Published in June 28, 2018 November 27, 2018 Tags: consigned credit card , CET , payroll deductible loan , payroll deductible loan , credit limit , payable margin , interest rate
Ever imagined having a loan and a paycheck-deductible credit card at the same time?
Know in which cases this is possible and advisable, so as not to commit more than what is allowed monthly.
One of the most common questions about payroll loan is:
I have a payroll loan. Can I hire another or request a paycheck credit card?
The answer is yes. It is possible to have loan and payday loan at the same time.
But, after all, what are these credit lines?
The payroll loan is a personal credit modality that has facilitated the lives of several people.
One of the reasons is because it offers the lowest interest rates on the market and longer terms for payment.
And best of all is that you can also use the same benefits of payroll deductible credit, using the payroll deductible credit card , which is basically a traditional credit card junction with the payroll deductible loan.
The workings of payday loans are similar to those of any other type of credit card.
The consumer has a credit limit to make purchases and in return he pays a monthly installment.
In addition, just like conventional credit cards, you can pay for purchases and make withdrawals. In the latter case, it is necessary to evaluate with the bank this option.
The difference, in this case, is that the invoice is deducted directly from the payroll or INSS benefit .
As the consignment is guaranteed, banks have fewer risks in this type of financial transaction. On the other hand, they can offer customers advantages.
Also read: How does payroll work?
Thus, Retirees, Pensioners, Public Servants, Private and Military Workers can use the loan and payroll deductible credit card at the same time .
However, there are some rules that must be respected. Here’s what they are!
How much can you commit to income from loans?
Both the credit released on account and the credit card itself are considered as loans.
To simplify the analysis, simply consider that both are solutions for those who need extra money. And therefore, as it is a service offered by banks or financial institutions, they must be paid within a certain period.
Because they are generally long-term debt, all loans should be used only when necessary.
The recommendations of experts in finance and economists is to take out a loan to take out more expensive debts .
The same goes for cases where additional money is needed for an emergency, for example, where the payroll deductible credit card can be used.
Due to this, and to avoid the indebtedness of eligible groups, Law 10.820 / 2003 was established .
According to this law, a limit value was established for loans or credit cards, whose discounts are automatically realized in the salary or INSS benefit .
This value is called the assignable margin . Therefore, according to the law, the monthly installments of the loan must not exceed 35% of the monthly income of the applicant.
But there is an important detail: of this limit of 35%, only 5% can be used on the payroll credit card.
Thus, it is possible to contract a loan and payroll deductible credit card at the same time , provided that the limit of 35% of the consignable margin is respected.
For example, if the benefit is R $ 1,000 and the beneficiary has the payroll deductible loan and the payroll deductible credit card at the same time, the loan monthly payment can not exceed R $ 300.
The expenses with the credit card can not exceed R $ 50.00.
It is worth remembering that it is not necessary to use the entire limit of the assignable margin at the same time.
You also do not have to hire all the loans in the same bank and you do not have to register with the bank of interest.
After all, you must hire the consigned loan with awareness . And also because you never know when an emergency will occur, where a financial reserve can make a difference.
Margin of 30%
As mentioned above, the limit percentage 30% of the assignable margin should only be used for consigned loans.
That is, if the consumer already has a loan in place, but has not yet used the whole assignable margin, it is possible to acquire another. What does not happen, in case it is already without available margin .
In order to contract a new payroll loan , it is sufficient to have available assignable margin and not to have reached the number of contracts allowed by CPF.
Today, INSS Pensioners and Pensioners can hire up to 9 payroll deductible credit lines.
In order to know the value of the available consignment margin, the calculation of free consignable margin is very simple.
Based on the same previous example, in which the assignable margin was R $ 350.00, if one of the current contracts has installments of R $ 230.00, the remaining balance will be R $ 120.00.
This is the free margin that can be used in one or more contracts.
Margin assignable from 5%
The percentage of 5% over the net amount of the monthly income, should be used exclusively to pay the consigned credit card expenses.
As with paycheck-deductible loans, payroll deductible credit card expenses are charged directly to the INSS benefit.
However, only the minimum value (5% of the consignable margin) is discounted .
If there is an excess amount of the monthly invoice, the payment will be the responsibility of the beneficiary.
Read also: 7 Tips for Not Borrowing with the Consigned Credit Card
In addition, unlike the margin for the loan, the margin of the consigned card may only be used once.
To purchase the payroll deductible credit card, Federal Public Servants (SIAPE) must issue the consignee authorization , on behalf of the bank.
In which cases should I use the Payroll Loan?
Payroll-deductible loans can be a real ally of financial health, since lower interest rates and payment terms that can be up to 96 months make it easier to organize finances.
INSS Pensioners and Pensioners pay 2.08% per month of nominal interest rate. This figure is even lower for Public Servers: 2.05% per month.
On the other hand, the decision to apply for the loan should always be taken with caution. Poor planning can disrupt future plans and facilitate borrowing.
Therefore, it is interesting to search from the most appropriate type of loan, to the bank that offers the most appropriate rates.
A good reason to use payroll deductible credit would be to pay off more expensive debt, such as overdraft or conventional credit card.
This is a way to reduce the total amount of interest and exchange a more expensive debt for a cheaper one.
It is also interesting to use the payroll loan in case of high value purchases.
In case of any medical emergency or even to make that dream trip , avoiding to incur debts with the credit card.
In these situations, payroll can be a great alternative, as it allows you to pay in a longer period, with fixed installments and lower interest.
In which cases should I use the Consigned Credit Card?
The payday loan is an excellent option compared to conventional credit card and other lines of credit.
In the end, one of its biggest attractions ends up being the offer of cheaper interest rates .
The paycheck-deductible credit card rate varies between 3.5% and 5% per month. While in conventional cards, this figure can reach more than 20% per month.
Its use is recommended in cases where there is a need for piecemeal purchases and higher credit limits.
It is not recommended for purchases of smaller and recurring amounts, since they can jeopardize the budget, without necessity.
In any case, it is also important to remember that, even if interest rates are lower, all credit should be used conscientiously .
How to Apply for an Online Payday Loan or Credit Card
- It Retired, Pensioner, Public Servers Worker, private or military companies,
- It has available consignable margin,
- And you are thinking of taking out a loan and payday loan at the same time,
Know that it is possible to carry out the whole process online without leaving the house!
With bxblue you can compare interest rates and receive proposals from various banks, in addition to doing all the hiring online.
To simulate credit or paycheck-deductible credit card online, just have the RG, CPF, proof of residence and income.
Simulate, compare and contract online with the best rates and deadlines in the market !
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Loan and Credit Card at the same time Tagged credit card , CET , payroll deductible loan , payroll deductible loan , credit limit , payable margin , interest rate