The payroll-deductible loan is a reality that has been present in the daily lives of people for some years, and currently employees of private companies may also have access to this service. But will it be possible to lower interest rates on a private payroll loan?
In times of debt renegotiation, it is very important to look for alternatives that aim to reduce interest rates. In credit card and overdraft debt, the interest rate practiced by the market is extremely high and therefore there must be the process of “interest rate swapping” – looking for a lower interest rate credit line to pay off. higher interest debt.
If this is your situation and you need an alternative to high interest rates then you are in the right place! Check out this article that we prepared especially for you!
Direct Payroll Discount
Payroll installment discounts allow financial institutions to give differentiated treatment to borrowers who are known as payroll loans. In this way, the bank has greater guarantees that it will receive back the amount given.
Lower risk of default
The payroll-deductible loan has a lower risk of default, as, as mentioned in the previous item, the discount installment occurs automatically directly in the payroll. They present lower risks to financial institutions, their interest rates in this type are lower than conventional loans and credit lines.
Partnership between companies and financial institutions
The partnership between companies and financial institutions provides a closer business relationship and thus many advantages are established. Trust between the parties is the determining factor for the operations to be advantageous for all involved, that is, for companies and their employees, as well as for financial institutions.
Interest rate reduction
Based on the direct discount in payroll, the lowest risk of default, the partnership between companies and financial institutions, a set of factors that reduce the exposure of credit risk is established. This is a very important factor in the analysis performed by financial institutions, because the higher the risk of default, the higher the interest rates will be.
Thus, the private payroll loan has a lower probability of default. This is why it is possible to reduce interest rates on this type of credit, which allows people to improve their finances and settle debts with higher interest rates.
The benefit of private payroll loans with lower interest rates is a reality and is increasingly being made available to people, with the implementation of measures and technologies that facilitate their access. With access to this type of credit it is possible to reduce the level of indebtedness of the population and promote an improvement in the economy as a whole.
Make private payroll lending service available to your employees and see how it can help solve debt problems. Register your company at no cost on our platform.
Still have questions about this benefit? Contact us, it will be a pleasure talking to you.