Retirees and pensioners can opt for payroll loans, a type of Personal Loan with lower interest rates and a term of up to 72 months to pay.
With so many options available, there is also a risk of scams. To help you choose the best loan, without falling for the operation of this modality, according to the bank.
Find out now how the retirement loan works and how to apply:
How does retirement loan work?
The retirement loan is deducted directly from the payroll and has lower interest rates than other types of personal credit. It works as a kind of paycheck-deductible credit and can also be requested by negatives. However, to make the loan for retirees, it is necessary to pay attention to the family budget, that is, the monthly installment of the debt cannot exceed the limit of 35% of the applicant’s monthly income, 30% of which must be allocated to the payroll loan and 5% to the payroll credit card. There is also a limitation on the number of loan contracts for retirees, each applicant can have a maximum of 9 valid.
The payroll loan for retirees does not need to be applied for at the bank where the consumer receives payment. Those interested can choose the option with the best interest rate and installments that they find available on the market.
Analyzing the table above with data provided by the bank, you can see that the loan rates for retirees are around 2% per month. The payroll credit card works with slightly higher rates, 3%.
Tips for applying for a retirement loan
If you want to take out a Personal Loan it is necessary to take care to avoid problems in the future. Check out some safety tips below:
- Never give your bank details to third parties.
- Search and compare credit offers from different banks and financial institutions to find the best option.
- Check if the financial institution is a partner and if it is authorized by the bank.
- Read your loan agreement information carefully before signing and check the rates.
Compare always advises its comparators to research interest rates, loan conditions, and financial credibility well, before taking out credit to avoid falling into scams or borrowing at abusive rates. We only work with accredited banks and financial institutions under the supervision of the bank, to offer more security when taking out your loan online.
Remember that our service is FREE, so we never ask for any deposit or advance. You will only pay your loan after receiving the requested credit, directly with the bank you have chosen. Caution: do not make deposits before receiving your loan.
Now that you know how payroll loan for retirees works, you already know how to compare and how to apply, check the offers available on our website and choose the one that best fits in your pocket! Access here.