The payroll loan is an excellent option to help you balance your budget, solve unforeseen circumstances and/or to help you carry out projects.
There is a facility to have installments deducted directly from the payroll. This means that this type of credit has one of the lowest interest rates when compared to other products.
If you receive a pension, are a pensioner or have a formal contract, you can apply for a payroll loan.
Do you want to make good use of that money and pay off your budget? So you need to know some tips for payroll loan.
Find out now what they are!
What is a payroll loan?
The payroll loan is a personal credit whose differential is the way in which the value of the installments is paid.
In this modality, monthly fees are deducted directly from the salary or from the INSS benefit (in the case of retirees or pensioners).
This means that you don’t have to worry about keeping your loan payments up to date. Since there will be a direct payroll deduction.
The good side of this dynamic is that you don’t run the risk of forgetting or spending the money on other things.
However, there are some tips that can help you control your budget and make you better use your payroll loan.
Then follow the payroll loan tips here.
Payroll loan tips: how to pay off with time off
Planning yourself financially is the best way to not get caught up with the payroll loan.
It may sound complicated, but it’s not. To do so, just follow these 5 tips:
1. Do the math
Before applying for a payroll loan, the best tip to avoid financial outages is to do the math.
A good way is to write down in a spreadsheet or in an application everything you spend monthly on basic expenses such as:
- Rent ;
- Water consumption;
- Cell phone.
This helps you to see if the money that will be deducted from your income every month will not compromise the payment of other financial commitments that you already have.
2. Include this expense in your budget
After applying for a payroll loan, you must include the amount of the installments in your budget control.
Adding this expense to your spreadsheet or app will give you a good view of all your appointments. This will facilitate the management of cash inflows and outflows.
3. Add up all debts
By law, the payroll loan is limited to an amount of up to 35% of the salary or net benefit you receive monthly.
Finance experts argue that 30% is the maximum limit you should commit your total income to debt to avoid out of control.
Therefore, if you have other commitments such as financing, consortia and other loans, do the math.
So be careful that the total due does not exceed your discharge capacity.
4. Have an emergency reserve
A payroll loan can be paid off over a very long period, up to 48 months. However, many unforeseen events can occur during this period.
If they do happen, with an emergency reserve you can avoid chaos in your budget.
This tip is meant to remind you to save a little money each month.
It is possible to set up a financial reserve with small adjustments to the routine. You can control expenses and expenses and find good investment options to help your money grow .
5. Do not use your payroll loan for everyday purchases
If you resort to payroll loans to pay bills and everyday expenses, it may be a sign that your budget is out of balance.
The best way is to balance earnings and expenses. Reserve payroll for other situations that require a greater financial investment.
Let’s see some of them below:
When should I take out a payroll loan?
When it comes time to pay some extra bills like IPVA , IPTU , school supplies, income tax , for example, it can be a good occasion to take out a payroll loan.
But there are other situations in which a payroll loan can be your ally:
- Paying off expensive debts: a good tip is to use the payroll loan to catch up on your overdraft or credit card;
- Solving urgent problems: as it is easy to hire, the money is released into the account within 3 days after credit approval. That’s why you can count on him to solve problems that were outside his schedule;
- Longer payment term: the payroll loan has an easier payment term. This allows you to reduce the amount of installments and have a break in your budget.
- Clear name: money can be an alternative to negotiating the payment of overdue amounts with creditors. Thus, it is possible to regularize your registration status in bodies such as SPC and Serasa ;
- Investing: whether in a new business or realizing a dream, the payroll loan is one of the cheapest credit options for achieving these goals;
- Paying for studies: which can generate new income opportunities.