Check if your loan gives you the best conditions

Applying for a loan can be a long-term commitment, so you should check if your credit gives you the best conditions.

Acquiring a credit commitment is not a decision that you should take lightly, and you might stain your credit history with a bad note, which would result in the rejection of applications in the future because the institutions will no longer trust you.

Today we will compare the payroll loans offered by financial institutions with Windy loans.

Today we will compare the payroll loans offered by financial institutions with Speedy loans.

Payroll credits are guaranteed, as the name says, in the employee’s salary. They are very much offered by the banks, they can dial you by phone to buy it or offer it on the ATM screen when you are withdrawing cash or checking your balance.

The amount of the credit that they give you will depend on your seniority in your work and your salary, and the payments can be adjusted to the periodicity with which you are paid in your employment, it can be weekly, biweekly or monthly.

Before accepting this and any other type of credit

Before accepting this and any other type of credit

It is very important that you review each of the concepts that you will have to pay for the service.

That is why, with information from the National Commission for the Protection and Defense of Financial Service Users (ABC), the following comparative chart was made so that you can know some differences between the payroll loans offered by banks and those that They offer Windy loan.

Loan Characteristics

Payroll credit in banks

Windy Loan

Minimum credit amount

From a thousand pesos to 11 months of salary, depending on the bank.

From 10 thousand pesos

Term up

60 months

36 months

Rate (%)

From 22 to 49 percent.

From 8.9 to 28.9 percent.

Charge for opening

Up to 2.25% of the requested credit.

Depending on the amount requested.

Keep in mind that in the payroll credits the automatic collection is made every time your company pays you, so you must be very careful with your expenses so that you do not run out of money.

Finally, the ABC establishes that before the great variety of credits that the institutions offer, you must take into account the following recommendations:

  1. Consider if you really need the credit.

  2. Make accounts again and check if it reaches you. You should know well the amount of money you need and how long you consider it to pay.

  3. Analyze your needs well. Check the costs and services offered taking into account interest rates, insurance, etc.

  4. Find out about different institutions. Choose the institution that offers you what you want.

  5. Look closely at the service they offer, the interest rates and the CAT they handle.

  6. Do not hire something you do not require. They can offer you extra services that you don’t need, avoid unnecessary future payments.

  7. Pay as fast as you can. Once the loan is acquired, end your debt as soon as possible, because if you do not pay on time, you will pay more for the interest.

  8. Check if there are abusive clauses in adhesion contracts. Pay close attention to the terms and conditions, while reading the small letters.

Being a credit subject is not easy

credit score

So you should check the commitment you are acquiring, if you do not verify the conditions you are accepting when signing a contract, you could have several surprises and settle your account will become an impossible mission.

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