The initiative allows 47 million workers with a formal contract in Brazil, including domestic and rural workers and employees of individual microentrepreneurs, to access payroll loans.
The fully digital loan offers reduced interest rates with a direct discount on payroll. Nubank involves multiple financial institutions, letting customers compare options and select the best fit for their needs.
Nubank aims to facilitate access to credit without paperwork, allowing users to complete the entire process digitally. Workers can simulate and contact the service directly through the Digital Workbook and then finalise the process in the Nubank app.
To apply for Worker's Credit, users must log into the CTPS Digital app with a gov.br account, specify the loan amount and instalments, and receive a reference rate. They will obtain credit offers within 24 hours and can finalise the contract if interested.
The new credit option from Nubank is part of the Private Payroll segment, which is still growing in Brazil. This option targets private-sector workers, unlike the traditional payroll loan for retirees and public servants. Earlier this year, the finance minister highlighted that private-sector employees face interest rates of up to 5% per month on unsecured credit. The officials noted the need for safer and more affordable options to reduce these costs by half.
Furthermore, Nubank has recently expanded its offerings to include private payroll loans in its secured loan portfolio. This portfolio now also features the FGTS Anniversary Withdrawal Anticipation, loans backed by guaranteed investments, and payroll loans designed for SIAPE, INSS, and members of the Brazilian Armed Forces, including the Brazilian Air Force, Navy, and Army.
This launch follows Nubank’s recent announcement about expanding its cryptocurrency portfolio, which was launched in 2022. The Nubank Crypto clients were set to be able to access new coins, including the Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO) tokens. This move underlined the company’s commitment to delivering a diversified crypto portfolio that could meet customers' demands, preferences, and needs.
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