Many people end up with a negative credit rating and don't know how to apply for a loan. Read our article to the end and see how you can apply for a loan even if you have a negative credit rating.
payroll loan , one with some of the lowest interest rates on the market, despite your bad credit history . Below, we'll explain everything about payroll loans .
What is a Payroll Loan?
A payroll loan is one of the best lines of credit for people with bad credit who want to apply for a loan.
But why is it so good? Because the payroll loan is one of the lines of credit with the lowest interest rates on the market and is very safe.
The interest rates on payroll loans tend to be lower than other types of loans because the payment guarantee is quite high, as the payment of the payroll loan invoice is automatically debited directly from the customer's salary.
That's why one of the requirements for your payroll loan to be approved is that you have some proven source of monthly income, whether it's from your work in a private company, a public company, or your retirement.
How can I apply for a payroll loan?
You will need to go to a branch with the necessary documents and don't forget proof of income.
After all this, the bank will analyze your request and the customer, together with the bank manager, will analyze and choose the credit amount. They will analyze the credit amount to make your payroll loan based on your income and the payment time.
Do an analysis before applying for a payroll loan
Regarding interest, it tends to be much lower than most other types of loans, but each bank works in a different way and with its own conditions.
That's why it's important that you check their rate chart.
You need to keep in mind that when you apply for your payroll loan, banks will not approve an installment that exceeds 30% of the amount the worker receives.
For example, if you have a salary of R$1,800, your installment cannot exceed R$540.
Another very important thing is that the term for paying off your payroll loan cannot exceed 72 months, which would be 6 years of making monthly installment payments on your loan.
