Driving around your city, you may have seen store windows advertising “fast money” or “no SPC or Serasa review.” Understanding how payroll loan services work can help you make an informed decision as to whether an Auxílio Brasil payroll loan is the best option for you.
A loan that you can get quickly and that doesn’t expire until the next payday seems like a good idea. But how does the Auxílio Brasil charge work? Is it the beginning of a cycle of exorbitant fees and high interest rates?
It’s tempting to look for a quick fix when you’re in financial trouble. The salary loan from Auxílio Brasil is simple, but its terms must be taken into account.
According to the Federal Government website, the following banks and financial institutions are entitled to provide the loan:
- Federal Savings Bank
- Banco Agibank S/A
- Banco Crefisa S/A
- Banco Daycoval S / A
- Banco Pan S/A
- Banco Safra S / A
- Capital Consig Sociedade de Crédito Direto S / A
- Facta Financeira S/A Credit, Finance and Investment
- Pintos S/A . Loans
- QI Sociedade de Crédito Direto S / A
- Value Sociedade de Crédito Direto S / A
- Zema Credit, Finance and Investment S/A
When do I get the loan money?
Payroll loans from Auxílio Brasil are short-term loans, with repayments of up to 24 months. You will report all your details to Caixa Tem and you can receive the funds into your account within 72 hours.
When the repayment date arrives, the lender will deduct the monthly installment directly from the benefit to repay the loan in full.
Keep in mind that payroll loans can get more expensive than they seem at first glance, because these types of loans target people who need cash right away while waiting to get paid again.
Creditors who offer Auxílio Brasil Payroll Loan can charge interest up to 3.5% per month. The maximum annual interest rate is 51.1%.
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