Those who have a payroll loan can transfer this loan to another financial institution that has better rates or conditions for debt repayment. This is called credit portability, a benefit offered by our financial system. But how can this transfer be done? This is what we will clarify so that there is no doubt about it.
How to do consigned portability?
It is no use changing the financial institution where you have your payroll if the conditions or fees of the new institution are no longer advantageous. To do this, you need to take the Total Cost Effective (CET) of your current loan and compare it with the CET of the payroll to which you want to transfer your loan.
If the CET of the other financial institution is lower than the CET of the institution where you are with your current loan, it is worth the change.
If the CET is the same, it is good to analyze other conditions, such as a longer term for payment, smaller installments, attendance of the financial institution, etc.
If the CET is higher, it is not worth the trade.
After this analysis with more than one financial institution and negotiated with each one of them, gather the following documents
- Proof of address
- INSS salary / benefit statement
Disbursement slip: obtained at the institution where you have the current loan. Take the ticket to the institution where you want to do the portability.
This last document is basically the document that will cause the new institution to remove your previous debt and you take on new debt with better terms. The installments will continue to be discounted from your payments normally, just as they were on the previous loan.
The portability of debts between banks can be done in which institutions?
Any financial institution that offers payday loan can be used to make the loan portability. What we recommend is that you do a lot of research on the various institutions, both online and online, to compare the CET interest rates of each of them. So you can get a better start in your search so you can easily find the best loans.
With the portability of credit, you can change the institution with which you have your paycheck loan and get better terms.
Can payday loan banking portability be for any type?
To make payable loan portability, the institution to which you want to transfer your funds needs to offer a payroll loan of the same type as yours. For example, if the institution has loans assigned by INSS, public servant or armed forces, it is necessary to verify in advance if the institution can offer this type of loan, that is, if it already has agreements signed with the institutions.
Is it worth making consigned portability?
If you find a smaller CET for a payroll loan, it is well worth doing the portability of the payroll. You will have a cheaper loan paying less interest.
If you find a CET that is the same, the portability of the payroll loan is only worth it if other conditions are better, such as a better payment term, smaller installments, etc.
If the CET is higher, it is not worth doing the payload portability.
We hope we have answered your questions regarding payphone portability. But if you still have any question, leave it in the comments below.