A new financial opportunity has emerged for beneficiaries of the National Social Security Institute (INSS): the payroll credit card, which promises easy credit with direct payroll deductions and even conversion of credit limit into cash.
This product is aimed especially at retirees, INSS pensioners and public servants, and stands out for its lower interest rates than conventional cards and for not requiring consultation with credit protection agencies, such as SPC and Serasa.
What is a payday loan?
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The INSS payroll loan is a type of credit that stands out for offering significant advantages to retirees, pensioners and other INSS beneficiaries. This type of credit is notable for its easy conditions and competitive interest rates, which makes it a popular option among these groups in Brazil.
It is worth noting that this type of loan has this advantage due to its payroll deduction. Therefore, financial institutions understand that the risk is lower. Understand in more depth below:
The loan granted to INSS beneficiaries is characterized by the direct deduction of the loan installments from the payroll or to the customer's benefit. This offers greater security for financial institutions, resulting in lower interest rates compared to other forms of personal credit. The main consignable margin for these loans is up to 45% of the beneficiary's income, offering a balance between access to credit and maintaining financial sustainability
Advantages of the INSS payroll loan
- Reduced Interest Rates: Due to direct payroll deduction, the risk for financial institutions is lower, which translates into more competitive interest rates.
- Ease of Approval: Even for those who are negative, approval is more accessible, as the guarantee is the benefit itself.
- Longer Payment Deadlines: This makes the installments more affordable and suitable for the applicant's budget.
- Payment Security: The direct discount modality minimizes the risk of default, ensuring that installments are paid on time.
Disadvantages
- Income Commitment: The automatic discount of installments can limit the monthly budget.
- Scams and Fraud: Beneficiaries must be aware of scams and fraud when hiring.
Who Can Request an INSS Payroll Loan
The INSS payroll loan is a type of credit specially designed to serve specific groups. Categories of eligible people include:
- INSS Retirees and Pensioners: Individuals who receive retirement or pension through the National Social Security Institute.
- Public Servants: Employees of government agencies, who have income and employment stability, which facilitates loan approval.
- Workers of Affiliated Private Companies: Some private sector workers may also be eligible, as long as their companies have an agreement for payroll loans.
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