Loan for retired: Know the credit modalities!On June 30, 2019 by Tanya Houle
There are different types of loans for retirees , each with its specific characteristics and advantages . Because of this variety, it is important to be aware and opt for the most convenient.
So in this post you will know and understand a little more about the various modalities, so that, in this way, choose the one that best suits your profile.
Types of loan for retiree
It is normal to resort to a loan to pay off a debt or when an emergency expense arises. But when that need arises, which loan category do you choose? Know the available modalities of loan for retiree.
It is a type of pre-approved credit that the bank makes available to its customers. It is usually released in the form of a limit already embedded in your account, which in this case eliminates the need for hiring. Therefore, if you spend more than the balance available in your account and leave it negative, you will already be using the overdraft.
This credit can be used at any time and the available limit varies depending on the customer’s income and their relationship with the bank. It is most suitable for those who can repay the loan in the short term due to high interest rates. This modality is subject to credit analysis.
It is a type of loan granted by banks, financial or stores, to individuals. Once you apply for the loan with the institution, an analysis is performed for approval or rejection of the requested loan. If approved, the amount is deposited into the customer’s account for it to spend as desired.
The number of installments to be paid is defined by the customer and the limit of the credit released varies according to his income, but is not usually high. Interest rates differ according to the institution, but their values, for the most part, are high. In the case of hiring this type of credit, it is very interesting to do a detailed research on hiring conditions. Each company has the great freedom to offer the interest rates, terms and values you want.
The payroll loan is the modality of credit with the lowest interest rates in the market, being up to 5 times lower, compared to other categories. It is exclusively for retirees and pensioners, federal, municipal and state public servants. The value of the installments is deducted from the customer’s own benefit and the assignable margin does not commit more than 35% of their income. Of these, 30% are for the loan and 5% for the use of the consigned card.
Why Consigned Loan is Best?
The request for the loan happens in a simple and fast . With the longer payment period, lower installments and the limit of the assignable margin, the financial life of the borrower does not suffer setbacks. This allows the customer to keep their essential expenses , without having to give up paying their other bills. The payroll loan can also be hired by those who do not have a checking account.
For those who want to get away from the dreaded abusive interest rates, it is the most suitable loan model. The people who hire this type of loan do not have surprises in the payment of the invoices, caused by the increase of interest, since the parcels do not suffer variations with the time . From the first to the last installment the value remains unchanged, regardless of the time it takes.