Launched in March 2025, the new private payroll loan program entered the market with the aim of making credit more accessible to formally employed workers and stimulating the economy. Exactly one year later, the program seems to be gaining traction, at least according to Bank of America.
In a report sent to clients this Friday, March 13th, the American bank points out that this modality has gained traction, becoming "the new engine of consumption growth," which is reflected in some accumulated figures in this area.
BofA highlights that private payroll loan disbursements totaled R$110 billion in the last 11 months, six times more than the amount recorded in the entire year of 2024. They represented 6% of total personal loans, excluding those with collateral, during the period, compared to 2% a year earlier.
Under this growth, credited by the bank to the revamped offering of these operations, the balance of private payroll loans doubled to R$ 83 billion in January 2026. In this context, the report also points out which banks are driving and riding this wave.
“ Itaú has been leading in loan origination, with a market share of 18%, mainly explained by the migration from its legacy product, in which it was a leader,” writes BofA. In June 2025, the bank's share in this space was 10%.
The bank that occupies second place is Banco do Brasil , with a 13% share, which, according to BofA analysts, reflects the institution's efforts to diversify its credit portfolio for individuals – until then, private payroll loans were not part of BB's portfolio.
Santander completes the podium, with an 11% share. It is closely followed by Parati and Caixa Econômica Federal, both with an 8% share. Bradesco has become more active in the segment and is in sixth place, with 6%.
At the same time, BofA analysts highlight the growth of two players with a digital footprint in this modality: Inter and PicPay , with market shares of 3% and 2%, respectively, compared to the duo's 0.9% and 0.6% of the total volume of personal loans.
"We estimate that private payroll loans already represent approximately 5% to 20% of the loan portfolios of Inter and PicPay, respectively," the American bank points out.
In contrast to its two peers, Nubank , in turn, has a share of only 0.4% in private payroll loans, compared to a market share of 5% in the total volume of credit granted to consumers.
Analysts also note that incumbent banks operate with higher loan amounts and longer-term agreements in this space, with an average ticket size of R$ 5,800 and a contract duration of 25 months. This compares to an average of R$ 3,600 and 25 months for digital players – Inter, PicPay, and Nubank.
In the report, BofA also highlights the expectation that this alternative will gain even more momentum in the second half of 2026, as the possibility of using FGTS (Brazilian employee severance fund) balances as collateral for these transactions becomes valid.
On another front related to private payroll loans, the bank's analysts cite recent news indicating that the federal government may implement interest rate caps to curb abuses in this type of offering. They add: "Although this initiative is still under discussion, we believe its implementation will be difficult, as credit risk is not uniform among all workers."
