Payroll Loan: Which Bank Is Really Worth It?
If you are retired, a pensioner, a public servant or have a formal job, you have probably heard of payroll loan. It's one of the most sought-after sports in Brazil — and for good reason. With lower interest rates and automatic deduction directly from the payroll, it offers a safe and practical option for those who need credit with less headache.
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But here comes the big question: Which bank offers the best conditions? In this content, you'll learn how to compare different institutions and avoid falling into pitfalls. Let's dive in!
What is a Payroll Loan?
First of all, it is worth remembering: a payroll loan is a form of credit in which the installments are automatically deducted from your income, whether from salary or INSS benefit.
Main advantages:
- Reduced interest rates
- Ease of approval
- Long payment terms
- Exemption from guarantor or guarantee
Because it is discounted directly at source, the bank has greater security of receipt — and is therefore able to offer lower interest rates.
Comparing the Main Banks
Check out a table below with some of the most recent offers from payroll loan in popular banks in Brazil:
| Bank | Approximate Interest (am) | Max. Deadline | Does it require an account? | Highlights |
|---|---|---|---|---|
| PAN Bank | from 1,60% | 96 months | No | No checking account, online and fast |
| Cetelem | from 1,27% | 84 months | No | Very competitive rate |
| Bradesco | from 1,68% | 96 months | Yes (or agreement) | Up to 120 days to pay the 1st installment |
| Savings Bank | from 1,70% | 96 months | Yes (or agreement) | Fee discount for INSS beneficiaries |
| C6 Consig | from 1,62% | 96 months | No | Digital, no paperwork |
| Bank of Brazil | from 1,66% | 96 months | Yes | Online and in-person hiring |
See an updated rate comparison on the website iMoney
What to Evaluate When Choosing a Bank?
1. Interest rate
It seems obvious, but many people ignore it. Always compare the monthly interest rate and CET (Total Effective Cost).
2. Maximum term
Check how long you have to pay off the loan. In general, the limit is up to 96 months, but may vary depending on the agreement.
3. Shortage
Some banks offer grace period of up to 120 days for the payment of the first installment — which can be useful in times of need.
4. Ease of hiring
Do you prefer to do everything on your cell phone or computer? Choose banks that offer online contracts. 100% online, such as PAN, C6 Bank and Cetelem.
5. Without needing to open an account
If you don't want to open an account at the bank, check if the bank allows it. casual hiring, as Cetelem and PAN do.
Tip: Use Official Simulators
Before closing with any bank, simulate in at least two or three. Reliable sites like the ones below offer this service for free:
- Serasa eCred – Simulates personalized offers from multiple banks
- Konsi – Loan simulator with more than 10 institutions
Beware of Scams!
Because it is a popular line of credit among the elderly and low-income people, the payroll loan is constant target of scams.
Avoid problems:
- Never pay anything in advance to get approval
- Do not send documents via WhatsApp without checking if the channel is official
- Check if the bank is authorized by the Central Bank
Who Can Make a Consignment?
Not everyone has access to this line of credit. Here's who's typically eligible:
- INSS retirees and pensioners
- Municipal, state and federal public servants
- CLT workers in partner companies
- Military personnel of the Armed Forces
If you don't fit any of these profiles, you can look for alternatives like loan secured by vehicle or property, or a traditional personal loan.
Conclusion: Is It Worth Doing?
Yes, the payroll loan continues to be one of the safest and cheapest ways to get credit in Brazil, as long as you compare calmly and avoid acting on impulse.
If you have available credit, you can use this resource to pay off expensive debts (such as credit cards or overdrafts) or make plans with peace of mind. Just remember: even with low interest rates, it's still a monthly financial commitmentPlanning is everything!
