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 .

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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.