The law authorizing the loan by the Brazil Aid was sanctioned on the 3rd of August. Thus, from now on, beneficiaries can commit up to 40% of the amount received with the payroll loan installments.
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The credit limit available to each beneficiary depends on the bank or financial institution to which the application will be made. The only requirement is that the installment does not exceed R$ 160, which consists of 40% of the monthly R$ 400 received by families.
Recently, the aid rose to R$ 600, but it is a temporary increase, which is expected to end in December. After this period, the value returns to R$ 400, and therefore the commitment percentage is made on top of this value.
The law still needs to be regulated so that banks can offer payroll-deductible credit to beneficiaries. But something that has already been announced is that banks will have to deliver an official document to customers, showing how much aid will be left after the credit is withdrawn. In addition, information such as the interest rate, the duration of the installments and the final payment cost must be very clear to whoever is applying for the credit.
With this opportunity, beneficiaries should be aware of interest rates, which despite being more accessible in the payroll modality, are still quite high. A good search among banks is the best way to avoid falling into debt.
Another tip is to use this loan amount wisely, avoiding taking it if there is no real need. That's because a debt can compromise income and family support, so it's better to think carefully before requesting it.
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