Some of the largest Brazilian private banks will not be part of the group of institutions that will be offering payroll loans to beneficiaries of the Brazil Aid. The proposal was sanctioned by the current president of Brazil, Jair Bolsonaro, and aims to increase family resources.
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Some of the banks that have already refused to offer credit to beneficiaries are Bradesco, Itaú, Santander, Nubank and BMG. This is due to the fact that they did not stipulate any limit on interest charges before the initiative was approved.
According to a survey carried out by O GLOBO shortly after the proposal was announced, the credit for the beneficiaries of the Auxílio Brasil was being offered with interest of up to 78% per annum. Because of this, the banks ended up giving up the offer, showing that there is indeed something worrying about this measure being effective and the impact it could have on the image of financial institutions.
Among the concerns pointed out, the main one is the indebtedness of these people who are in a vulnerable situation. social, using a loan that is capable of committing up to 40% of the base value of the aid, which would be R$ 400,00.
Bradesco's president, Octavio de Lazari Junior, pointed out that, as it is an operation with high interest rates and that does not have a defined ceiling, in addition to the of R$ 600.00 aid with a deadline to end in December of this year, the bank ended up taking the decision not to offer the credit to the beneficiaries of the program.
“This is not the same thing as a pension or even a retirement, this is a benefit for people who are in difficulty. As a result, we at Bradesco will not be operating in this modality. They are people in a vulnerable situation, instead of being something that is interesting for both parties, bank and customer, we understand that this now short-term opportunity may harm the beneficiaries from the moment the benefit ends”, he added Lazari.
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