The Personal Payday loan is a government-controlled benefit , which also regulates the fees to be charged and the income limit that can be used to pay the loan.
However, many people question whether the conditions offered by banks in Personal Payday loans are also standardized. Therefore, we provide information that will help you clarify this, so that you can make a more conscious decision.
In addition, this is a modality that offers broader and flexible terms for payment. Thus, for INSS retirees and pensioners, it is possible to repay the loan in up to 72 installments and public servants, up to 96 times. However, the minimum period in which it is possible to divide the requested amount is 6 months.
However, there are also other conditions that are regulated by the government. Are they:
Although the conditions for the Personal Payday loan are regulated by the Central Bank and INSS, banks can offer rates lower than the established ceiling. In this way, competitiveness in the market is generated.
So, check below the interest rates charged by the major banks that offer the Personal Payday loan.
|Top Banks||Monthly interest rate|
|Bank of Brazil||1.92%|
|Mercantil do Brasil||2.09%|
* Information extracted from the Central Bank website, updated on April 8, 2019
To choose the best bank to hire a Personal Payday loan transaction, one needs to thoroughly analyze the terms offered by each before. So instead of going from bank to bank, waiting queues only to budget a credit, we recommend using credit websites and applications that offer this type of service in an online, reliable and up-to-date way. That way, you have more comfort and security.
However, it is very important to also check if the site or application you use has security certificates to protect your data and possible transactions. Also, make sure the platform provides up-to-date information so you can make a safe choice.
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