It’s hard to find someone who hasn’t already heard of Nubank. The digital bank emerged with the promise of giving Brazilians back control over their financial lives — far from the bureaucracy and abusive fees of traditional institutions. In addition to checking account (with the option to withdraw/deposit money) and credit card, fintech is starting to offer the option of loans to account holders.
This option comes up for those who are in need of money but don’t have the required amount. The goal can be to fulfill a dream — such as a trip, paying for studies or even buying a car — or even to pay off a debt and resolve an emergency situation.
Learn, in this article, how the loan works and how to make a simulation in a simple way.
Before simulating and hiring
It is important to keep in mind that the digital bank loan functionality may not yet be available to all account holders. According to Nubank, the release of this resource happens little by little, as the institution analyzes the profile of its customers.
How to simulate and contract the Nubank loan?
The simulation and hiring process is quite simple and done directly through the bank’s application installed on your cell phone.
Step 1: open the application and look for the option “Loan” among the shortcuts on the home screen.
Swipe down the screen until you find the “Loan” option. (Source: BlogNubank/Disclosure)Fonte: BlogNubank
Step 2: tap the “Simulate loan” button.
Step 3: On the next two screens, you can select the reason for the loan as well as its type — personal or with salary portability (option only available for those who directly receive the salary in Nubank).
Select the reason for the loan and its type. (Source: BlogNubank/Disclosure)Fonte: BlogNubank
Step 4: on the next screen, you can make your simulation; enter the amount you want to borrow, the number of installments, and the date of your first payment.
Enter the contracted amount, the number of installments and the day of the first payment. (Source: BlogNubank/Disclosure)Fonte: BlogNubank
Step 5: after entering the data, comes one of the most important parts, which is to check the interest rate, the loan conditions, as well as the total amount to be paid at the end of the period.
Check all your loan information before confirming. (Source: BlogNubank/Disclosure)Fonte: BlogNubank
Step 6: the next screen will display some important information related to your loan; carefully read all points before confirming.
Carefully read all points related to your loan with the bank. (Source: BlogNubank/Disclosure)Fonte: BlogNubank
Step 7: after reading, you can tap the button that will appear at the bottom of the screen; the app will require your password and then the requested amount will be transferred directly to your account.
If you agree, confirm the loan. (Source: BlogNubank/Disclosure)Fonte: BlogNubank
What are the interest rates on the loan?
This is a common and very important question before taking out your loan. According to the institution itself, interest rates are different and customized according to the profile of each account holder. That’s why the app offers an easy way to simulate functionality and make it very clear how much the customer will pay at the end of the contracted period.
However, the institution guarantees that it strives to ensure that the average rates are always below what is offered by the market. It is also important to note that all borrowing costs are listed in the Total Effective Cost (CET), which includes the interest and mandatory tax (IOF) that must be specified in the contract.
What happens if I am late on my loan payment?
In case the payment of the loan installments does not happen on the maturity date contracted by the application, the account holder is left with the amount in arrears and is charged a fixed fine of 2% and interest. These amounts are updated and displayed in the app until the outstanding debt is fully settled.
An important tip when paying the installment of your loan is to consider the time it takes for the money to fall in the case of deposit for payment of bank slips. It may take up to 3 working days for the value to be recognized. Therefore, the ideal is to organize yourself so that the incidence of interest and fines on the loan does not happen.
Finally, we also emphasize that the contracted loan can be canceled within 7 days of the request. For the order to be carried out, it is necessary to have in the account the total amount borrowed plus the IOF fees, the tax levied on every financial transaction.
What did you think of this new loan feature? Thinking about using this feature? How about knowing some tips on how to increase your credit card limit?