Electricity bill loan: how does it work?
Have you heard about the loan on your electricity bill? More and more financial institutions are offering different types of credit lines to reach more people and meet different needs.
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The loan on the electricity bill is one of these formats.
It's an interesting option for those who need quick money, but have a CPF negative, or for any other reason cannot access personal credit easily.
In fact, it is interesting to note that today 50% of the country's population has a negative CPF, so a good portion of people can have access to this credit.
And in this post, we want to explain step by step how this works, so you can analyze whether it's worth it.
In this post, you will read:
- What is the loan on the electricity bill?
- How does the loan on the electricity bill work?
- What are the requirements for taking out a loan on your electricity bill?
- Is it worth taking out a loan on your electricity bill?
What is the loan on the electricity bill?
An electricity bill loan is a type of credit in which you request a line of credit, and it is debited from your energy bill.
This option has been available since 2019. And it works like this: the value of your loan installment is added to the value of your electricity bill, and when you pay the bill, you're already paying for both.
In other words, if your energy bill usually costs R$ 80.00, and your loan installment is R$ 200.00, you will end up paying R$ 280.00.
In this line of credit, the installment is limited to up to twice the average amount you pay for energy per month.
This makes a difference so you don't have to worry about your bills, and it's also good for banks, as it significantly reduces the default rate.
How does the loan on the electricity bill work?
Because it is a line of credit with special conditions – the fact that the installment is discounted from the electricity bill, for example – this loan is a more attractive option for those who have limitations in obtaining money from banks, and for low-income individuals.
The first point is that the applicant must have a bank account, since the money cannot be deposited anywhere other than in the account holder's account.
Each company that offers this type of loan sets a maximum amount limit for requests.
And since the loan is linked to your electricity bill, if you have outstanding bills, the credit will not be released.
The amount offered may vary between R$ 500.00 and R$ 2,500.00 depending on the bank and the credit analysis carried out previously.
An important detail, too, is that this type of credit is not currently available in all Brazilian states.
Only for Sao Paulo, Rio de Janeiro, Ceara, Goiás or Rio Grande do Sul.
What are the requirements for taking out a loan on your electricity bill?
In addition to observing the regional factor that we mentioned in the topic above, to apply for this credit you must also be over 21 and under 79 years old, in addition to having your energy consumption bills up to date.
Then, you need to choose a bank that offers this service: search for banks that offer loans on your electricity bill.
Once you have chosen, the documentation you need to have separate is the following:
- ID
- CPF
- Bank receipt
- Proof of residence
And don't worry: the process is 100% online, you don't have to worry about going anywhere.
After submitting all this documentation – or any other documentation requested by the chosen bank, you may receive a response within 24 hours.
Although the bank checks the information in the SPC and Serasa, if you have a negative rating, you can still get a loan.
However, if you already have a loan of this type, you can only apply for another one if you have already paid off the first one.
An important point to identify which banks offer this service is to check which of them are partners of CPFL, Cenesc, or ENEL, companies that supply energy to your home.
Is it worth taking out a loan on your electricity bill?
And after knowing all this, the question that remains is: is it worth taking out a loan on your electricity bill?
To get clearer answers to this question, you need to analyze the interest that will be charged and your financial situation, asking yourself: "Will I be able to pay this additional debt?"
Because it is a modality aimed at people with low incomes, the interest rates are usually more attractive than those offered on personal loans or special checks, for example.
Even so, if the installment amounts make a big difference to your monthly income, it's worth researching other ways to resolve this issue that needs to be resolved urgently.
If it's going to be a tight spot for you, a loan isn't the best solution!
And remember: for a long time, your energy bill will be much higher than what you usually pay. So, it's worth considering every detail when making this analysis.
It's up to you to decide whether it's worth it or not.
Conclusion
This format is interesting for those who have a negative credit rating and need a quick solution to their needs.
Here on the blog, we have other loan options that can also help you solve your current problem quickly.
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