How Does Personal Payday Refinance Work?

Personal Payday loan refinancing functions as a renegotiation of consigned credit debt .

This is because, instead of releasing a new loan, the bank releases the customer the value of the installments he has already paid, so he can use again.

How Does Personal Payday Refinance Work?

How Does Personal Payday Refinance Work?

Personal Payday loan refinancing works as extra credit for clients who already have an open loan in a bank but have compromised the full salary / benefit limit that is earmarked for the use of Personal Payday.

When the client makes the request, the bank assesses whether he is eligible for refinancing, that is, whether he has already paid at least 20% to 30% of the current loan.

Recalling that the refinancing may not be approved, depending on the benefit and the conditions established by the Bank. Therefore, it is necessary to verify with the institution the possibility of refinancing.

After that, if refinancing is approved, the bank will restart the loan and the customer’s assignable margin. That is, it will release the value of the installments already paid, added to the amount that has not yet been removed.

Margin – This is the part of the salary that can be used to deduct the value of the installments of the Personal Payday loan. Learn more in the post: Margin: What is it and how does it work?

To better explain refinancing, let’s look at the example:

That is, the Bank added up the value of the 18 installments with those that had not yet been paid and divided the total value by 72 times.

What is the refinancing interest rate?

What is the refinancing interest rate?

The Personal Payday interest rates may vary by bank. They amounted to around 2.11% per month, being one of the lowest in the market, compared to other credit modalities.

It is important to remember that in refinancing, the interest rate should be equal to or less than the rate applied at the beginning of the loan. Thus, the installments will not be worth more than the current loan, which makes the process advantageous for those who request it.

How do I pay?

The refinancing installments are automatically deducted from the Personal Payday of the INSS beneficiary or public servant. The discount is made by the paying institution, be it the INSS, in the case of retirees and pensioners, or the SIAPE, in the case of municipal, federal or state public servants.

The Central Bank regulates that the amount of the discount can not exceed more than 30% of the beneficiary’s income . But if you want to pay a higher amount than the maximum stipulated by the margin, the client can request the advance of the installment, and thus, repay the loan faster.

Can I refinance in another bank?

Can I refinance in another bank?

No. Refinancing must be done at the same bank where you have the loan. To refinance in another bank, first, you need to do portability, which is to transfer your loan from one bank to another.

It is important to remember that you can only do portability if the Target Bank has the same or lower interest rate than your current bank.

For example, if the current interest rate is 2.10%, you can only carry your loan to another bank if the interest rate is equal to or less than 2.10%.

To learn more about loan portability, read: Bank Portability: Know what it is and know the main advantages .

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Refinancing can be helpful in many situations, but just like other credit operations, it is important that you evaluate your financial situation and the conditions offered by the bank before you place your order.

It is also important that you understand the operation well. So, read the post: Personal Payday Refinancing: Know the details of this operation and know everything about the process.


How to Buy Cheaper, Using the Discount Codes

Cheap shopping is a dream of practically every one of us. That is why we are looking for various kinds of promotions in stores, thanks to which, after making purchases in our wallets, there is much more money left. But unfortunately, promotions do not appear too often, therefore we must look for other opportunities that will allow us to save on purchases. One of such occasions may be codes or discount vouchers.

How can we save with codes or rebate bonuses? Well, thanks to them, the store that publishes them will lower the price for the goods we buy. The amount of discounts can be very different and sometimes even up to 80%. Often, codes authorize us even to receive a free product if we meet certain conditions (eg when buying two third products we get for free). One can wonder why stores offer such discount codes. The answer is very simple. They are to encourage customers to buy in a given store. They are often “released” to the market when a given company launches a new product and is supposed to make people buy it more willingly. Often, such offers can be found on the occasion of various types of anniversaries (10 years of the store’s activity) or special circumstances (opening of a new store).

Where can we find vouchers and discount codes? There are a lot of possibilities here. First of all, we can meet them on special websites. It’s best to enter the password “discount codes” into the search engine and you will definitely get a lot of websites that offer them to us. In addition, we can find the codes in the newsletters of stores, on their websites or on packaging. Often, we can get a special discount code when you subscribe to a fanpage or a store or company newsletter.

And how can we use such codes? It is very simple. If we have a discount voucher to be used in a stationary store, just show it when you pay for the goods and the price will be reduced. When we have a discount coupon to use in the online store, we enter a special code from the coupon in the right place at the time of payment and the price will also be reduced.

Codes and discount coupons are a great opportunity for cheaper shopping. For each of us, it is very important, because thanks to this we have more money available, which we can use in the most appropriate way for us. Therefore, it is worth looking for codes and rebate vouchers to save on our daily purchases.