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The Worker Credit Has Already Generated R$ 79 Billion Since March, Driven by the New Private Payroll Loan That Promises Lower Interest Rates, But Faces Resistance from Major Banks and Concerns from the Central Bank Regarding Family Debt Risk.
According to the portal Jornal de Brasília, the Worker Credit has become one of the government’s main economic strategies to expand the population’s access to loans with lower interest rates and stimulate consumption. The new modality, which allows payroll loans in private companies, generated R$ 45 billion in new operations by September and could inject another R$ 20 billion into the economy by the end of the year.
Adding renegotiations and migrated contracts, the total reaches R$ 79 billion, according to data from the Ministry of Finance. The volume surprises even government members, but implementation still faces operational flaws, resistance from major banks, and concerns from economists regarding the risk of increased family debt.
From Launch to Initial Barriers
The new payroll loan began operations on March 21, 2025, with a promise to be a turning point in private credit.
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In the first months, the program faced registration and delinquency issues, especially in small companies with precarious bookkeeping structures.
According to the Secretary of Economic Reforms, Marcos Pinto, the obstacles are already being corrected.
Despite the challenges, the pace of approvals has increased. In September, institutions released an average of R$ 307.7 million per business day.
If this speed is maintained, the total could exceed R$ 19.7 billion additional by December, consolidating the program as a parallel credit engine to the traditional system.
Interest Rates Falling, But Still Above Old Payroll Loans
The average interest rate charged on operations dropped from 3.69% per month in April to 2.91% in September, signaling increased competition among institutions.
Nevertheless, the cost is still higher than traditional payroll loans. The difference is explained by the borrower profile, typically workers with lower income and more unstable employment ties, according to a study by the Central Bank.
For the government, this adjustment phase is expected.
The argument is that the Worker Credit allows access to groups that previously only obtained personal loans at average interest rates of 11% per month, and that competition should gradually reduce rates within the modality itself.
The Resistance of Major Banks
The expansion of the platform has encountered a powerful barrier: the reluctance of major banks.
The system requires all institutions to transfer old contracts to the new platform by October 20, creating a risk of customer loss to competitors offering lower interest rates.
Among the five largest banks in the country, Bradesco and Caixa Econômica Federal are the ones that have delayed migration the most.
Bradesco claims to be following the schedule, but without disclosing numbers. Caixa acknowledges technical difficulties and promises to complete the process “by mid-October.”
Meanwhile, Santander claims to have migrated nearly 100% of contracts, while Itaú and Banco do Brasil assure they will meet the deadline.
According to analysts, the resistance is not just operational. Major banks see the new model as a threat to customer loyalty and predictability of their credit portfolios, as portability becomes simpler and more transparent.
The Other Side: Risk of Indebtedness and Inflationary Effect
The Central Bank closely monitors the progress of the program. In a recent report, the agency highlighted that the increase in credit has not been accompanied by an equivalent reduction in old debts.
This indicates that some borrowers are accumulating new financing instead of just replacing more expensive debts.
The BC’s warning is that, even with lower interest rates, the Worker Credit could increase family indebtedness, especially among lower-income workers.
Furthermore, the stimulus to consumption occurs at a time when the country is still trying to consolidate inflation control, which could create pressure on monetary policy and delay future cuts in the Selic rate.
Experts Urge Caution
For Lauro Gonzalez, coordinator of the Center for Microfinance Studies at FGV, the program has merit in expanding access but requires constant monitoring.
“There is a risk that cheaper credit ends up being used for current expenses and not for reorganizing debts,” he says.
According to him, the promise of R$ 100 billion in credit by the end of the year is ambitious, but still depends on technological consolidation and banking adherence.
Economists see the credit policy as a high-impact social and electoral bet, but also a potential source of macroeconomic imbalance if there’s no control over delinquency and overlapping loans.
A Political Showcase with Real Risks
The Worker Credit is treated by the government as one of the pillars of the economic agenda, focused on increasing purchasing power and improving public perception of the cost of credit.
The initiative symbolizes an advance in financial inclusion, but also places the banking system under tension by forcing it to make room for new competitors.
While the government celebrates the numbers and tries to consolidate the model, the financial sector asks for time to adapt systems and calibrate risks.
Between the promise of accessible credit and the threat of indebtedness, the challenge now is to transform volume into sustainability.
The progress of the Worker Credit shows that the private payroll loan policy is here to stay, but it still seeks balance between expansion, regulation, and financial prudence.
The government bets on inclusion and popularity, while the market warns of risks of delinquency and distortions in the economy.
And you, do you think the Worker Credit is a real opportunity for financial relief or just a new risk of indebtedness for Brazilians? Should the government prioritize credit expansion or focus on controlling family debt? Share your opinion in the comments we want to hear from those who live this in practice.
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