Payday loan is a credit category with the best rates, terms and benefits in the market. Fees are three times – or more – lower than those on credit cards, overdraft and other loans.
But, how to apply for a loan, contract and repay all installments without damaging the financial health of the whole family? Citizens who need extra money are faced with rates of more than 5 or 6% per month. If the situation is emergency many believe that there is nothing to do but contract this debt with high interest. But payday-deductible loans can be a great alternative not only to emergency situations but also to pay off more expensive debt and even make dreams come true.
But not all interested parties can contract this type of credit. The categories benefited are:
- Retirees and INSS Pensioners;
- Public Servants (active or retired);
- Employees of private companies that have a payday loan agreement.
- Military of the Armed Forces.
Another particularity of this modality is the discount of installments, which is directly discounted from salary, retirement or pension.
How is the payday discount?
The category of Public Servants is one of the most present and benefited. After all, labor and financial security is a very important guarantee, evaluated in the offer of lower interest rates. Since interest is directly associated with loan risk, in this case, because payday-deductible loans are linked to paycheck, the risk is lower. As a result, the interest rate charged is also lower. Therefore, the Public Servant who chooses this mode will have the monthly installments automatically discounted in the payday. But how to apply for loan factored discount on the payday? When contracting a payday loan, the Server decides, within the available limit, how many installments and how much to pay monthly.
But unlike regular loans, payday deductions are automatically deducted from payday. It is an agreement involving the Server, the paying institution and the chosen bank. When endorsing the contract, source paying salary, retirement or pension, is responsible for passing part of the salary of the server or beneficiary to the bank. And that is before you actually make your due or due payment.
Who can contract the Payday Loan?
Despite having many benefits, payday loans are not available to all Workers and Retirees, as already mentioned. To understand why this occurs, it is necessary to understand how interest rates work on loans. Interest is the cost of borrowing, the higher the risks the higher the interest rates become. Workers and withdrawals who have greater financial security benefits or pay signal more confidence for lenders. This is why Public Servants, for example, have the lowest interest rates available when compared to other types of personal credit.
But even among Public Servants, there is also a differentiation. Currently, both Federal, State and Municipal Public Servants can contract payday loans. The rule is that the paying agency has an agreement with the financial institution of interest to effect the financial transaction.
So on one side are the borrower and the paying institution and on the other side of the bank – which will lend the credit.
Federal Public Servant (SIAPE)
The categories of Servers are separated according to the paying institution (payday). The first of these is the Federal Government Officials. They are all Servants paid by the Union (or Federation) who occupy any positions won by contest, administrative, judiciary, among others.
It is noteworthy that this category includes Active, Inactive, Retired and Pensioners. Just meet some requirements, such as:
- Have a consignable margin;
- Have no temporary employment contract;
- The paying institution (Union) has an agreement with the bank chosen by the borrower;
The Federal Public Servant who wants to know how to apply for payday loan or simulate a new loan operation, refinancing or credit portability can use the payday loan simulator.
State public server
The State Public Servant, which is, the one hired by the State is the second category among the Servers that can contract payday loans. Installations are automatically deducted from the state server payday. But in this case, who needs to be in agreement with this contract is the state itself.
In this agreement, the paying institution (State) discounts the installation and passes it to the creditor bank. All Active, Inactive, Retired and Pensioner State Servers are eligible to apply for the loan. Provided they have free margin and the employment contract – or benefit – is not temporary.
Municipal Public Servant
Following the logic, Municipal Public Servants are those who receive salary or benefits through the municipality’s own cash. As in the previous cases, the paying institution, in this case the City Hall, deducts from the Servant’s salary the amount of the payday loan installment. Among the main advantages are the possibility of installment payment up to 96 months, lower interest rates, payday discount. In addition, Public Servants can also purchase the payday credit card.
Thus, in addition to the 30% margin that can be used on one or more loan agreements, the additional 5% margin is intended solely for use with credit card charges or withdrawals. Therefore, Public Servants can apply for payday loans, committing up to 35% of monthly income.
How to apply for Payday Loan for Public Servant online?
The payday-deductible loan process is very easy and hassle free and can be done online – which makes it even simpler. Before hiring credit, the Server can simulate online and compare offers from different banks. It is worth researching before closing any deal to ensure the best conditions of the contract.
What is necessary? As applying for a loan usually requires several documents, this is a subject that still raises questions. But the good news is that payday loans are simple even in this regard. Banks have some autonomy to formulate their internal rules as long as they follow the legislation. Therefore, some restrictions and requests may change. But in general, the Server must fulfill the following requests:
- Belong to any of the above categories;
- The paying institution must have an agreement with the creditor bank;
- Presenting requested documents, such as last proof of income, proof of residence, personal document with photo and CPF;
- Have payable margin available.