Nu : Payroll loan portability announced with competitive rates, transparency, speed, and security

São Paulo, April 25 2024- Nubank announces today the launch of the payroll loan portability option for its customers. The new feature allows customers to transfer their SIAPE and INSS loans from other financial institutions and have the option to contract lower rates that, with NuConsignado, start at 1.40% per month. The company estimates that approximately five million people in its customer base are pensioners and federal employees and, therefore, can benefit from this new offering.

According to data from the Banco Central do Brasil, Nubank stands out in leading with the most competitive payroll loan rates for public servants. The portability offering is part of the company's strategy to expand its operations in low-risk credit, reducing the complexities faced by customers in this market, such as the need for intermediaries to close contracts. Portability will be gradually made available to the eligible customer base and will continue to be improved.

"Nubank actively contributes to the evolution of the payroll loan market, which is a highly demanded product by customers. It's a 100% digital novelty for a very traditional offering, with the Nu way of serving: a simple, transparent, and easy-to-use product that uses technology to offer the best conditions without complications. After the initial launch phase, we should include features that will bring even more advantages to customers, such as the option of portability with an additional balance, which is popularly known as 'change," highlights Livia Chanes, CEO of Nubank in Brazil.

Nu customers who have active loans in the SIAPE and INSS modalities can already access the app and run simulations with full autonomy.

NuConsignado: Security and Innovation

NuConsignado was initially announced in March 2023, first with the offering for federal public servants (SIAPE) and, in October of the same year, it was the turn for loans to INSS retirees and pensioners. The experiences are fully digital and do not require third-party intermediation.

NuConsignado customers have full control of the operation, being able to simulate and manage the loan directly through the app. In a transparent manner, the customer accesses the offer for each individual contract and can view the details of all the conditions offered, in addition to the total effective cost (CET) of the loan.

The process of identity and data verification also occurs completely via the app for greater security and fraud prevention. An internal survey conducted with a representative sample of federal public servants, retirees, and pensioners who have already contracted NuConsignado showed that about 90% of them highlighted the security of the hiring process as one of the main advantages.

"'In addition to eliminating complexities, our business model allows us to 'give back' to customers the gain we achieve by being more efficient, offering competitive rates with a fair and transparent experience. Portability was a demand from many of our customers who are retirees, federal public servants, and INSS pensioners, and who can now do this in the 'Nubank way,' contracting their loans in a simple, secure, and autonomous manner", concludes Livia.