With the Personal Payday loan it is possible to make withdrawals of cash in kind at the ATMs. In addition, you can distribute your purchases in stores and establishments all over Brazil.

The card is exclusive for retirees and pensioners and the minimum of the invoice discounted from the paycheck of the benefit itself. Know all the advantages of the card.

Personal Payday loan: what is it?

Personal Payday loan: what is it?

The Personal Payday loan has the same functionalities as a traditional credit card, but it is intended for public servants, retirees and pensioners of the INSS. This is because the amount of the invoice is deducted from the beneficiary’s income.

How it works?

With the Personal Payday loan it is possible to withdraw the established amount of up to 95% of its limit , in any of the boxes of 24 hour networks available throughout Brazil. However, if you do not wish to withdraw, you can transfer the available amount to another checking account that is active on your behalf.

With it, you make purchases in sight or in the future in different shops, and the minimum amount of the invoice is automatically deducted every month from your invoice, but not exceeding the limit of 5% of your budget.

Personal Payday loan x Conventional Card

Personal Payday loan x Conventional Card

Even if you have features similar to the conventional credit card, paycheck credit card has specific features that make it more advantageous, such as reduced interest rates.

Observe in the comparative table below the main differences between the cards:

Benefit consigned conventional

Advantages of Personal Payday loan

Advantages of Personal Payday loan

Know the main advantages of payroll credit card.

Available for negative

The payroll is intended for an audience that has fixed income , so the invoice is automatically debited from the payee’s payroll. Since financial institutions are guaranteed payment, no credit analysis is done at the time of request.

Therefore, even defaulters can apply for the card.

Low interest rates

According to Central Bank statistics, payroll interest rates are around 6%, while conventional credit cards are 20%.

The main reason for the reduced interest rates is mainly due to the security that the financial institutions have in relation to the payment of loans and withdrawals.

Margin assignable

The assignable margin works as a safety margin for customers who have the Personal Payday loan. After all, it sets a limit of 5% to be deducted every month from the beneficiary’s account.

That is, this is the maximum percentage the bank can debit from paying your bill. Thus, your monthly income is not all compromised with the payment of the credit card.

Conclusion

Now that you know what payday loan is and how it works, know the benefits of having a card with no annuity rate .