loan protection
[/loʊn prəˈtɛkʃən/]
nounpl: loan protections
proteção de empréstimo
1. Insurance or financial safeguard that covers loan repayment in case of borrower's death, disability, unemployment, or other specified events
The bank offered loan protection insurance to cover monthly payments if the borrower became unemployed.
O banco ofereceu seguro de proteção de empréstimo para cobrir os pagamentos mensais caso o mutuário ficasse desempregado.
2. Legal or regulatory measures designed to safeguard borrowers from predatory lending practices
New loan protection regulations were implemented to prevent unfair lending practices.
Novas regulamentações de proteção de empréstimo foram implementadas para prevenir práticas de empréstimo abusivas.
3. Collateral or security pledged to ensure loan repayment
The property served as loan protection for the mortgage.
A propriedade serviu como proteção de empréstimo para a hipoteca.
In Brazil and the USA, loan protection is commonly offered by banks and financial institutions as an optional add-on to loans and mortgages. It became more prevalent following the 2008 financial crisis as a consumer protection measure. In Brazil, it's often called 'seguro de empréstimo' and is regulated by regulatory bodies like BACEN (Central Bank) to ensure consumer protection and fair lending practices.
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