Author: PCN

banking fintech

Overdue, Nubank reacts to social media charges and announces interest rate relief for customers

A little over a week after stating that there was a difficulty in offering a solution to help all customers, Nubank changed its stance and announced an 80% reduction in the collection of interest on the invoice.

On Thursday (09), the company sent a note to the press explaining the relief rules: “customers will be able to split their bill up to 12 times, with interest of 1.9% per month, directly on the app. The new conditions apply to the voluntary installment plan, one in which the customer does not have values in the previous invoice rotation, and for invoices closed from April 1 ”.

Customers will also benefit from the extension of the term for payment of personal loans through the application’s service channels. Up to 60 days will be given for the payment of the next installment – interest on this modality will be maintained, but without a fine and IOF.

“We want to go through this unprecedented moment alongside customers with even more empathy and solidarity,” says David Vélez, CEO and founder of Nubank, in the statement.

Nubank change

Since March, the Bitcoin Portal has been following the growing pressure on Nubank on social networks. With many self-employed customers and no source of income because of the coronavirus, the company found itself under a storm of hundreds of criticisms.

To make matters worse, Banco Inter, one of the main rivals, announced at the end of March that it would give up to 60 days to pay credit card bills with a limit of up to R $ 4,000 – without interest charges. 

The elaboration of a response with a positive agenda took so long that the company’s social networks blocked communication and were days without new posts.

The scenario started to change when fintech announced the creation of a R $ 20 million fund in various services such as Rappi and iFood for customers.

A few days later, however, the credit rating agency S&P changed the outlook for Nubank’s long-term rating from stable to negative.

Chairs and hires

Over the past week, Nubank has announced other news. The first is that it has hired an additional 85 employees since it deployed the home office on March 12 – fintech has not made massive layoffs since the coronavirus crisis began.

Another initiative was to send 500 ergonomic chairs to the employees’ home to help with their home office work. According to the company, another thousand will be sent over the next few weeks.

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