INSS payroll loan: how it works and how to apply

THE INSS Consigned Loan is one of the most interesting options for those who want to avoid debt.

This is because, in this alternative, the installments are discounted directly from the benefit, so the chances of default are low.

So, if you are retired or a pensioner of the INSS and need some money, know that this option is ideal for you.

In today's article, we'll cover this topic and present the key information about this type of credit. So, if you'd like to check it out, keep reading!

INSS payroll loan: no installments and easy approval 

If you're not yet familiar with the INSS Consigned Loan, you're probably unaware of the benefits it offers, which are responsible for making it so popular.

The INSS Consigned Loan is a type of credit in which the loan installments are discounted directly from the source, before the beneficiary receives the retirement or pension.

So, in practice, the customer does not need to worry about paying installments, since they will already receive their benefit with the discount made.

This feature is responsible for making this modality easy to approve, since the benefit itself serves as a guarantee and the chances of default are very low.

Therefore, especially for those who have difficulty obtaining credit due to a bad credit rating, this option seems simpler.

It is worth mentioning that the amounts granted vary according to the assignable margin of the benefit in question, and the interest rates are usually lower, due to the low risk for the bank.

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Who is this type of credit intended for?

As the name suggests, the INSS Consigned Loan is intended for INSS beneficiaries, retirees or pensioners.

However, being a beneficiary is not enough, as the availability of funds depends on several factors, such as:

Consignable margin:

The value of the loan installments cannot exceed the limit of 35% of the benefit value.

Benefit commitment:

If the applicant already has a payroll loan, the amount of new attempts may be reduced or even refused, due to the income commitment limit.

Therefore, before applying for this type of credit, it is important that you understand that, by law, it cannot compromise your income above 35%.

Therefore, the release of the amount is done after prior analysis of your benefit, although score analysis or other assessments common to other types of credit are not common.

INSS Consignment X Private Consignment: understand the differences

When searching for “Consigned Loan” on Google you will come across other proposals, including the famous private consignment. What is that?

Private Loan is nothing more than a version of a payroll loan intended for employees of partner companies in the private sector.

So, in this modality, the customer basically gets credit to be deducted directly from their payroll, if the company they work for is affiliated with the bank in question.

So, the difference between both proposals is that the INSS loan is only for INSS beneficiaries, while the private loan is more comprehensive.

However, it is worth highlighting that the advantages of the private sector are not as many when compared to those of the INSS, since the guarantee of social security benefits is greater.

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Which companies offer INSS payroll loans?

Finding Private Loan proposals is quite simple, as many financial institutions offer this service in their catalogs.

The reason for this is quite simple: the loan is easy to approve and has low interest rates, so many customers look for this option.

However, it is important that you evaluate the proposals carefully, as interest rates and conditions can vary greatly depending on the company.]

Check out some options:

• PAN Bank
• Bank of Brazil 
• BMG
• Crefisa
• BV
• PicPay
• Inter Bank 
• Mercantile Bank 

It's worth noting that interest rates vary depending on the amount contracted, so you should evaluate the proposal before closing the deal.

Is it worth joining this modality?

As we discussed previously, the INSS Consigned Loan is a more advantageous option in terms of ease of approval and interest rates.

These facilities are due to the fact that the loan has a greater guarantee, since the installments are discounted directly from the INSS benefit.

But, while we have these advantages, on the other hand we have to remember that it is a type of loan deducted from salary, so it automatically compromises income.

Therefore, before requesting it, you need to be careful and evaluate whether this commitment will not affect your life throughout the period.

Finally, if you evaluate all the points and consider it an advantageous and safe alternative for your life, it is certainly worth joining, as the benefits are well worth it.

So, do some market research to find the best offer and take advantage of the INSS Payroll Loan – low interest rates and easy approval!

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