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Nubank announces personal loan for the app; know how it works | Utilities

Nubank announced on Thursday (7) that it is starting a personal loan service. According to the digital bank, interested customers will be able to do all the hiring and management for the mobile app, which is available for Android and iPhone (iOS), simply and transparently.

The company promises to eliminate common problems when making a loan, such as confusing simulations, hidden charges, installment-insurances and lack of transparency about interest rates. The function, which is in the testing phase, will be released gradually from February 11.

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Nubank launches personal loan service Photo: Divulgao / NubankNubank launches personal loan service Photo: Divulgao / Nubank

Nubank launches personal loan service Photo: Divulgao / Nubank

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Users who gain access will see the news in a new section in the app. Before deciding, consumers can do as many simulations as they like. Simply enter the amount you need and the number of installments you want to see all the information you need on time: interest, payment dates, the total amount and the monthly amount you will pay. When the loan is taken out, the money falls into NuConta, the company's free digital account, immediately.

Each person has a pre-approved ceiling and the interest rate also varies according to the customer profile, but Nubank says it tries to keep rates below market averages. The rate may also change depending on the amount of installments.

User will be able to do simulations and see all the details before hiring a loan Photo: Divulgao / NubankUser will be able to do simulations and see all the details before hiring a loan Photo: Divulgao / Nubank

User will be able to do simulations and see all the details before hiring a loan Photo: Divulgao / Nubank

The customer can start paying the installments within 90 days and has up to 24 months to pay off the debt. During this period, you can keep track of everything in the application including knowing how much you have already paid and how much is left. In addition, it will be possible to anticipate installments and receive the interest discount. Payment will be made by automatic debit at NuConta, but only if the amount is available on the day of charge otherwise a reminder will be sent with information regarding late fees.

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