Consigned Credit: What is it? – Low interest


What is payday loan?

 What is payday loan?


Paycheck credit is an indirect payment loan, where the installments are deducted directly from the payroll of the individual or the INSS benefit, before the person receives the money. As long as there are installments to be paid, the money will continue to be discounted monthly. This is a guarantee that financial institutions have to receive the installments on time.


Who can take payroll deductible credit?


 Who can take payroll deductible credit?


Only employees with a formal contract, civil servants, military of the Armed Forces, pensioners or retirees of the INSS can take payroll deductible credit, since the portions of the loan are deducted directly from the payroll. However, workers with a formal contract can only request the loan if the company they work with has an agreement with a bank. Civil servants, pensioners and retirees by the INSS have more advantages, since banks assume that their financial stability is greater.


Borrowed to negative: Get even negative loan. How to make? Which bank?

Banks with lower rates for payroll loans

 Banks with lower rates for payroll loans


Payroll-deductible loans for employees of private companies

Bank Monthly interest rate (%) Interest rate per year (%)
HSBC 2.20 29.81
Federal Savings Bank 2.41 33.00
Santander Bank 2.56 35.45
Bradesco Bank 2.74 38.26
Bank of Brazil 2.75 38.42
Itaú 3.05 43.47

Credit Consignment for INSS retirees and pensioners

Bank Monthly interest rate (%) Interest rate per year (%)
HSBC 2.00 26.78
Federal Savings Bank 2.03 27.22
Bank of Brazil 2.13 28.78
Itaú 2.13 28.82
Santander Bank 2.13 28.83
Bradesco Bank 2.19 29.63

Payroll deduction for civil servants

Bank Monthly interest rate (%) Interest rate per year (%)
Federal Savings Bank 1.73 22.89
Bradesco Bank 1.76 23.26
HSBC 1.86 24.80
Santander Bank 1.91 25.46
Bank of Brazil 1.97 26.31
Itaú 2.27 30.95

These rates are constantly changing. So always compare rates before deciding for a bank.

Necessary documents and restrictions to obtain consigned credit

 Necessary documents and restrictions to obtain consigned credit

  • RG
  • CPF
  • Updated proof of address (less than 90 days of issue)
  • Updated statement of the INSS salary or benefit.

Advantages of paycheck credit

 Advantages of paycheck credit

Paycheck credit is safer for borrowers, since the charge is made directly at the source. It is also advantageous for the debtor as it slows down the job of going to the bank, doing the service manually or even forgetting to pay. These factors contribute to this type of loan having lower interest rates than overdraft, credit card, or other personal loan modalities, for example.

Know all the benefits of payroll deductible loans (not a few), read: Why paycheck loans? What are the advantages?

Step by step to get payday loan

 Step by step to get payday loan

Step 1 – Check the conditions of your benefit

To get payday loan, you need to know if it meets the required conditions. Check below the main requirements and remember that they may vary according to the financial institution of your choice.

– Work in a joint venture company or be retired or permanent pensioner of the INSS;
– The benefit received allows the purchase of a loan;
– The amount of the benefit does not exceed 30% of your salary or monthly benefit;
– Subject to INSS approval;
– Equal monthly benefits are deducted directly from your salary or benefit;
– Obtaining subject to approval.

Step 2 – Sign the contract

After submitting the necessary documentation and checking for the required conditions, sign the contract to receive the payroll loan of the bank to which you requested.

Step 3 – Using credit

Once payday loan is available you can use it for whatever you want.

Simulated Payroll Loans

 Simulated Payroll Loans

Before applying for a payroll loan it is essential to compare the updated rates between banks. The Low Interest website offers this service for free, in a practical and quick way. Just fill out a brief form with the information regarding the loan you want. Once you have chosen the type of simulation, you will receive a list of all the banks that offer this loan, with their respective rates. So just choose the bank of your choice and follow the instructions given to complete the process!

Click here and compare interest rates among various banks!

I have a financial reserve, should I apply for payroll deductible credit?


In this case, even if payroll loans offer attractive interest, it is always better to use the financial reserve to afford financial commitments.

This prevents you from incurring debt and complicating the future with the installments.

Never make more than one payday loan. By the ease of getting this mode of credit, some people end up borrowing more than one loan – making the income too hard. Do not do this, just borrow another loan after you take out the first one. This avoids compromising your monthly income.

There are also other points that must be evaluated prior to the decision to obtain the payroll loan, so that it can be used in the best way. Read the full article on : Learn How to Better Use Payroll Credit!

Do not commit more than 30% of your monthly income


This is a standard tip. Make the accounts of your fixed and variable expenses, if the remaining amount is more than 30% of the total amount, you can even resort to a payroll loan. But if this account does not hit, look for institutions that install the debt more often so as not to commit 30% of their monthly income.

What happens if I hire the consigned loan and are fired or lose my job? Read: What to do with the payroll in case of resignation?

Many people do not know, but it is possible to know how much you can take in the INSS payroll before you even have the benefit released. So you can check if the value is in agreement with the plans. Tips on how it is calculated and simulations, read: Learn how much you can get on the INSS payroll and how it works!

Got some extra money!


Did you receive a sum you did not expect? Do not waste it. Use this money to anticipate consignment credit installments. In addition to shortening the term to repay the credit, you have interest rebate.

What is the best loan: Payroll, with guarantee or credit?

All these loan modalities have advantages and disadvantages. That’s why you need to research, as well as be careful to choose one of them. Read the full article: Choose the best loan: payroll, with guarantee or credit.

How to Hire Payroll Credit

 How to Hire Payroll Credit

Now that you know how paycheck credit works, it is worth remembering that only being able to adhere to this type of credit requires that you work with a registry in the portfolio, whether a civil servant or an INSS beneficiary.

There is no shortage of financial institutions that work with this type of operation. Search for at least 4 institutions and analyze the one that offers the best conditions. And do not forget, when closing the deal, take your RG, proof of residence, work permit and holerites. Find now the place to get your payday loan! Read: Payroll Loan: Which Bank Is Best? Where to do it?


Leave a Reply

Your email address will not be published.