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What they had not told you about payroll loans



It is possible to contract a credit from an ATM.

It is possible to contract a credit from an ATM.

Yes, sometimes an advertisement appears on the cashiers screen, it indicates that you have pre-authorized a credit and it is enough that you press the option if it interests me so that the money is credited to your account (in no more than 72 hours). This is covered in Article 52 of the Law on Credit Institutions1.

If you want to hire a payroll loan, the recommendation is

Do not do it by this means, but go to the branch so that you can be informed in detail about the conditions of the credit (term, interest rate, commissions) and request the contract.

Reality

Reality

I can only buy it with the bank where they deposit my payroll.

Banks offer these loans to their clients (who receive their salary in a payroll account of that bank). But now there is a resource to be able to acquire it with the institution you want: portability of payroll, which is the right you have to ask the bank to receive your salary or other work benefits, transfer them to the bank of your choice.

If after comparing different payroll credits, you find one that offers better conditions, you can change and make your request. Take into account that to contract a loan some institutions ask you for some seniority with them (usually from two to six months).

Myth

Myth

They are cheaper than other types of credits, including plastic.

If we compare the average Annual Cost2 (CAT) of the payroll loans offered in the market (34.3%), with the average CAT of personal loans (40.6%) and that of credit cards (53.9%) 3, we can say that they are generally cheaper, and it makes sense because they are loans that take your salary as a backup. However, you could find in the market some personal credit or credit card that offers better conditions, the key is to compare!

One recommendation: before acquiring a financial commitment make sure you can meet the payments without risk of your finances being affected.

It depends

It depends

1 Credit institutions may agree to hold their operations and provide services to the public through the use of equipment, electronic, optical or any other technology, automated data processing systems and telecommunications networks, whether private or public.

2 Indicator that integrates in a single figure, expressed as a percentage, the interest rate, commissions and some other costs inherent to the credit (such as insurance included).

3 Own calculations for information purposes only, under the following assumptions:

• For personal and payroll loans, a line of credit of $ 50,000, a monthly payment frequency and a repayment term of 12 months were considered.

• For the credit card, lines of credit with the intervals of the last Multiple Banking report of the CNBV were used, an annual fee of $ 250 and a minimum payment percentage of 8%.

The Banxico CAT Calculator and the average interest rates published by the CNBV of the analyzed products were used.