Nubank will become personal loan

SAO PAULO (Reuters)-the fintech Nubank announced on Friday that will operate on personal credit, in a further step of the electronic financial service platform to compete directly with the big banks in the country. The loans will be offered next Monday, with monthly interest rates of 2.1 to 5% a month, with the whole process done by the application. The period of funding will be up to 24 installments. The announcement comes nearly two months after the Nubank, which became popular from 2014 as a digital platform of credit cards without annual fee rates, have released the debit function for the new cards to customers. Since it received in 2017 the approval of the Central Bank to act as a payment institution, the Nubank comes by multiplying the offer of financial services to address the banking sector. The fintech claims to have about 2.5 million clients in payment accounts and 5 million in credit cards.