As the most used digital bank in Brazil, Nubank aims to provide its customers with a good experience that traditional banks do not provide. The bank offers lower rates and avoids the bureaucracy that often prevents the customer from moving forward with applying for a loan.
Taking out a Nubank loan is simple, all you need is a NuConta and the bank’s application. There is no minimum income for the application, but proof of income is required for the analysis of your profile.
Would you like to know how and how much you can borrow, what are the fees, and how long do you need to pay? Clear all your doubts by reading until the end of the article.
What this article covers:
The amount you can borrow on a loan Nubank will vary according to the analysis that the bank will make of your account, being necessary to present and prove your monthly income. After the analysis, the maximum value will be presented to you.
The minimum amount is fixed, and you have an advantage over other banks: you can apply for loans of up to less than R$100, with the minimum possible being R$30.
What are the interest rates for a Nubank loan?
Interest rates for a Nubank loan are not fixed. They will be determined both by analyzing the movement in your NuConta and by public information on credit and consumption in your Individual Registry.
Interest will also vary according to the amount of installments you choose to pay, the greater the number of installments, the longer it will take to pay off the loan and the higher the interest rate charged. It is up to you to analyze the simulation well at the time of applying for a loan to avoid possible headaches, since the information will be all detailed.
How long do I have to pay off a Nubank loan?
During the simulation of a Nubank loan, you can choose to pay in up to 24 installments, which may sound like a possible disadvantage compared to other banks that offer more, but it is advisable to avoid making the number of installments so high that the interest also don’t come high.
In addition, you will have the option to choose when you will pay, the deadline being up to 90 days after the day of hiring. However, in case of denial, a credit analysis and proof of income will be carried out, which may make it more difficult to approve a loan.
What are the fees associated with a Nubank loan?
When simulating a Nubank loan, you can and should analyze all the fees listed in the Total Effective Cost (CET). The CET includes interest and also the Tax on Financial Operations (IOF) which will be 0.38% on the total amount, adding the percentage of 0.0082% per day, which will be calculated according to the term.
What is the process for applying for a Nubank loan?
Applying for a Nubank loan is a simple operation. Just follow the steps:
- First, you must open the Nubank application on your Android or iOS device;
- After that, click on the “loans” shortcut, located at the bottom of the application;
- Select the “new loan” option and select the reason why you are requesting the loan;
- Enter the amount of money you need for your loan in the simulation;
- Choose how many installments you want to pay off the loan and the date you want to start payments;
- Analyze the interest, conditions and total amount of the loan, and if you agree with everything, confirm the operation;
- After confirming, the money will be transferred to your account.
Bearing all this information in mind, it is clear that Nubank is one of the best options on the market, and it will certainly be easier for you to apply for a Nubank loan.