Well managed and used responsibly, credit loans are a good financial tool to get money and relieve tensions in our personal finance. There are many reasons to request a loan, as well as several alternatives to do so, including banks They offer the service in different modalities. One of these, the payroll loanswe will tell you more about it soon.
WHAT IS A PAYROLL CREDIT?
Basically it is like a lifelong loan, they give you the money and the bank or financial institution charges in installments, and with specific interest rates. But the payroll credit has a peculiarity, the monthly installments are paid by thin collection. In other words, the loan installments will be automatically deducted from the salary of the employee.
We suggest you read: Give up the fortnight: how to make an effective personal budget
WHAT ARE THE REQUIREMENTS TO REQUEST A PAYROLL CREDIT?
The first and most obvious, in order to apply for this type of credit, the worker must receive his salary through transfers or deposits in a payroll account formalized by his employer. In fact, the institutions that usually grant them are the same banks in which the employee has his or her registered. payroll card.
It should be noted that there are also other institutions that provide the service, we are talking about Multiple Purpose Financial Institutions (Sofom). Although in both cases, the documentation they usually ask for is the following.
- Both pay stubs most recent.
- official identification valid with photo.
- Proof of address (applies in some cases).
- Seniority at work current (applies in some cases).
Once your request is approved, you will receive the money directly to your payroll within a period between 24 and 48 hours. It varies according to the conditions of the worker, but the loan amounts can range from 3,000 to 300,000 pesos, with terms of up to 30 months to pay off the debt.
We suggest you read: Condusef: reform in payroll loans will harm the worker
CONDUSEF ADVICE
- Check your ability to pay. A practical advice to know it is to directly discount all fixed expenses to the amount of your monthly salary, what remains will be your indebtedness capacity. Think about it, with this type of credit you will pay the money before it is available, do not compromise your finances.
- Compare all alternatives. There are a good number of banks in the market, in addition to the Sofom. All the options with different advantages and disadvantages, examine which one suits you best and never go with the first option.
- Do not sign without reading the contract. Analyze carefully costs, commissions and terms of payment. Regarding additional expenses, it will be easy if you consult the Total Annual Cost (CAT), which compiles the total interest and extra charges.
For more information on this and other topics, visit our Credits section.
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