This is one of the most frequently asked questions when it comes to payroll loans. And the answer is quite simple: YES. By law 13.313 of 2016, you can use Use FGTS in payroll loan, it will be used as collateral for credit operations up to 10% of the total amount. Or, in the event of unfair dismissal, up to 100% of the FGTS can be used as collateral for the payroll loan.
To learn all about this law that facilitates lending, read the text below and understand how to use your FGTS safely to get a payroll loan.
If you want to know even more details about how payroll loans work, download a complete guide on the subject right now from Credit Sheet!
Using FGTS as a payroll loan as collateral: is it worth it?
The answer to that question is also a resounding yes. It’s because? As installments are discounted directly from the payroll, there is always a risk that the worker will lose his job and will no longer have to pay the debt.
However, when FGTS is behind the financial transaction, backing it, the loan may come out cheaper with lower interest rates. After all, there is a collateral that ensures the repayment of the loan. So it is worth looking for this payroll loan modality.
In the Folha Folha platform, the Human Resources manager has an area to manage credit applications and, when necessary, may deny the employee credit even when the bank approves, especially when he / she is aware that the employee will be dismissed and that with that will be able to afford the loan.
Guaranteed FGTS payroll loan: for whom?
Another good news of this new law is that all those who are beneficiaries of FGTS can use this payroll loan modality. Elderly and disabled people as well as women who are heads of households and low-income families have priority. But in general, any FGTS citizen can get a loan.
The HR industry can produce informational material to distribute among workers, indicating the key features of the FGTS payroll loan as collateral.
Guaranteed FGTS payroll loan: where to get it ?
You can look at the banks offering this line of credit or ask your company in the Human Resources department if it has any affiliation with credit companies. Remember that the interest for this type of payroll loan cannot exceed 3.5% per month.
And the payment term?
For payroll-deductible loan with guarantee FGTS, the repayment term is 48 months, ie four years.
And the credit limit?
As with other payroll-deductible loans, the type of guarantee FGTS also allows a maximum of 30% of the employee’s salary to be committed in the operation. This is a security measure that is good for both sides, both for the lender and the worker. In addition to the value being quite interesting, the borrower can redo all his financial expenses, knowing that 30% of his salary will be automatically set aside to repay the loan.