Nubank Payroll Loan: How it Works and How to Apply

These questions will be addressed throughout the content below, so to find out if this is the ideal type of credit for your profile, continue reading!

What is the Nubank Payroll Loan?

THE Nubank Payroll Loan is a banking product that has been gaining customers' attention.

This is because the proposal of facilitated approval and lower interest rates certainly helps to convince the client to sign the contract.

But what is a payroll loan? What differentiates this type of credit?

A payroll loan is a type of credit whose main characteristic is that payment is made through salary deductions, directly from the payroll.

This means that those who take out this type of credit do not need to worry about bills and manual payments.

This is because payment is made directly at source, so the salary already comes with the discount, which avoids delays and reinforces the payment guarantee.

For a long time, the payroll loan was specifically intended for INSS retirees and pensioners.

And the reason for this is because the banks had an agreement with the INSS, which allowed them to discount the installment of the receipt, before the holder received it.

However, with the updating of banking rules and conduct, this agreement also began to be made with private companies, which expanded the target audience for this modality.

We will look at this issue in detail later on, in order to understand how the most common types of loans work.

That said, for now, what we need to understand is that the payroll loan is characterized by the discount of the loan installments directly from the payroll, which increases the guarantees and allows for a reduction in the interest on the contract.

What types of payroll loans are there?

Throughout the previous topic, we saw a general explanation about the concept of a payroll loan.

The idea is for you to understand the precepts of this proposal, in order to evaluate whether it is a good idea for your conditions and needs to adhere to it. Nubank Payroll Loan.

This is because, although it is practical to have the deduction directly from your paycheck, having part of your salary committed to the loan can cause you some setbacks.

Therefore, it is important to understand the proposal in depth in order to evaluate the pros and cons.

But, you remember we said there are some types of payroll loan?

It is important to note that the types do not necessarily differ in terms of purpose or interest, but rather in terms of the target audience.

In order to clarify this issue, we will now see what these types are, and the specifications of each one.

Public payroll loan

THE public payroll loan It is the one we saw previously, when we explained the single version of the modality, which was in force previously.

With this, it is clear that we are referring to the loan assigned to INSS retirees and pensioners.

Therefore, to request this modality, you must receive a social security benefit from the INSS, be it some type of retirement or even a pension.

Thus, the benefit itself serves as guarantee, since the payment of the installments is made directly from him, at the source.

Private payroll loan

Already the private consignment It basically has the same specifications as the public one, with the difference that it is made for employees of private companies affiliated with the bank.

This means that, if the company and the bank have an agreement, the employee can request the loan, and the payment will be made through their salary.

This is a relatively new modality, but it also has good conditions, in addition to being more extensive.

Who can apply for a Nubank payroll loan?

After we look at the differences between public and private loans, it becomes easier to understand who can apply for them. Nubank Payroll Loan.

But it is still important to delve deeper into this issue, as doubts may still arise as to whether it is necessary to be Nubank account holder, for example.

The first thing we need to understand about the request for a loan is that, as a rule, it cannot compromise more than 30% of the applicant's salary.

Therefore, it is important that you check whether there is already any type of commitment to your salary, as this may affect approval.

Furthermore, it is important that you meet the agreement requirement, which means that to apply you must be an INSS retiree/pensioner, or an employee of an associated company, whether public or private.

Finally, speaking specifically about Nubank's proposal, the bank requires you to be a current account holder.

This is because you need to access the application's customer tab to simulate and contract the proposal.

What are the fees for this modality?

Do you remember when we talked about how many people like payroll loans because of the ease of payment and the interest rates?

Speaking specifically about the second point, this one is highlighted, since the consignment has lower rates than other modalities.

This is because the currently allowed interest rate ceiling is 1,84% per month, while we can find personal loan rates between 7 and 10% per month.

So, for those who want to pay less interest, it's worth checking out the Nubank Payroll Loan proposal.

See how to apply

To request the Nubank Payroll Loan It's very simple, as you just need to access the application and do the entire procedure there.

So, go into the app and log in to your account.

Then, look for the “Loans and Payroll Loans” option.

At this stage, click on “NuConsignado” and run a simulation, including the data needed to finalize the proposal.

Enter the desired amounts and number of installments, and then authorize Nubank to consult the information.

To complete your request, enter your 4-digit card password and wait for the bank's evaluation.

If the bank approves the loan, you can check all the information about it in the specific tab of the application.

Therefore, it is clear that, in addition to lower interest rates, this modality is also easy to apply for.

This way, just do the procedure and hope for approval!