Personal Payday Loan, Understand How It Works

The personal payday loan is indicated for those seeking money without having to prove their purpose. personal payday loan is ideal for those who need cash for contingencies or to pay debts from the credit card or overdraft , or not to use the store credit, since the interest rates of these services are, most of the time , higher.

What are the advantages of personal payday loan?

What are the advantages of personal payday loan?

One of the advantages of personal payday loan is simple and fast hiring , with payment in installments that fit in your pocket, through automatic debit , bank slip or pre-dated check . You also choose the best due date for paying the installments . After the personal payday loan analysis, usually within 24 hours, if approved, the money becomes available immediately for you to use as you wish.

How can good credit help me in the right choice of my personal payday loan?
It takes a lot of time to find the best personal direct credit in the banks and financials. You would have to waste hours to know which loan is right for you. To make your life easier the moment you need the most money , the Credit Advisor seeks the best personal payday loan conditions in one place, appropriate to your profile. It’s simple: you fill out a single registration and Credit Good sends your order to several banks and financial institutions, without charging anything. Thus, it is easier to get a loan .

Schedule yourself


personal payday loan is a choice that requires care and commitment. Before you take out a personal payday loan , be sure to plan the payment. After all, by accepting it, you agree to the conditions. As you repay the loan on time , your chance of getting a new loan or financing only increases .

Loan Rates: personal payday loan Has Lower Interest Rates

Loan Rates: personal payday loan Has Lower Interest Rates

According to the National Association of Finance, Administration and Accounting Executives, data for January 2016, the average monthly personal payday loan rate was 8.14%. Over the same period, the average overdraft rate was 10.96% per month. The credit card rate remains the highest of all, with 14.56% per month. That is, if you have debt overdraft or credit card, do not waste time: apply soon for your personal payday loan and save on the interest rate.

How to increase credit score?

Do you want to increase your credit score and do not know how? Have you ever had a credit application denied and do you think the reason is low credit score?

To get easier, first of all, you need to understand what credit score is and how it works. It is important to already know that raising credit score is not an easy task and requires organization and discipline.

What is credit score?

What is credit score?

The credit score is a score that indicates the probability of paying bills on time or not. This calculation is based on your payment history and consumer behavior.

Before releasing your installment purchase order, credit card or loan, companies look for information to know how you have behaved in relation to your debts.

Companies that provide credit (shops, banks and financial institutions) and service providers (internet, pay TV, mobile and fixed telephony) refer to their score.

Each company has its own criteria and policies for granting credit or service, that is, there is no rule.

That way, you can be seen as a positive consumer, the “good payer,” or the one who shows lack of commitment, though unforeseen, such as job loss.


How does the credit score work?

How does the credit score work?

When an account is overdue, companies that record their personal data and outstanding debts, such as the Credit Protection Service (SPC) and Serasa, can be triggered.

Likewise, they track when you pay your bills on time. Through systems, other companies have access to this information.

The more delays and backlogs you have, the more likely you are to have a low credit score. So if you have had any requests denied, do not be discouraged, your credit score score is not definitive.

Despite this, having a good credit score does not guarantee credit to fulfill all your desires, such as financing a car or an apartment.


Credit Score Score

Credit Score Score

In more common cases, the score of the credit score varies from 0 to 1000. The closer to 1000, the better seen you will be by the market. See the following table:

0 to 300 high risk of default in the next 12 months
301 to 700 average default risk in the next 12 months
701 to 1000 low default risk in the next 12 months


Is it possible to increase the credit score?

Is it possible to increase the credit score?

Yes, the credit score score has changes according to your consumer behavior. This process may take a while because you need to follow it for a few months to find out how you organize when it comes to paying bills.

How long does it take to increase the credit score? There is no exact answer to this question. It all depends on how you approach the problem.

Get started today to have positive attitudes if you want to increase your score faster. And see the following tips.

How to increase credit score?

Here are tips that help you improve your score and make it easier for you to get credit when you need it.

1) Negotiate your debts and clear your name

The first step to improving your credit score is to pay off all your outstanding debts and clear your name.

It’s time to face reality and seek the right solution to solve the problem: direct negotiation with the lender.

Only in this way is it possible to change the way the market analyzes your profile. Beware of companies that promise to clear your name or increase your credit score, as this is a scam.

To avoid falling into a trap, seek guidance from credit protection agencies. Ideally, you should pay all your debts in cash to get discounts. But if that is not possible, negotiate with installments that fit in your pocket.

If you have paid your debts and still continue with the low score, you have a reason. The credit score reflects the behavior of a consumer group with a similar profile, that is, no one will be judged by what they have just done.

The more recent your debt or negativity, the longer it will take to recover your credit score.

This means that even after clearing your name, your credit history or late payments continue to impact your credit score.

Therefore, regularize the situation as soon as possible and comply with the agreement with the lenders, to increase the credit score over time.


2) Pay your bills to maturity

Pay your bills by the due date to be able to increase your credit score faster. Try not to delay the payment of any debt.

Whenever possible, pay before the due date. This attitude is well regarded by the credit bureaus and their credit score scores tend to rise. Of course, if you forget, the important thing is to make the payment as soon as possible.

Automatic debit is a simple way to not miss any payments that most service providers offer.

An alternative is to include in the calendar of the cell phone and choose the option “alert”, so you will be warned. In that case, add all the necessary alerts for the month.


3) Update your data and make the Positive Registration

To improve your credit score, update your data on credit protection agencies. The more up-to-date the information provided, such as address, telephone and referrals (bank, card administrator, among others), the greater the possibility of increasing the credit score.

You can also avail to perform your Positive Registration, which functions as a financial curriculum. The Positive Registry records information about its financial attitudes, such as payment of bills, financing and loans.

With this, your financial history can be consulted by companies and you can get credit more easily if you are a good payer, of course.


4) Turn multiple debts into one

After renegotiating debts, starting to pay installments and having your name cleared, you can turn multiple debts into one.

Good alternative is to choose a personal loan with installments that fit in your pocket and anticipate the repayment of your debts.

In addition to lowering your total debt and paying less interest, you will not have to worry about paying multiple bills in the month.

With the maturity on a single date, it is simpler if you schedule for the payment and also reduce the possibility of forgetting. It is a smart move that can increase your credit score in no time.

Now that you already know the amount you need for personal loan, keep in mind how much you can afford, according to your income and total expenses.

Do not forget that the portion of the personal loan can not jeopardize the payment of essential expenses such as electricity bill and water. Only then will you be able to keep your accounts up to date without fuss and help increase your credit score. Good right?


Credit score: what are the main myths?

Credit score: what are the main myths?

CPF on the invoice increases the score. MYTH
The higher the income, the higher the score. MYTH
Checking the score decreases your score. MYTH


How do I apply for my personal loan?

The largest online credit mall, you increase your chances of getting your personal loan.

Without leaving home and with total security, you have access to various loan options, according to your profile. You do not have to waste time to look for the best loan in various banks and financial.

Credit Lender has several partners who evaluate your loan application at the same time, and in a few minutes, you can already know what loan options are available to you.


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 .

know more

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.

Denominated credit – a loan in a currency other than the currency of the country

Denominated credit – is a currency loan, granted in a currency other than the currency of the country in which it was obtained. Its repayment also takes place in the currency in which it was granted, and not in the currency of the state of which the borrower is resident. Under a denominated loan, its amount is converted into foreign currency upon preparation of a loan agreement based on the exchange rate applicable on that day in a given bank.

Characteristic for denominated loans is the fact that the borrower knows exactly the amount of his foreign currency debt, but does not know its amount in the currency of the country in which the loan was obtained. As a result, the borrower does not know what amount will be transferred to his account by the bank.

Currently in Poland almost no way to get a loan in a different currency than a zloty.


Interest formula

The interest rate on a mortgage in a foreign currency is based on the interest rate in foreign currency and not on interest rates based on the national currency rate of the given borrower. Therefore, a loan in foreign currency should be considered only if the interest rate is much lower there than the borrower can obtain from the liability contracted in its national currency.

Credit denominated and risk

Credit denominated and risk

A denominated loan is associated with a higher risk of increasing the value of debt than in the case of loans taken in the currency of the country in which it is obtained. This means that as a result of unfavorable movements in the currency markets, the amount to be paid increases significantly in relation to the amount originally borrowed by the borrower.

When taking out a loan denominated, attention should be paid to the issue of cyclical changes in exchange rates. Changes in the value of the national currency in relation to the currency in which the loan was obtained lead to exchange differences in the total loan amount. Depending on changes in the exchange rate of the loan currency to the national currency, the loan amount may decrease or increase. In the first case, this leads to capital savings for the borrower, and in the second it leads to capital loss.

Currency transformation

Currency transformation

If the loan value is large, it is possible to reduce or reduce the risk associated with currency exposure by hedging it. The borrower may authorize the management of the loan on his behalf (through a limited power of attorney), in which the intermediary will exchange the borrower’s debt incurred in a foreign currency at the time of its change in relation to the base currency. Effective action then transfers the debt of the borrower to the currency whose value decreases in relation to the base currency. The loan can then be converted back to the base currency (or other depreciating currency) at a better exchange rate, thereby reducing the loan value. Another advantage of this action is the free choice of a currency with a lower interest rate than the base currency, which means that the borrower can thus obtain significant interest savings.

Indexed credit

The opposite of the denominated loan is an indexed loan. It consists in the fact that the borrower knows exactly the amount of the loan expressed in dollar, which is converted into a foreign currency at the time of loan disbursement. If in the period between the conclusion of the loan agreement and its payment, the zloty appreciates in relation to the credit currency, then the debt in the foreign currency will increase.

Loan Due: How to pay, Where to pay and how to calculate the interest

There are many reasons that can make us face a deadlock in hand and the most common are forgetfulness and lack of money.

If you are facing this situation of having a ticket expired and do not know what to do, see this complete content we prepared for you!

New rules have been applied in Brazil regarding tickets. Did you know that you can now pay a ticket even if it is expired?

The new rules also make the whole ticket system safer, which brings benefits and safety to those who pay and who gets paid!

In this content we explain how to calculate the interest you will have to pay, places for you to pay and even how to update a ticket to make it payable in financial institutions, in internet banking and in places authorized to receive payments, such as lottery houses .

Is your budget tight? Credit Advisor has more than 30 partners who can help you with a personal online. It’s all online and safe, no bureaucracy!

What is interest on a past due ticket?

What is interest on a past due ticket?

Known as late payment interest, interest on the late payment of the ticket is a penalty that the customer suffers from failing to make this payment within the due date.

In addition to interest, there is also the fine that the customer can pay for having met the payment.

The fine not stipulated in a contract may correspond up to 2% of the value of the ticket and the interest must be a maximum of 1% of the amount per month.  

If foreseen in contract, the fine has a limit of being up to 10% of the value of the ticket.

The interest amount is calculated according to the days that have elapsed from the expiration date to the date that the customer will withdraw the ticket.  

The fine is only charged once. Want to learn how to calculate the interest amount on your overdue ticket? That’s the subject of the next topic!

How to calculate interest on a past due ticket?

The rules on how to calculate the interest and the fine of a ticket expired are defined by the Code of Consumer Protection.

The percentage of the fine is always related to the contracted price and can not exceed 2% of the value of the account, when there is no contract predicted otherwise.

Let’s take an example?

If your overdue ticket has the value of 600 reais, here’s how to calculate the fine:

R $ 600 x 2% = R $ 12.00

No matter how many days pass after the expiration of the account, the amount of the fine will always be $ 12, that is, the final value, without interest will be $ 612.00.

Now, let’s learn how to calculate interest on this same account. Interest is related to the number of days you took to pay the bill after the due date. The percentage limit stipulated by the Consumer Defense Code is 1% of the total value of the account per month.

That is:

30 days = 1% interest. The division to find the daily rate is to divide 1 by 30, which results in 0.033%

1/30 = 0.033%

This is the percentage of interest you will be paying daily according to the ticket amount. So if we follow the same previous ticket and suppose that you stopped paying the ticket for 7 days, we will have the following equation:

0.033% * 7 = 0.231%

R $ 600 * 0.231% = R $ 1.38

Total amount of the ticket with interest = R $ 601.38

Total amount of the ticket with interest and fine (R $ 12) = R $ 613.38

New rules on overdue tickets – new system

New rules on overdue tickets - new system

To better understand the new changes when it comes to ticket, see some key points of the simple changes to your understanding.

  • The issuance of unregistered tickets will no longer be allowed. That is, they must be approved in a banking institution and information on the beneficiary and the payer must be informed, as well as information on possible charges in case of late payment.
  • This change leads to fewer frauds in this system and is aimed at ending the fake tickets that many people end up paying and then find out they fell into a coup.
  • The new system does not allow duplicate payment of the same ticket.
  • It will not be necessary to issue the 2nd ticket route, only to make an update where the interest and fines are calculated by the system according to the registration data of the document. This update can be done online at the website of the bank that is responsible for issuing the ticket.
  • Payment after expiration is allowed at any location that is authorized to receive payment . This location can be physical, over the internet or by mobile applications .
  • The proof of payment will now offer you all the information of the ticket such as interest, fine or discounts. In addition, you can also access the information of the payee and the payer, ensuring more security.

Can I pay a missed ticket online?

Can I pay a missed ticket online?

Yes, with the new rule, any tickets overdue and updated on the bank’s system can be paid in the online format of any bank.  

If you do not know how to update your ticket, see below, the step by step we prepare for you to carry out this update in the main banks of the country.

The overdue ticket can be paid in the lottery?

The overdue ticket can be paid in the lottery?

Yes, the overdue ticket can be paid in the lottery as long as it has been updated through the banking systems of each bank.

See the issuing bank of your ticket and enter the ticket upgrade system to update with the new due date and the new amount already calculated with interest and fine.

Can I pay a due date at the ATM?

Can I pay a due date at the ATM?

Yes, the updated ticket can be paid at the bank of the bank where you are an account holder. For your convenience, you can also pay for the internet.

Remember, though, that you update this ticket before you make the payment because you will probably have to pay a fine and interest as a penalty for the late payment. Overdue and non-upgraded tickets can not be paid for anywhere.

What is the CIRT Code?

What is the CIRT Code?

Code Receipt Identifier, the CIRT, was used when tickets had no records.

However, by the new rule this type of ticket is no longer allowed and the payer must always contact the beneficiary to request the registration of the ticket.

How to update a bank slip due?

The new system is making life much easier for users! You can now login to each bank’s online systems to update your expired ticket. It’s a facility that Brazilians have been waiting for long, have not they?

There are some boleto fields that banks ask to do the update procedure. For you to be inside each die, let’s briefly explain what they are.

  • Sacado : is who is paying the ticket. Now as the tickets are registered, you will always have the personal data like CPF and CNPJ from whom you are buying.
  • Assignor : is the one who issues this charge. Usually it is an intermediary, so it is the name of the intermediary company that will be there as receiver of this payment. Banks are one of the most used intermediaries in Brazil, so do not worry if the assignor is a bank.
  • Debtor or guarantor : data such as name and CPF / CNPJ of who will receive the payment of this ticket. Always check to see if the data matches what you are paying for.
  • Assignor Code: is a number between 6 and 12 numbers and is also known as Code Beneficiary.
  • Ticket amount : It is the monetary amount that you must pay to pay for this ticket, it is how much the product or service you are buying costs.
  • Expiration Date : It is the deadline for the payer to make this payment without paying a fine or interest and without having to update the ticket. If the payer lets this deadline expire, he must update the ticket to make the payment with the interest and fine, which is the penalty for late payment. To update the ticket, see our step by step we made for you below.
  • Fine and Interest: The fine and interest are applied in case the payer does not comply with the payment within the due date of the ticket. The fine is charged up to 2% of the ticket amount and interest may not exceed 1% of the amount per month. Interest is proportional to the number of days of delay of the ticket. We teach in the above topics how you can calculate the interest and the fine to get a sense of how much you will pay the most.
  • Our number : is the ticket registration number. The “our number” will never be repeated in two tickets and this number is in the digitable line.
  • Line Digit : is the number that is along with the bar code. This field consists of 48 numbers and has 5 divisions, in which the first 3 digits are the bank identification code, the next 25 digits are free fields for entering the bank itself and some of these digits are verification. The last 14 numbers of the digitable line represent the ticket’s value and its expiration date.

Now that you know all about the tickets, see how to update your past due ticket depending on the seat in which it was issued. See below, step by step in the main Brazilian banks.