General Conditions of Personal Loan Auctions
1. Best Buy Auctions
Best Buy Auctions is a product that provides loans to Banco Best customers, through regular
auctions, in which participants can bid for the loan amount and monthly repayment desired
2. Access
Access to Best Buy Loan Auctions is available to all individual customers between the ages of 18-65
resident in Portugal, although its staff members are not permitted to take part.
Bids can be made, through Banco Best website (www.bancobest.pt) or telephone service (707 246
707), by providing access passwords.
Banco Best may restrict access to an auction, or cancel bids made by participants, who, in the Bank’s
understanding, proposed, modified, or cancelled a bid with the aim of manipulating the outcome of the
auction, or to harm the interests of other participants in the auction. These types of cancellations shall
be communicated by email or letter.
Additionally, access to Loan Auctions will be temporarily blocked, whenever there is a bid made in a
previous auction that is in the process of being analysed for approval or pending to be financed. This
suspension will remain in place until the start of the financing requested. The participant will be able to
make bids from that moment onwards.
If a particular participant has no fewer than three requests for a personal loan, whether or not as a
result of bids accepted in the auction process, turned down in the subsequent commercial analysis,
that same participant will be permanently blocked from accessing the Loan Auctions.
3. Occurrence of Auctions
Auctions will take place on dates and at times published by Banco Best, which reserves the right to
change/cancel auctions without prior notice.
By clicking on “Refresh” updated information will be provided with a maximum delay of one minute.
Banco Best cannot at any time be deemed responsible for Internet or telephone service problems, and
it cannot be considered responsible for bids from participants who, for technical reasons, were not
informed or were not able to execute.
Due to technical failures, as mentioned in the previous paragraph, it shall always be admissible for
Banco Best to cancel auctions that are underway, without it incurring any liability.
4. Details of current and future auctions
The “Active Auctions” option shows all auctions that are underway and for which bids may be made.
The “Next Auctions” option shows the auctions that are expected to take place on the specified dates.
5. How to take part in an auction
To make a bid, the participant must be a customer.
In cases involving a customer, in order to take part in an auction it is sufficient to specify the
associated current account, the loan amount and repayment desired to bid.
Each participant can make one bid per auction, within the time set for it, respecting the minimum and
maximum amounts set for amount, maturity and interest rate.
After placing their bid, and before the auction ends, the participant can view, change or even cancel
the bid in the “Bids Pending” option.
Bids can be consulted in the "Bid History" option.
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BANCO BEST, S.A. • Sede Praça Marquês de Pombal, 3 – 3º, 1250-161 Lisboa • www.bancobest.pt • tel.: 707 246 707 (das 7h30 às 24h)
Registado na Conservatória do Registo Comercial de Lisboa – 1ª Secção com o nº 505 149 060 de pessoa colectiva e de matricula e o capital social de Eur 63.000.000.00
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6. Auction Result
Once the auction period is over, the result will be assessed, and bids will be ordered sequentially
using the following criteria:
1. In decreasing order of interest rate/ repayment (first those with highest rates accepted);
2. In cases where rates and participant type are the same, choice will be made based on times of bids.
3. Assessment will be complete at the moment at which the following proposal does not reach the
maximum amount available for placement.
Banco Best reserves the right to increase the amount of each auction in order to meet the needs of
participants.
After the end of the auction, if the bid is accepted, you will receive a message from the Bank asking
you to register your loan application at www.bancobest.pt in Loans > loan auctions. You may, if you
prefer, call us on 707 246 707 or make contact directly through your PFA - Personal Financial Advisor.
If the bid is rejected, the participant will be informed immediately after the auction closes.
It should be noted that acceptance of the bid is merely indicative and does not represent a
commitment on the part of Banco Best. The amounts presented as a result of the bid are not binding,
and will later be confirmed when the contract is drawn up.
7. Start of credit
The Bank will undertake a commercial analysis of the application after the registration of the online
loan bid at www.bancobest.pt, via 707 246 707 or directly through your PFA - Personal Financial
Advisor and the compulsory documentation has been received. Its approval shall operationalise the
loan-making process, with the respective loan agreement and respective general and private
conditions being delivered online to your mailbox, at www.bancobest.pt after a message has been
sent to your email address.
After reception and validation of all the contractual documentation the financing will be provided (loan
amount bid for and approved), by crediting the Customer’s current account.
______________________________________________________________________________________________________________________
BANCO BEST, S.A. • Sede Praça Marquês de Pombal, 3 – 3º, 1250-161 Lisboa • www.bancobest.pt • tel.: 707 246 707 (das 7h30 às 24h)
Registado na Conservatória do Registo Comercial de Lisboa – 1ª Secção com o nº 505 149 060 de pessoa colectiva e de matricula e o capital social de Eur 63.000.000.00
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