One of the most common doubts that comes up when it comes to hiring a payday loan is about the Payable Margin.
Here we will clarify what the assignable margin is and why it helps you to plan your financial budget and avoid borrowing when you hire credit.
What is assignable margin
Margin Consignable is the maximum amount of income of a worker, retiree, pensioner or public servant who may be engaged in a payroll loan, in which the value of the loan is deducted directly from the payroll, paycheck or TSS benefit account.
Law 10,820, dated 12/17/2003, regulates the granting of payroll loans and establishes the ceiling value so that there is a concession limit, so that the borrower, even when borrowing, can keep resources for their basic expenses and take more assertive and secure decisions about your finances.
How to calculate the free margin for a loan?
Even if there is no need to report on the bank’s loanable margin, it is necessary to understand its operation and how this will affect the contracting of the loan. See this example of how to calculate the free consignable margin
Assuming that the client earns an average of R $ 1,000.00 per month and goes to pay a paycheck credit, he can commit up to 30% of the monthly income of his benefit or salary, since, according to the law, it is not possible to use more than this percentage for loan installment value. Thus, your margin will be $ 300.00.
But, if there is already a loan, can the beneficiary release a new loan? It depends on how much of the assignable margin is being used.
Tips for Not Borrowing with the Payroll Loan
- Before hiring payroll loans, make a financial planning and check what your ability to pay;
- Read the credit agreement carefully and clarify any doubts about it to avoid worries or losses.