If you use the Meu INSS app, you will now have access to new information in the app. Find out more now!
Retirees, pensioners and beneficiaries of benefits paid by the National Institute of Social Security, INSS, will be able to check bank interest rates for payroll loans on the website or in the Meu INSS app starting October 12, next Thursday. According to the institute, the measure also applies to the Continuous Payment benefit, BPC, and to inquiries about charges for payroll loans, payroll credit cards and payroll benefit cards.
On the Meu INSS app or website, the procedure will be very simple. By selecting the “Loan statement” and “Institutions and fees” services, the interest rates will be available so that the insured can check which is the most affordable before taking out the loan. Insured people will also have access to other important information within the service.
Learn more about this topic now!
New in the app
In addition to being able to check the banks' interest rate for the payroll loan, retirees, pensioners and beneficiaries of aid, including BPC, will also be able to check through of the application:
– Monthly and annual interest rates;
– Date of first discount;
Total monthly and annual effective cost;
– Amount paid as customer debt in portability or refinancing operations;
– Amount of tax on financial transactions applicable to the transaction;
– Daily information on interest rates for new payroll loan operations, credit card consigned and consigned benefit card;
– Customer Service Number or Customer Service Center.
Interest rate
The limit for payroll deduction loans fell in August from 1.97% to 1.91%. In the credit card modality, the maximum rate went from 2.89% to 2.83%.
As a result, banks and financial institutions are prohibited from offering loans and payroll cards with rates higher than the new ceilings of 1.91% and 2.83%.
Care
When taking out a payroll loan, it is ideal to take some very important precautions to avoid falling into traps. and blows. Since payment comes directly from salary or benefits, getting it wrong can cause big problems.
Some of the main tips before taking out a payroll loan are:
– Assess your financial situation
Before taking out a loan, you need to ask yourself if you can afford to commit your income to this monthly amount. Taking out a loan may be easy, but getting rid of it is not easy. Write down your main expenses and, once you have written them all down, see if the loan installment amount will fit into your budget.
– Reduce expenses
The main purpose of taking out a loan, most of the time, is to solve a problem or get out of a crisis. Therefore, be careful: if the loan has compromised 15% of your income, you need to restructure your other expenses so that they are below 85% of the total amount received per month, so as not to compromise 100% of your income.
– Decide on the payment term
Consider the monthly installment amount. Choosing the term is essential to avoid committing to larger installments than you can actually afford. Retirees, pensioners and BPC beneficiaries can take out the loan in up to 84 months. However, the longer the term, the higher the installment amount will be. Be careful with the variation in rates and the APR to avoid compromising your income.
– Do not sign the contract without reading it
No financial institution can contract credit over the phone. There must be a written contract and the consumer's signature. Check the contract and analyze the clauses. If necessary, seek the help of a professional.
