Payroll Loan: Care You Must Take When Hiring

The payroll loan is one of the cheapest loans , ideal for those who need to pay a more expensive debt, but you should be careful when hiring it.

However, do you know what precautions are required when hiring the Payroll Loan?

Taking precaution is always an attitude that will avoid problems, especially when talking about borrowing. Precisely because it is a long term debt.

Therefore, the loan must be thought of and planned.

So, check out what precautions to take when hiring a Payroll Loan.

Only registered institutions

Only registered institutions

Payroll-deductible loans may only be assigned by banks or financial institutions registered with the bank. Negotiation or intermediation may be carried out by bank correspondents, who are companies authorized for this type of service.

Do not sign anything without reading before

Do not sign anything without reading before

It takes a lot of caution and attention right now. Do not sign any blank documents and always check what is written to know what you are really signing.

Contracted amounts, interest rate and other applicable rates, payment terms, amount and due date of installments, account indicated for the credit. Everything must be properly checked first.

Pay no amount to secure your credit

Pay no amount to secure your credit

The collection of any advance amount for simulation or release of payroll loans is prohibited.

Therefore, all operations performed by banks must be included in the package of services and facilities that the bank offers, for example, and within the Total Effective Cost.

Check to see if the money fell correctly into your account within the deadline.

Check to see if the money fell correctly into your account within the deadline.

Once the contract has been signed, the amount credited must be the same amount deposited in the indicated account.

However, if the money released was less or different from the contractor, the contractor should contact the financial institution immediately to report the error.

Also, it is important to remember that the bank account must be the same as the receipt of retirement or pension or salary. Transferring the amount to a third party account or on behalf of another holder is not permitted.

Avoid multiple loans

As the ease of getting a payroll loan is so great, many people end up borrowing multiple loans, which in the future will complicate their financial health.

Anyway, have more questions? Leave in your comments your questions and we will answer as soon as possible!

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