That there are several loans available on the market, you already know this, but do you know which bank has the lowest interest rate for payroll loans?
Often, payroll is even used to pay off debts that carry high interest rates. So if you are interested in knowing more about this credit and which is the best bank for it, keep reading this text.
What this article covers:
What is the interest rate for payroll loan?
Every loan charges a percentage on top in the form of interest, this is how banking institutions generate their profits. In the case of the payroll loan, the interest is lower, as the bank is guaranteed in the customer’s salary income, and the more guarantees the bank has that it will be paid, the lower its fees.
The rate varies, but its average is 20% per annum, while other forms of borrowing can reach up to 320% per annum.
What advantages of payroll loan?
Compared to other modalities, there are several advantages, check below.
- Best interest rates: In addition to lower rates, you also have fixed rates in the contract itself.
- Automatic discounts: You don’t have to worry about the payment date as it will be deducted directly from your salary.
- Quick credit approval: With the salary guarantee, the analysis is done much faster.
- Negatives can also: Some banks allow this credit even if it is negative, it is even a way to pay off your debts.
Through the advantages, it is possible to assertively analyze the payroll loan, and whether it is capable of meeting your current financial needs.
How does the payroll loan work?
The payroll loan is aimed at retirees, pensioners, civil servants public and CLT workers🇧🇷 It works just like other loans, you have access to an amount and then pay that amount in installments, with a small increase in interest in each installment, and if the money is not in the account on the day of payment, the interest tends to increase with the passing of time.
The advantage of payroll, as already mentioned above, are the fees and automatic debit from the account, further reducing the chances of default.
How is the payroll loan contracted?
To take out the payroll loan you will need the following documents:
- RG, CPF or CNH
- Proof of address
- Proof of income
This process becomes faster and less bureaucratic because the main focus is proof of income.
Which bank has the lowest interest rate for payroll loans?
Below, check out a list of banks with the lowest annual rates.
- Federal Savings Bank 17.47%
- Crop Bank 22.00%
- Bank of Brazil 19.08%
- Bradesco Bank 30.13%
- Credits 29.03%
- Inter bank 26.66%
- Banco Santander 29.41%
- Banco Agibank 26.08%
- Itaú Unibanco 34.60%
This is the average of the fees charged by the main fintechs and financial corporations in the market, but to estimate it even more specifically, you need to analyze each person’s financial profile and consumer history, and you can do this at the institution itself.
Due to the advantages of this means of credit, it has become increasingly popular among consumers. After this information, you can already see if the payroll loan meets your needs.
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