If you receive your salary via payroll it is very common that at the time of a financial emergency you choose to go to the bank in request of a credit. In this case, the bank can offer you two types of credit that we will help you compare here: Personal Credit Vs Payroll Credit, which is better for you?
Because it’s not the same person as payroll
While it is true that both credits can be authorized more easily if you have a payroll card from the bank where they intend to be hired, you must take into account that the financial conditions of each are very different. For this reason, when comparing it is necessary that you verify:
- Interest rate
- interest rate type
- Average CAT
- Payment Methods
Although it is true that Condusef has said that payroll loans are less expensive, not in all cases it is. Therefore it is best to think coldly and compare between the most reasonable alternatives.
Personal credit is a loan granted by the bank and to which you can access as long as you already have a credit history .
It can be granted to any person whether you have a deposit account at the bank where you apply. In this case you risk more because they have no guarantee. In the consumer portfolio it represents 20%.
The average interest rate on this type of credit is 35.73% and in some the annual interest reaches 102% per year.
Now we go with this type of credit. It is the one that the bank grants you taking as guarantee your payroll account, the amount is paid to said account and the payments are domiciled from it. It represents 25% of total consumer loans.
In payroll there are better rates but this is not always the case. You have the highest interest with 37.17% and the lowest in the Bank with 10.24% .
You have to take into account that although a loan has a very low interest rate, it does not mean that you pay less at the end. Do not forget the commissions and insurance.
Personal Credit Vs Payroll Credit Which is better?
Personal Credit Vs Payroll Credit? It is the big question of this article. Although their differences are not clear to you, we have already seen that interest rates are not a benchmark. You can choose them according to your profile.
- Do you want to have your collection account separate from your loans? Or, do you prefer to have everything together? If you are forgetful, it is better for you to ask for payroll because the debit is done automatically
- But if you prefer that the financial institution lend you higher amounts, you may have to opt for a personal credit
- If you have different means of income and you build your salary in a particular way, personal credit can help you
- You don’t have a credit history? So your option is payroll credit
It doesn’t matter which one you choose, as long as I know the one that best suits your needs and above all that you are sure you can settle.