Unsecured loan is one of the most sought after modalities by people. However, it is not a format accessible to everyone, as there are a few factors that are analyzed in hiring.
Loans with guarantee
The secured loan is a condition in which you request money from the bank or financial institution by presenting a good as collateral for payment. And, in case of non-payment of the debt, the bank can claim the good provided in contract. Often people pledge land, real estate and vehicles , depending on the transaction value. However, it is important to remember that, in most cases, the goods are required to be cleared and on behalf of the policyholder.
Another type of guarantee accepted in this type of loans are the guarantors . It works when the applicant makes the loan contract on his behalf and another person accepts to pay the debts in case of default.
Although it seems invasive, it is only a way for the banks to guarantee that the debt will be paid, and so do not take a possible loss. Also, this is a better option than the policyholder needing to sell their goods to get the money they need.
The guarantee also causes banks to offer lower interest rates , as default rates will be lower. This is because the borrower will do everything possible so that the payment stays current, and thus, not lose their assets.
The unsecured loan , in short, can be understood as requesting credit and not need to present any asset as collateral in case of non-repayment of debt. However, unsecured personal loans have high interest rates and careful analysis to credit protection agencies.
This is how banks protect themselves in cases of default. That is, by making the amount generated with your interest able to pay the negative balance that the bank would have when any of the loans are not paid.
Consignment without guarantee
The payroll loan is a modality intended for retirees and pensioners and public servants. In this type of loan, no analysis is required to credit protection agencies. Moreover, this modality does not require guarantees for some reasons that we will quote below:
The payment of the installments of the loan is automatically deducted by the paying agent of the borrower’s salary and directed to the bank. Thus, the possibility of the applicant not paying the loan installment is reduced. In addition, the policyholder is free of charge and billing.
The only guarantee of payroll, if we may say so, is the annuity of the borrower. As it is a loan made available to retirees and pensioners and public servants, they are people who have fixed income and benefits without foreclosure . Therefore, banks are not exposed to the risk of non-payment on account of unemployment of the policyholder, for example.
The assignable margin is the maximum percentage of income that can be used to pay the payroll loan. This limit is 30% and is an advantage, as the borrower does not compromise much of his salary / benefit with loans. Thus, even by paying the installments of the loans, the borrower is able to pay his fixed expenses.