When one arrives at a certain age, many loans end up being made – all working on a certain margin. However, sometimes the limit is compromised and it is necessary to make a consignment loan without margin.
After all, the payday loan works with installments of less than 35% of the amount received per month – and when the limit is reached, the whole margin is compromised. In this way, the consignment without margin becomes an option, but how to do it?
Proceed with reading the article and understand a bit more of the consigned loan without margin, if it is possible to do and how!
Understanding consigned loan without margin: what is payday credit?
Payday-deductible loan is a modality focused on credit for individuals, with installments directly debited from the individual’s payday. It is common either through direct credit in the checking account or through payday deductible credit card.
It is compared to funding, but works differently and can be used for any purpose the individual wants. It can be used for discharge of debts and other desires, counting with lower risk of default.
It is commonly used by people of fixed income as retirees and pensioners of the INSS, public servants and workers of private companies. It is a modality accessible to this public, since bank and financial institution have a greater guarantee.
However, it is common for it to be released only after the contract has been entered into – this is possible through the query of assignable margin.
And what is the assignable margin?
Margin assignable is the limit value used monthly to pay the installments of a loan. Likewise, it also doubles up as a limit to the expenses of a payday deductible credit card.
And according to law (nº 10.820 / 2003), it is determined that this assignable margin is less than or equal to 35% of the monthly payment. The common thing is that it is 30% of the fixed income committed to borrowing expenses, the rest being left for the card.
This margin works in the same way for all publics, whether retired and pensioners, civil servants and private enterprise workers. The common thing when reaching this limit is that the consumer is prevented from applying for credit.
When this happens, it is necessary to pay installments or remove them, so that there is credit again. After all, payday deductible loans are automatically deducted from fixed income.
In addition, legal withholdings also tend to influence the marketable margins – and salaries and occasional bonuses do not increase it.
That way, with negative loan margin, it is necessary to make a consignment without margin!
How to make a loan without margin?
When retirees, pensioners, public servants and private enterprise workers are without any assignable margin, there are possible options for credit. In fact, there are three:
payday loan refinancing;
Checked credit card.
Each measure works in a certain way, with advantages and disadvantages. Some can even be done together, such as credit portability with refinancing, as both release money into proposals already on the sheet.
Payday loan refinance
Payday loan refinancing is a way to get credit, within the current loan, without having to take on new debt. Translating, if a certain part of the contract has already been removed, it is possible to obtain new credit.
Within this option, the renegotiation of the debt in bank, changing the term of the parcel to its original form. Thus, the debt is lowered so that the difference is released to the consumer, allowing more limit.
However, this occurs only when part of the parcels are paid (between 15% and 30% of the parcels), with the limit increasing as more are paid.
For example: the amount of the payday loan is R $ 4,000.00 and the current debit balance is R $ 3,000.00. The contract term is 72 months, but 30 installments have already been paid.
When refinancing the payday loan, the remaining installments are settled, releasing a new loan for 72 months, with the difference of R $ 1,000 being released. The amount released is always proportional to what has already been paid on the current loan.
In this way, the limit is higher according to paid installments. In fact, it is possible that a lower interest rate will be obtained on the installments as they are paid!
And in addition, you can change only the term of the installments, not the values. However, there is a maximum refinancing term for each that is:
96 months for public servants;
72 months for retirees and pensioners;
60 months for the military of the Armed Forces.
Also known as banking portability, it is a process that allows the loan contractor without a margin to transfer the credit operation. In this way, the consumer can transfer to a bank with lower rates.
If the other bank accepts, the contract with the previous one is closed, so that one can be started with the new one. In the same way, the greater part of the contract is paid, the better the debt renegotiation with the new institution.
And in the portability the same amount is owed due, in the same time period hit earlier. In this way, it is not possible to request more amount of loan without margin or extend term.
Likewise, the institution can not charge extra fees and other services can not be contracted as a requirement for approval of the new loan. In addition, the bank can unify all the loans in progress of the contractor.
Finally, the lower rates of the new institution ultimately reduce the Total Effective Cost, which makes the contractor’s debt lower. This ends up making the consignable margin used smaller.
See the representative image below:
Checked credit card
As said before, within 35% there is 5% released for use of payday deductible credit card, which can be used for installments and withdrawals. Translating, a common credit card.
However, there is a difference in the invoice due date: the minimum payment is automatically deducted from the salary, retirement or pension. In addition, it is common for the card to go into emergency spending.
As for the payment, the rates offered are much smaller than conventional credit cards (can reach 5x less), and can be used by negatives. In fact, its operation allows this, since part of the paid balance returns as credit limit.
However, it works in the same way as the payday loan: you should not exceed 5% of the fixed salary or benefit received.
When to do a payday loan refinancing or credit portability?
It is important that the refinancing of payday-deductible loans or credit portability is done when the assignable margin is limited or when the holder can not commit to a new loan installment. In some cases, it is even possible to combine refinancing with portability.
In this case, refinancing is only valid when the Total Effective Cost of the operation is less than the previous one (sum of all charges and costs). Thus, it occurs along with credit portability
However, one can rely only on refinancing, only increasing or reducing time for discharge of the no-margin loan amount.
Differences between payday loan refinancing and credit portability
Although they are possible to combine, both have certain differences in:
Operation (renewal of credit with same bank x transfer of consigned loan to another bank);
Financial institution (keep in the bank x transfer to another);
Credit conditions (interest rates and terms x interest rates);
Value of plots (reduction or maintenance of plot x reduction of plots);
Minimum term of operation (15-30% of the installments paid x any contractual moment);
Completion deadline of the operation (7-10 business days x 15-20 business days);
Responsibility for discharge (Bank A x Bank B withdraws loan from Bank A).
In this way, INSS beneficiaries and public servants have more than one form of support for payday-deductible loans. With advantages and disadvantages, it is possible to opt for one or operate with the three options.