Nubank expands offer of payroll loan to retired and pensioners of the INSS
With a digital experience through the app and total customer autonomy in contracting, NuConsignado’s expansion, now in the scope of the INSS, allows Nubank to deliver competitive rates
Oct 24 , 2023
São Paulo, October 24, 2023 – Nubank announces today a new offer in payroll loans: now, retired and pensioners who are beneficiaries of the INSS (National Institute of Social Security) will be able to contract NuConsignado through a digital experience on the Nu app. The new product joins the alternative for federal public servants, announced in March, and will gradually be made available to eligible customers over the next few months. Nubank’s entry into this category is part of the ongoing strategy of expanding low-risk credit operations throughout this year, reducing complexities and passing on to customers the efficiency gains obtained in this process.
As a result of this approach, Nubank’s new payroll loan offer has interest rates starting at 1.35% per month. According to data from the Central Bank of Brazil, the company already stands out as the leader in the most competitive interest rates for payroll personal credit for public servants, with 1.40% per month. “Nubank will continue to actively contribute to the evolution of the payroll loan market through this digital proposal. This allows us to offer competitive rates, with a hassle-free experience, now also available to retired and pensioners who increasingly trust our platform,” says Livia Chanes, leader of Nubank’s operations in Brazil.
Just like federal public servants, retired or pensioners who want to contract NuConsignado have complete control over the operation, being able to simulate and manage the loan directly through the app. Transparently, the customer can already see the consigned loan’s interest rates and total effective cost (CET) during the simulation. The customer’s identity and data verification process also occurs entirely through the app for greater security and fraud prevention.
“We are going beyond the convenience that benefits customers with the most attractive rates. The digital flow, including all data and identity verification, is also a security measure, as consigned loan-related scams are among the most frequent in the market,” adds Livia. In a survey with a representative sample of federal public servant customers who have already contracted NuConsignado, about 70% of them highlighted the security of the contracting process.
NuConsignado portability tests
As part of the evolution of NuConsignado, Nubank has started portability option tests for a portion of its federal public servant customer base. Thus, if they already have an active payroll loan contract with another institution, these users can perform the entire portability process to NuConsignado via the app.
Soon, the same tests will be conducted with retired and pensioners of the INSS.
Credit with guarantees: portfolio expansion
In addition to NuConsignado for federal public servants and now for retired and pensioners of the INSS, Nubank has been expanding the range of loan options with guarantees in recent months. Today, eligible customers already have the option to contract personal credit based on investments – Nubank’s Planned RDB and Tesouro Direto – made through the Nu platform, as well as the alternative of anticipating the withdrawal of the FGTS (Guarantee Fund for Length of Service) anniversary.
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