With the regulation of Auxílio Brasil payroll loans at the end of September, some banks that offered pre-registration to beneficiaries interested in the service gave up. Banco Pan was one of them.

After pre-registering, interested bank customers were able to view a simulation. However, after the Federal Government published the regulation, users received a message informing them of the cancellation.

Since discussions about the Auxílio Brasil loan were discussed, some institutions began offering their customers the option of pre-registration to speed up the process, at the moment the loan was approved. 

Banco PAN offered this option to its customers. However, after the Government officially released the rules, the financial institution canceled some registrations.

This is because, in the simulations, the bank offered rates well above the limit established by the Federal Government, which is 3.5% per month.

As a result, as soon as the consigned credit ordinance was published, the bank began informing its customers that the consigned loan contract had been cancelled.

However, according to Banco PAN, not all pre-registrations were canceled. For those who had the analysis approved, the money should be released by October 14th. However, these customers will need to sign the contract again.

After the publication of the Auxílio Brasil payroll decree, other banks, except Banco Pan, announced that they stopped offering the service to their customers. 

Federal Government regulations contain regulations such as interest rate limitations, maximum installment limitations, in addition to other points already mentioned, such as how much can be committed to the loan.

From that moment on, Banco Safra and PicPay also declared that they will no longer offer the credit line to customers. Both already offered the possibility of pre-registration for users and beneficiaries of the social program interested in payroll loans. 

Banco Safras justified the cancellation with the deviation from the initial rules in relation to the rules covered in the current regulations.

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