New rules in 2019 for the loan to be recorded with the FGTS guarantee

New rules in 2019 to record the loan with the FGTS guarantee. The Federal Savings Bank (Caixa Econômica Federal – CEF) began on September 26 to offer the payday loan with the use of the Service Time Guarantee Fund (FGTS) as collateral. The information comes from the Ministry of Labor

According to the government, interest can not exceed 3.5% per month and the payment period is 48 months. The line, which should reduce credit for employees of private companies, was announced last April but was not proposed by banks.

Caixa indicated that she was still working on the composition of the product that will be offered to consumers and did not disclose the amount of her interest rate and general terms and conditions. Work, this line of financing will be available for 36.9 million workers under formal contract, who will be able to contract the loan.

can apply for a loan with lower interest rates in Caixa branches. The portfolio is also trading the same measure with Banco do Brasil.

Caixa will provide access to the system with information from the Workers' Guarantee Fund for private banks. With the changes announced last month, private companies wanting their workers to have access to this line of loan should agree on the […]

interest will be reduced by the 10% guarantee of the value of the FGTS of the worker having obtained a credit, plus the amount corresponding to 40% of a possible fine for dismissal. With these changes, the government expects the payday loan interest rate proposed to the private sector to be close to the average rate currently prevailing in the civil service market (1.75% per month). )