Nubank expands its portfolio and now offers secured loans to customers

São Paulo, November 3, 2022 – In another step to increase access to credit and expand its portfolio to serve the needs of its millions of customers, Nubank, one of the largest financial services platforms in the world, announces its arrival at the secured lending market. In this first phase, eligible customers will be able to access credit lines using as collateral the investments made in the Resgate Planejado function of the Nubank account, in which it is possible to save money for different timeframes.

The process to use the new feature is simple, directly in the app, without bureaucracy, and with the credit immediately released into the user’s account.

“Our proposal is to give customers another credit option – even for people who have never been able to access this type of resource – so they can solve unforeseen problems without having to jeopardize their life savings. We continue to focus on the sustainable growth of our secured credit portfolio,” explains Jessica Paul, Nubank’s General Manager for Lending and Collections. “What we are most proud of in this product is that we have designed a simple and transparent flow, something that, unfortunately, is rare in this category,” she adds.

Dynamics of the first version of Nubank’s secured loan

During the entire term of the loan, which can be up to 24 months, the funds invested by the client in the Resgate Planejado function will remain yielding at the percentage stipulated at the time of investment. In this first version of Nubank’s secured loan, if the person has several Resgates Planejados, he or she will not be able to choose which one to use or how much to deposit as collateral. The initial rule is automatic: for loans starting at R$ 100.00, the investment with the highest value is selected to be used as collateral, and the amount will be blocked for the duration of the loan.

In case of late installments, the guarantee will be used to help the customer keep up to date with the payment. In such cases, it will be triggered to cover as many of the remaining installments as possible.

To take out a loan with money saved as collateral, the eligible customer must access the loan option within the Nubank app, select “Loan with money saved”, simulate, and confirm. Users also have full transparency about the conditions of the loan, with no hidden fees and with all relevant information (such as total repayments, amount of each installment for the simulated period, and interest rates) highlighted.

The amounts and interest rates may vary and are defined according to an individual analysis of the profile of each customer eligible for a secured loan. This evaluation is carried out using different methods, including artificial intelligence models. With a few clicks, it is also possible to anticipate the payment of installments with discounts.

With more than 70 million customers in Latin America, Nubank today has an offering that includes more than 30 financial products in categories such as digital accounts, credit cards, investments, insurance, PJ services, and loans.