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Nubank announces NuConsignado a payroll loan tests with federal public servants in Brazil

April 14, 2023
Por
Nubank
Nubank
Reinvente o futuro.
📷
LFH
The new loan offer, called NuConsignado, eliminates intermediaries in a 100% digital experience
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In yet another step towards growing its portfolio of financial solutions, Nubank announces today the expansion of tests for the payroll loan offer, NuConsignado. In this first phase, a portion of customers in Brazil who are federal public servants will be able to contract the service directly through the Nubank application in a 100% digital flow.

With the experience of NuConsignado, the federal public servant will be able to simulate loans with transparent fees and total effective cost (CET, in Portuguese), in addition to contract it without the participation of intermediaries. During this testing period, Nubank is offering a wide range of rates that vary according to the customer’s profile. In this type of consignment, the amount of the loan contracted at the total effective cost (CET) is directly deducted from the public servant payroll.

“While the payroll loan is a safe and more advantageous form of access to credit by the population, it has historically been marked by a journey of difficulties, with bureaucratic processes, hidden fees, and several cases of abusive practices by intermediaries. With the Nubank way, we are taking the first step towards transforming the consignment market and making life easier for the customer, from considering the loan and managing it to paying off the installments”, says Livia Chanes, country manager of Nubank’s operations in Brazil.

The test period for the payroll loan for federal public servants should last throughout the first half of the year, followed by the expansion of the product’s availability among this public.

Responsible credit

In addition to entering the payroll loan market, Nubank has expanded the offer of collateralized credit (securitized or not), in which customers can use their investments as collateral. In November of last year, the company announced the first version of the product in this modality, in which the guarantee comes from deposits of eligible customers on the feature Resgate Planejado, where the amounts continue to yield.

“Our vision for NuConsignado combines the security and simplicity offered to the customer with the growth of Nubank in its almost ten years since the beginning of operations. We are going to expand the offer of credit in a sustainable way for our business and strengthen even more the relations with a significant portion of our customer base”, emphasizes Livia.

Based on data from the Brazilian Central Bank in January of this year, UBS produced a report that positions Nubank as the third largest institution in the country in terms of number of customers with loans above R$ 200.00 and the first among fintechs. The company’s credit penetration (customers with a loan over total customers) is 53%, 38pp higher than that of the second-largest fintech.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

In yet another step towards growing its portfolio of financial solutions, Nubank announces today the expansion of tests for the payroll loan offer, NuConsignado. In this first phase, a portion of customers in Brazil who are federal public servants will be able to contract the service directly through the Nubank application in a 100% digital flow.

With the experience of NuConsignado, the federal public servant will be able to simulate loans with transparent fees and total effective cost (CET, in Portuguese), in addition to contract it without the participation of intermediaries. During this testing period, Nubank is offering a wide range of rates that vary according to the customer’s profile. In this type of consignment, the amount of the loan contracted at the total effective cost (CET) is directly deducted from the public servant payroll.

“While the payroll loan is a safe and more advantageous form of access to credit by the population, it has historically been marked by a journey of difficulties, with bureaucratic processes, hidden fees, and several cases of abusive practices by intermediaries. With the Nubank way, we are taking the first step towards transforming the consignment market and making life easier for the customer, from considering the loan and managing it to paying off the installments”, says Livia Chanes, country manager of Nubank’s operations in Brazil.

The test period for the payroll loan for federal public servants should last throughout the first half of the year, followed by the expansion of the product’s availability among this public.

Responsible credit

In addition to entering the payroll loan market, Nubank has expanded the offer of collateralized credit (securitized or not), in which customers can use their investments as collateral. In November of last year, the company announced the first version of the product in this modality, in which the guarantee comes from deposits of eligible customers on the feature Resgate Planejado, where the amounts continue to yield.

“Our vision for NuConsignado combines the security and simplicity offered to the customer with the growth of Nubank in its almost ten years since the beginning of operations. We are going to expand the offer of credit in a sustainable way for our business and strengthen even more the relations with a significant portion of our customer base”, emphasizes Livia.

Based on data from the Brazilian Central Bank in January of this year, UBS produced a report that positions Nubank as the third largest institution in the country in terms of number of customers with loans above R$ 200.00 and the first among fintechs. The company’s credit penetration (customers with a loan over total customers) is 53%, 38pp higher than that of the second-largest fintech.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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