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More than 4.5 million requests have already been made since the launch of the new loan for registered workers. The government expects to move R$ 100 billion in just 3 months, but the measure raises alerts about risks to the FGTS balance and an increase in inflation.
Since March 2025, registered workers can request a new type of payroll loan using their FGTS balance as collateral. The novelty has already shaken up the market and generated a rush for loans; by the end of March, more than 4.5 million people had made requests, according to data from the Ministry of Labor.
The government’s expectation is that this new line of credit will inject up to R$ 100 billion into the economy in just three months. However, behind the promising numbers, there is a real concern: the risk of indebtedness and the depletion of the worker’s guarantee fund.
How The New Loan With FGTS Guarantee Works
The loan is available to any private sector worker who has an employment relationship under CLT and available funds in the FGTS. Through the Digital Work Card app, citizens can simulate the loan conditions and choose a financial institution to contract.
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The amount borrowed can use up to 10% of the total FGTS balance or up to 100% of the termination fine as collateral. This means that if the worker does not pay the installments, the bank may deduct directly from the FGTS, without the need for legal action.
The interest rates for this type of loan vary but are promised to be lower than regular personal credit, reaching an average of 2% per month, according to estimates from the government itself.
Rush For Loans Concerns Economists
Although the volume of requests is seen as a sign of acceptance of the proposal, experts are concerned about the reckless use of credit. The main criticism is that instead of using the money to invest or start a business, many workers are taking the loan to pay other debts, which can create a snowball effect.
According to economist Alexandre Schwartsman, former director of the Central Bank, “the measure gives a false sense of immediate relief but compromises the worker’s financial future by consuming an essential reserve for emergencies.”
Another risk is transforming the FGTS into an “official guarantor of debts.” If the worker is dismissed or needs the balance for an emergency, such as illness or buying a home, they may find their account depleted or insufficient.
Direct Impact on Inflation and Credit
The measure may also put pressure on inflation. With more money circulating, there is a tendency for increased demand for products and services. The latest Focus Bulletin, released by the Central Bank at the end of March, showed that the market already expects inflation of 5.65% in 2025, nearly double the official target of 3%.
There are concerns about the stability of the credit system in the country. With the use of the FGTS as a “guarantor” on a large scale, the risk of compromising a fund that, by law, has social purposes and protects the worker increases.
Who Benefits From The Measure, And Who Loses
In theory, everyone benefits: the worker has quick access to money, banks profit from the increased loan portfolio, and the government injects resources into the economy at a time of low activity.
But in practice, the greatest risk falls on the worker themselves. Unlike public servants or retirees, who have guarantees of stable income, those under the CLT regime can be dismissed at any time. If this happens, the FGTS used as collateral will be taken to settle the debt.
The National Confederation of Trade Workers (CNTC) has already released a statement calling for increased oversight and awareness campaigns. According to the entity, it is necessary to clearly explain that this new modality is not “extra money” but an advance on what the worker is already entitled to in the future.
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