Difference between Personal and Payroll Loans.
Every day we are bombarded with advertisements for financing, loans, paycheck credit on TV, on the phone, on the street, in pamphlets and in newspapers.
If you are experiencing financial dislocation, it is sometimes difficult to resist this temptation. After all, who does not want that money “saves lives”, to pay a small amount in several installments without compromising the budget?
This is all great if we take due care because whenever we buy on time or take a loan, we are taking on a debt. For this reason, we must think well about the real need to contract a new debt and especially on the type of loan we hired.
In the market there are several lines of credit for financing. In this post we will specifically talk about the two types most sought by consumers, personal loans and payroll loans.
How Payroll Loans Work
Payroll loans are a type of loan for retirees, private sector workers, public servants and pensioners. Its great advantage is that it has lower interest than the special check, with discount of the direct payroll parcels, which makes possible the hiring even in case of “dirty name”, and also allows to divide in plots to lose of View.
Personal credit is intended for consumers who have links with the financial system and its services (checking account, salary, check, credit card). In this case, it is necessary that the consumer be given the clean name, since the financial ones carry out consultation of the name in the SCPC or Serasa. Interest rates are variable and the term for payment usually is up to 24 times, by means of bank slip, check or automatic debit in the current account.
Calculate the interest, the number of installments and determine a date with which you can commit to pay the installments. The delay can generate fines, interest and a lot of headache.
How Personal Loans Work
Personal credit is a form of loan offered by banks and financial institutions. It helps us in those immediate expenses, for example, car repair, pay debt, remodeling the house etc.
If you have come to the conclusion that hiring a personal loan is the only alternative at the moment, the first thing to do is look for the financial institution in which you have account. Your bank should always be your first choice not to fall into the various “easy loan” scams out there.
The second step is to negotiate with your manager the conditions of payment of the desired value and to be well aware of interest rates.
Being a clean name, address and updated documents and with less than 30% of your committed income increase your chances of having the credit approved by your bank.
It is important to know that each institution has its policy of granting credit, as well as determining the value of the interest rate. Haggle!