Differences between direct debit and payroll discount

Know what you should know about each of them and choose the one that suits you best.

Requesting credits is the best option when you face economic difficulties, as well as to support you in the realization of your dreams or cover some needs that have an extra cost.

As long as your finances are healthy, a loan is an adequate and versatile alternative for all types of people.

Among the recommendations of rigor in this subject, is the payment of debts in a timely manner.

However, it is also common to find expired payment dates, due to multiple occupations and pending.


Prevent and not regret

Delays in payment of credits or accounts, usually cause more complications, from collection calls to the increase in debt as a result of interest and penalties.

However, although making deposits or manual transfers is convenient in some situations, process automation helps memory failures.

The automation of payments is extremely beneficial because it allows a better personal administration, at the hand of great comfort.

Two of the ways to facilitate credit payments are direct debit and payroll discount: we explain to you to choose the one that best suits you.



It consists of the periodic discount to a registered bank account for it. The amount is agreed to cover the debt and the date is almost always established monthly and is fixed at the time of requesting the loan.

In the bank where you have your money, you will register (authorize) the financial institution that granted you the credit, so you can withdraw your payments.

The only specific condition is to have the balance necessary to cover the payment.

In case of not having the money in the account on any occasion, it is necessary to communicate in advance with the institution that granted the loan to give notice and know what is appropriate or if it is possible to request an extraordinary extension.

It is very important for the bank where the account exists not to register a withdrawal attempt for a non-existent amount, as some penalize their clients for it.


Payroll Discount

Similar to direct debit, only depends on being registered in the payroll of an employer and receive income from work in this way.

For the payroll discount, it is necessary to review with the organization in which the existing agreements are worked, as well as with the financial institutions that give credits, to make the agreement.

The process after applying for a loan is simple: each payroll receipt will include the agreed discount for the payment of the debt. That is, the weekly, biweekly or monthly payment is received, without the proportional part corresponding to the payment.

So there are no problems managing funds because the payment is made at the time of receiving the salary and not after spending expenses with it.

Each person knows what is best for them when managing their personal or family finances. To decide the best way to pay a loan, it will always be valuable to analyze the one that best suits our own needs.