Payroll loans are a reality . But do you know what they mean? What is the difference from other types of financing? What should you consider if you are looking to acquire this type of loan? How do you get your salary discount to pay off this loan? Here we will answer all these questions and some advice to consider.
The consultation of the Credit Bureau by a financial entity at the time of receiving the request for a loan, although it is important, is not decisive, since there are mechanisms that can give the security to an institution that the loan will be paid in time and form even though a person does not have the best credit history.
Accessing a loan can encourage all of us to have economic development and well-being, and it can also take us out of some financial trouble, if we use it correctly, of course. However, when we obtain a loan, there can be endless contingencies that cause us to delay our payments and therefore, affect our credit quality, which could affect our future credit applications.
But the diversity of the financial system is also reflected in the variety of products that exist in the market. To access them, not everyone must have a history of your credit behavior or at least not consider it as a factor of greater weight to grant it.
The reason for the loan via payroll
This is simple, because there are modalities for a financial institution to make sure that the loan it lends you will be settled in time and form, without knowing your credit behavior, such as the use of a part of your salary as a guarantee that the Loan granted to you will be returned to what is known as payroll financing.
How? This type of financing is common, since there are financial institutions that specialize in such loans and even, what they are looking for are agreements with companies to be able to offer loans of this type to their workers.
However, also many banks, without having an agreement with the company where you work, can offer this type of financing to their clients who have an account with them where their salary is deposited.
Advice before deciding on a credit via payroll
Before applying for a loan via payroll with any financial institution, the first step you must take is to have it register with the National Commission for the Protection and Defense of Financial Service Users, because of If not, you could not go to this authority to support you in case you have a problem with the financial institution.
Since you verified that it is registered , the second thing you should do is compare and analyze if it really is what suits you and is in your ability to liquidate without meaning to fall into debt. To do this, I recommend using the personal credit and payroll simulator.
Believes that these types of financing are usually not cheap. You can get an idea on banxico.org.mx of the cost of this product.
For example, according to the comparator if I request a loan via payroll for the amount of 10,000 dollar for a period of 6 months and a periodicity in my payments biweekly, I can end up paying up to 13,351 dollar. Before the cost of these credits, what you should check are the credit conditions: the term, interest rates, commissions, insurance and the Total Annual Cost (CAT). These financings can provide you with immediate liquidity but they can also include certain commissions that you did not take into account, so it is always better to ask and review all aspects before signing a contract.