A loan to payroll card holders is the right conditions for borrowing money.
Today, few people get paid by hand through accounting. Most enterprises and organizations enter into contracts with banks, open payroll accounts for their own employees and transfer money to them. Cooperation with credit organizations is beneficial for both employers and employees. For example, banks willingly give credit to payroll card holders on liberal terms.
Procedure for applying for a loan to a payroll card holder
If a person wants to take a loan from a bank through which he receives a salary, you just need to submit an application, since the necessary information about your own client and a copy of the papers from the lender are already available. After filing a loan application, the credit institution will make a decision within 2-3 days and notify the prospective borrower of the result.
Some additional papers, the bank will require, if the client has applied for a substantial amount of the loan, the monthly payments for which will exceed 50% of salary. In this case, the client will be forced to submit to the creditor acts on the availability of property for collateral or bring guarantors.
Methods of issuing a loan and the amount of funds issued
As a rule, an additional card is opened to the client, to which the loan amount is transferred or issued according to the option of adding an overdraft to the salary card. Cash loan holders of salary cards are rarely issued.
The client has the right to rely on a loan of up to 10 -15 salaries. To get a larger loan, provides the bank with a pledge or leads a guarantor.
Restrictions for future borrowers
Sometimes, customers encounter problems in obtaining a loan, even if they are paid through this bank. First, a significant part of credit institutions do not issue loans to persons who have not reached the 21st year, without a difference in the presence of sources of income. Secondly, in order to take advantage of the preferential terms of a payroll card holder, they need at least one year of work experience.
Advantages of a loan to credit card holders
Having issued a loan in a personal payroll bank, the client is entitled to receive the following benefits:
- preferential terms. When receiving a salary through a bank, the borrower is entitled to rely on a loan from this bank at a percentage that is 0.5–2% less than with a standard credit line;
- rational repayment. The borrower, if desired, automates the return of the loan and will not need to make a payment every month through the bank’s cash office. Having written an application, a part of the salary will be written off every month to pay off the loan;
- saving time. A loan package does not require a package of papers, the necessary acts are already in the bank;
remote access. Using online banking, the borrower will receive the right to manage a personal salary and credit account, simultaneously through an online office.
- The likelihood of approving a loan application for a payroll card holder is much higher than for other borrowers.
- Holders of payroll cards have the right to rely on credit holidays or loan prolongation.
- If with a consumer loan, the savings amount to 2-3 thousand rubles, while with a mortgage, this amount will reach 40-60 thousand during the crediting period.
It does not matter that the credit to the holders of payroll cards is profitable; nevertheless, the client should not neglect the credit offers of other banks. Loans from other organizations are much more profitable, despite the preferential terms of the payroll bank.