Consumer loans offer us that little bit of help when we need it most and our savings seem to be a little low. These loans are repayable over a period of time, which allows greater flexibility for those who have a longer-term need. This review takes a look at what Banco do Brasil Consumer Loans has to offer and whether their range is customer-friendly. It also compares it to some of the best loan ranges across the world.
See how this range compares to that of Standard Bank.
About Banco do Brasil
With roots that stem back as far as the early eighteenth century, Banco do Brasil is one of those banks that helped shape the financial structure of Brazil. Founded by royalty, the bank was to provide a multitude of financial services to the Brazilian people, but it was not without struggle or hardship. Having to endure bankruptcy not once but twice, the bank managed to get back on its feet on both occasions. Strict monetary policies and the enforcement of banking acts ensured that the bank was able to pull through those tough times. Modern banking seems to have a good effect on the bank, which is now regarded as the second largest bank in the country based on its asset value. It also happens to be a formidable player on a global front.
How to Get the Most Out of A Consumer Loan
There is a flurry of excitement when signing up for a personal loan, however, there are those moments when regret follows soon after. The important thing to remember about consumer loans is to manage it well in order for it to work and not become a burden. Here are a few ways to do that.
Pay the Loan on Time
The best way to ensure that a loan is paid off on time is to have an automatic payment on it through direct debit. This ensures that the loan is paid on time every month and that the consumer remains within a good credit score. The importance of paying the loan on time is that this will determine whether debt is extended in the future.
Use the Funds for Needs and Not Want
This is a simple way to ensure those loan amounts don’t get out of control. When the finance is used strictly for the things that are needed, it’s easier to pay off. This allows consumers to eventually get out of debt.
Try to Save Up for the Item or Expense First
If this is a large item, a renovation, holiday, or something that can be postponed a little in order to save up some funds first, then savings are a good option. This allows consumers to reduce the amount they eventually have to pay back, as there will be far less interest.
Banco do Brasil Consumer Loans Product Offerings
This is a flexible loan that allows consumers to fund an immediate need by accessing funds upfront. Furthermore, customers have some time to repay this without putting pressure on their monthly budget.
- Customers often use this loan to consolidate their debts.
- This is the ideal loan for those who wish to travel or pay for a special event.
- Furthermore, customers have a repayment period of up to 96 months.
- The interest rate on the loan is fixed, which allows customers to budget effectively.
- Finally, the first installment is only payable in 180 days.
Customers who have their salaries paid into a Banco do Brasil account may apply for this loan. It is also recommended as the ideal loan type for those who experience unexpected expenses.
- On approval, the amount is immediately credited to the account.
- Furthermore, customers have up to 180 days to pay their first installment.
- The loan is repayable over a maximum period of 96 months.
- Finally, customers also have access to attractive rates.
This loan is specifically designed for those who are INSS retirees and pensioners. Furthermore, customers can use the funds for whatever they want.
- Once the loan is approved, the amount is paid into the Banco do Brasil account immediately.
- The loan amount is repayable over a 72-month period.
- Furthermore, the installments are fixed which makes it easier to budget.
- Finally, customers have access to competitive interest rates.
Customers who require a loan fast will find this loan type ideal. Furthermore, this loan is available to those who have current accounts with Banco do Brasil.
- This loan is simple to apply for and is paid in the account immediately after approval.
- Furthermore, customers are able to check the loan amount they qualify for on at the ATM.
- Finally, the loan is only available to those who have a Banco do Brasil account.
This type of credit facility is suitable for those who require a revolving credit facility. Furthermore, this loan amount is suitable for those who have a current account with Banco do Brasil.
- The overdraft is loaded on the current account and provides customers with the means to go into an authorized excess.
- This type of credit is suitable for those who receive an income into that account.
- Furthermore, customers also choose the date the interest is debited from their account.
- Also, customers don’t pay any fees if the facility isn’t used.
- Customers may transfer the limit between their overdraft and credit card at their convenience.
- Finally, the limit is reviewed every year to ensure it is still sufficient or needs to be reduced.
Anticipating of the 13th Salary
This is the ideal loan for those who receive their salary payments into a Banco do Brasil account. Furthermore, customers can request a facility of up to 80% of their anticipated 13th check.
- The release of funds is done on request without hassles or fuss.
- Also, the amount is credited to the checking account immediately.
- Finally, the credit amount is limited to $20,000.
Anticipation of Income Tax
Those who stand to get some money back from their personal taxation will have no hassles applying for a loan. The loan is limited to $20 million and customers can apply for 100% of the expected return.
Customers who prefer a credit option instead should consider the range offered by Banco do Brasil.
What We Like About Banco do Brasil Consumer Loans
These loans are easy to apply for and consumers hardly have to go through the mountains of paperwork and red tape to get their loans processed. They also provide easy access for customers to check the limits they qualify for without hassle. Customers will find the loan processing far simpler than opening an account.
There are quite a few loans to choose from in order to address specific needs. The loans vary from pay-per-month to revolving credit which addresses both immediate and recurring needs. These loans also make it a little easier on those who may run into an emergency.
Customers really have very little hassle to get their credit products into place and those who manage their accounts well will have the opportunity to increase their limits without issues.
What We Don’t Like About Banco do Brasil Consumer Loans
The ease of accessing credit is a little startling, especially considering there is no immediate guidance on the website in terms of the pricing. If it’s there, consumers will have to dig around quite a bit to find it. Furthermore, the loans division is vast compared to the savings, which means that the bank might be encouraging debt a little more than they do savings. This does not really bode well for those who wish to experience financial freedom.
Another point that leaves us feeling a little bit uncomfortable, is that the terms and conditions of the loans are not discussed outright. Once again customers will have to go an look for this information. This is not ideal as very few consumers will actually go through the effort, which may land them in hot water. This is especially true for those who wish to do early settlement and might not be aware if there are penalties payable.
Also, the loan type that allows customers to see how much they qualify for through the ATM will constantly place them under the temptation to get into debt or further debt. This is great for the bank, but not always great for those who struggle to make the repayments.
Finally, the requirements for the loans are discussed briefly, but not fully which could leave some consumers a little flustered if they don’t qualify. By highlighting this on the web, it makes it a little easier for those who are doing research before heading into the branch.
We recently did a review on the current account range offered by Banco do Brasil.
Critical Reviews Rating Banco do Brasil Consumers Loans – 6 of 10
As much as the bank offers customers great variety in terms of product spread, we simply can’t ignore the fact that the bank is a bit salesy when it comes to these products. We were hoping that there would be more of a balance and the only reason the score is above a 5, is because of the variety and ease of access.
Banks should encourage customers to have a healthy balance between savings and credit in order to work towards financial freedom. We also feel the bank can do more in terms of making information available to customers such as the pricing of the loans and critical information such as penalties.
Customers who prefer to save up for their financial dreams should see what Banco do Brasil has to offer.