How to get a loan with Picpay? Find out everything
Do you know about loans on Picpay?
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These days, there's no shortage of options for those who need that extra cash to resolve some financial issue – whether it's to pay off debts, purchase a good, or carry out a personal project.
Every day that passes, more and more companies are looking to offer different lines of credit to their customers.
And one of them is Picpay!
Did you know that the fintech also offers a personal credit line to its customers?
If you, like thousands of Brazilians, weren't aware of this option yet, today's article is for you! In it, we'll talk more about loans through Picpay: how it works, how to do it and if it is a good option for customers.
To make it easier for you to read, today's content will be divided into topics and will cover the following subjects:
- What is Picpay?
- How to take out a loan on Picpay?
- How does the Picpay loan work?
- Is a loan on Picpay a good option?
- Conclusion
What is Picpay?
THE Picpay is an application that works like a digital wallet.
With it, customers can pay bills, make purchases with their credit card, transfer money, top up their cell phone, among other things.
The app is yet another success brought about by the wave of fintechs – digital finance companies created to optimize customers' financial lives – that have dominated society in recent years.
You may not know the brand that well, but you've definitely heard of Picpay.
After all, the brand has been investing heavily in a wide range of advertising – as an advertiser on Big Brother Brasil, Rede Globo, and the classic Show do Milhão, on SBT – in recent times.
In addition to the services mentioned in this topic, the company also offers personal loans to its customers. And that's what we'll talk about next!
How to take out a loan on Picpay
It's always good to have a credit alternative available for any unforeseen circumstances that may arise in your daily life.
And the Picpay loan is one of those options.
Personal credit – which is available to pre-approved customers – is a quick and easy option for those seeking this type of credit, as it is done directly through the app.
For these customers, the procedure is:
- Open the PicPay app;
- Tap “Wallet”
- Select the "Loans" option. Then click "Personal Loan" and Continue to continue the process.
The next steps consist of simulating the loan, such as the amount requested, number of installments and payment dates, for example.
It is important to pay attention to the number of installments requested, since, at the moment, it is not possible to change the number of installments after taking out the loan.
How the Picpay loan works
Now that we've explained how to apply for your Picpay loan, it's time to talk a little more about how this credit works.
How is the loan amount received?
After the entire approval process, the money is deposited directly into the user's Picpay wallet within an hour.
How are installment payments made?
Every month, five days before the chosen due date, Picpay sends the bill directly to the email address registered with the account.
Additionally, installment payments can also be made directly through the app, using the balance available in the digital wallet (you cannot use a credit card).
This payment can be made until 7pm on weekdays.
One positive point is that Picpay itself notifies you – either by email or through the app – when the installment due date is approaching.
And if the customer wants to pay off their installments early or even pay off the loan, just contact the Picpay customer service team directly through the app.
By paying in advance, the customer can secure special discounts.
What are the Picpay loan rates?
When taking out the loan, interest rates and IOF (Tax on Financial Transactions) are already included.
The sum of these costs is called the CET (or Total Effective Cost). Through the CET, you can see the sum of all your loan costs (such as interest, fees, and taxes).
Unlike some companies that offer this line of credit, Picpay values transparency throughout its operations.
Therefore, any and all fees and conditions involved in the loan are disclosed when the line of credit is taken out.
Furthermore, the contract is also available for the customer to access whenever they want.
Is taking out a loan through Picpay safe?
Yes!
According to the company itself, applicants' data remains stored – and encrypted – in the application.
This form of storage allows the customer to have greater security when carrying out their transactions – such as requesting a loan, in this case.
I don't have an available offer. What now?
In cases where the customer does not have a pre-approved offer available in their account, the message “We didn't find an offer for you” will appear at the beginning of the process.
In these cases, when an offer becomes available for your profile, PicPay will notify you.
Is a loan on Picpay a good option?
Despite its advantages – such as the convenience of completing the entire process through the app and receiving the money quickly – it is still necessary to think carefully before opting for this line of credit.
This is because, compared to other options available on the market, Picpay's interest rates may not be as attractive.
Conclusion
Although it offers advantages that can attract the attention of those seeking an easy personal loan, applying for this line of credit is a decision that should be carefully considered.
Therefore, the word is: Do your research! Before opting for the first option you find, research other options and run loan simulations.
By combining this practice with well-structured financial planning, you'll be able to understand the entire scenario before making a decision that can be both a huge help and a headache you'll have in the future.
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