Payroll credit or personal credit, which one is more convenient?
Payroll credit and personal credit are very similar, but there are some points that differentiate them, know which one suits you best according to the use you intend to give it.
According to the National Commission for Protection and Defense of Users of Financial Services (Condusef), payroll and personal loans have increased significantly since 2011.
While in 2011, the credit card represented 50% of the total consumer credit portfolio, the payroll accounts for 17% and the personal 14%; In 2015 the trend changed to 42% credit card, 24% payroll and 19% personal. That is to say, payroll and personal financing already exceed those of credit card.
If you have a payroll account
You can go to a financial institution and request your payroll credit, since it is the most popular and easy to obtain because they already have your data and your account number, and so they can collect the credit of your salary automatically and without risk. Thanks to this, you don’t need collateral or guarantees, and it doesn’t matter if you don’t have a credit history. They can lend you from 3,000 to 200,000 pesos, according to the salary you receive from direct lender.
Another advantage of payroll credit is that you receive the money almost immediately after you requested it, in addition to it being easy to meet on time as it is automatically deducted from your biweekly or monthly salary. However, the important point here is that you will not be able to dispose of the amount established as monthly credit payment, so you must calculate the impact on your finances.
You should also check something that is fundamental, and that your institution is serious, and that it is within the formal financial system.
Personal credit is very similar to payroll
It’s because the institution gives you the resources to use them in whatever you want. The difference is that in personal credit the payment is not made automatically from your payroll account and you need to go monthly to pay a monthly payment to the bank or to an ATM.
If you do not have a payroll account, you will necessarily have to go to a financial institution where you have an account and request a personal credit. This, unlike the payroll, is evaluated under specific conditions of the person requesting it, so the interest rates are not the same for everyone. It is more complicated to acquire compared to the payroll, since the financial institution must prove solvency in the client.
The bank studies your ability to pay
Your history in the Credit Bureau and your socioeconomic status. For a personal credit, the guarantee appears in the form of a guarantee, collateral and / or promissory note.
You can get either one of the banks and the Popular Financial Societies (Sofipos) and Multiple Object Financial Societies (Sofomes). According to data from Condusef, these sometimes offer lower interest rates than banks.
In Meer Grant you have a serious ally and that is within the formal financial system, if you have any questions, you can approach our advisors or any of our branches to be able to attend you in a personalized way.