Brazil’s BankFacil secures $3M, launches low-rate consumer loans

Lizette Chapman – The Wall Street Journal, 8/3/2015 

BankFacil aims to make getting a consumer loan in Brazil inexpensive and easy and has raised venture backing to do it.

The online lending startup has built an underwriting platform targeting what founder and Chief Executive Sergio Furio believes is a massive and untapped opportunity: extending personal loans to Brazilians who own homes and cars but aren’t using them as collateral.

This group has a collective debt of R$178.7B ($52.2B USD) across credit card financing, personal loans and overdraft fees and is paying an annual interest rate of 178.8%, according to a report this month by Brazil’s Central Bank. BankFacil investors believe the three-year-old startup can do a better job of serving those customers.

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