Those who apply for consigned credit usually have an urgent need to receive loan money. Waiting in this case can generate a lot of anxiety besides worry. For this reason, knowing about how credit approval is carried out and its term is so important.
So how do you know if the payroll loan has even been approved?
The delay in approving and clearing credit is one of the biggest complaints of a lender.
Is it possible to have the credit approved and released the same day? How is the analysis done? How long will the money be in the account? Have these and other questions answered, starting with what is a credit approval.
What is credit approval?
Credit approval, as its name suggests, is the bank’s confirmation of the financial transaction, as per the amounts requested or allowed.
Unlike other modalities, in the case of payroll-deductible loans, all new hiring is subject to the availability of the assignable margin and to the framework in the Credit Policy of each bank.
Find out how it works in practice to get your loan approved.
How Does Approved Credit Approval Work?
With the cheapest and term interest rates that can reach 72 months for INSS Retirees and Pensioners and 96 months for Public Servants, payroll loans also tend to be approved faster.
The beginning of the process, which can now be carried out 100% online , occurs with the credit simulation.
After sending the basic personal and financial documentation to prove the information, with available assignable margin, the banks perform the credit analysis to verify the approval of the limit of the operation.
The person concerned may not commit more than 35% of his budget to this type of expenditure. Therefore, the payroll loan is subject to free margin availability .
Of the amount allowed, 5% is for exclusive expenses with payroll deductible credit cards and the remaining 30% can be used to pay one or more installments of the current contracts.
If a federal public servant – SIAPE, has monthly net income of $ 5,000, can commit up to $ 1,500 with the loan installments, for example. This value can refer to one or more contracts.
Thus, as long as the interested party has available free margin, it is possible to acquire a new payroll loan.
The credit approval must be formalized by the bank, guaranteeing all the minimum contract conditions such as: amount of credit released, number of installments (payment term), monthly installment value, interest rate and Total Effective Cost .
No advance fee for credit approval is allowed . This amount is already included in the CET and should not be charged separately or in advance. Should this occur, the practice must be denounced in the Ombudsman’s Office of the Central Bank .
In case of disapproval, the bank must also inform the reasons.
The documents required for credit analysis and approval are:
- Personal identification document (GR and CPF);
- Proof of address;
- Proof of income (paycheck, pay stub or extract of INSS benefit);
Even if you have a restriction or are negative, you can hire a new payroll loan. This, provided that, has available assignable margin.
Is it possible to have credit approval even with restriction?
So, answer is yes. In the case of consigned loan, it is possible to have approval even with restriction . For its analysis or release no consultation is made to the SPC or SERASA.
As retirement, pension or fixed income are guarantees of payment of installments of the loan, since they are automatically deducted every month from the INSS benefit or paycheck , banks do not consider the historical debtor.
One of the points analyzed, therefore, is the ability to afford a new financial commitment. Thus, in this type of analysis, the credit score or positive register is also not considered.
One of the cases in which the credit can be denied is when the interested party has some internal restriction on a particular bank.
However, even though it is not possible to hire in one institution, it is possible to carry out the loan in another. And that, regardless of whether or not you are an accountant of that institution.
In view of this situation, it is necessary that the company or paying agency has an agreement with the bank of interest and that it is authorized by the Social Security, to offer credit for Retirees and Pensioners .
How long does it take to release the Payroll Loan?
How do I know if my paycheck was registered?
The release of money depends on the credit approval. Thus, after the simulation, delivery of the necessary documentation and credit analysis, if the answer is positive, the consigned loan agreement will be elaborated.
The following steps are: signing and registering the contract and releasing the money in the account.
As today’s credit simulations can be performed online and on digital platforms such as bxblue, the payday loan approval period is faster. Even the answer may even be immediate.
The requested amount can be released and credited to the account between 48 to 72 hours . This period varies according to the rules of each bank. The good news is that in Banco do Brasil, for example, the payroll loan can be hired in 3 minutes .
Main reasons for not having the credit approved
Credit disapproval can occur for several reasons. But the main ones are related to the non-compliance with the minimum criteria such as: to have available assignable margins, to be in the age range allowed, to belong to the categories eligible for the payroll.
Here are the top reasons not to have your payday loan approved:
- Margin assignable committed (not available or negative)
- Incorrect or outdated data;
- Internal restriction on the bank of interest;
- Failure to enter into contract.
Therefore, it is very important to be aware of all the information requested and also check the documents sent. Another tip is to know how payroll credit works , to have no error in any process and to have the answer on approval and the money released with more agility.