Nubank expands into Mexico with the launch of personal loans
By Delisha Fernandes
Nubank has announced the launch of personal loans across Mexico, as it aims to expand the offering to the general market.
After the rollout, Mexicans will be able to access simple, transparent, and flexible loans through the Nu app. The application process will be completely digital and can be completed in less than 5 minutes.
Customers will receive a maximum offer and can adjust the amount and payment schedule to meet their needs, with a complete simulation. Additionally, users will be able to make early payments at any time, without additional fees or penalties of any kind.
“At Nu, we are creating a complete services platform that can accompany different stages of people’s financial lives. By expanding our portfolio to personal loans, we are providing Mexicans with more options to achieve their goals,” said Iván Canales, General Manager of Nu Mexico. “We have created a product that offers security and autonomy, in the Nu way: simple, transparent, and fair. We give the customer full control over their loan, with no hidden fees or conditions. This is how we want to grow our offering in the country; by empowering people to take control of their money,” he adds.
Canales added, “We aim to promote access to financial products and credit while also promoting financial education among our customers. We are having a positive impact by enabling greater access among Mexicans, as around 20% of the smartphone-connected adult population in the country has already applied to build a financial relationship with us. We hope to continue expanding our footprint in the country with the launch of personal loans.”
With personal loans, Nu Mexico is strengthening its presence in the country and its multi-product platform. Nu is one of the Mexico’s largest SOFIPO (Popular Financial Institution, in Spanish), and has evolved its offering from only credit cards to also savings accounts, debit cards, and now personal loans.
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