates, which does not change much in the case of a salaried loan. After borrowing, the amount of the installments is automatically deducted from the payroll by the paying bank.
Because of the fixed employment guarantee, interest rate amounts are equivalent to payroll loans and are more advantageous than check or paybook loan options. The values usually range from $ 1,000 to $ 2,500.
To get an idea of the value of credit, you can perform simulations on the website of the institutions. The limit usually varies according to the employee’s income, since by law the value of the installments cannot exceed 30% of his monthly income.
What are the advantages of personal credit for employees?
Among the main advantages are: little bureaucracy; insurance in the event of unemployment or ill health and even disability; possibility of advance payment; The guarantee is the salary, that is, there is no need to include houses, cars or other assets in the business; The payment period can be up to 48 months (four years).
The service caters for employees of small, medium and large companies from all market segments. To get personal credit, the employee must apply for the money from the bank and must wait for a credit review to approve the transaction.
Is it possible to get personal credit for negative employees?
Because of the monthly income guarantee, banks usually approve the personal loan, even if the employee is negatively named. To be approved by the bank, the employee must be working with a formal contract for at least 1 year, have a permanent residence, have a regular CPF with the IRS and have a checking account with a bank.
In these cases, the customer can not in any case delay a portion, even if it is automatically deducted from the account, you must always have money in the account on the expected date not to keep the negative balance. Being with the “dirty name”, the employee also does not have much negotiating power of interest rates and time to pay the business.