the nubank It is one of the most popular digital banks in Brazil. In 2021, the financial institution launched the function of setting credit limits for its customers.
For users with a problematic history or little account movement, where the bank’s credit approval forms may not provide a limit, the option “Building a Line of Credit” from Nubank It could be an interesting option. By adhering to this format, it is possible to obtain a pre-approved limit.
As reported by Nubank Brasil in December 2021, with the credit line building function offered by the bank, it was possible to offer pre-approved credit to more than 5 million people who did not have access.
How does the credit line builder work?
This feature allows customers to set their own limits, as well as increase financial control over their spending, increasing their chances of getting pre-approved.
To use the tool, it is necessary to keep the amount available in the account that you want to apply as a balance. After applying the money, the value is used as a maximum. When the invoice expires, the payment must be made, even after the amount has been applied, because it does not work as an instant payment method.
The reserved amount will be stored in your account Nobank account In case you need to use it to pay the bill. But ideally, the money is held to continue as a line of credit and repaid with another amount, which increases the chances of getting a pre-approved limit.
If payment is not made by the due date, the institution may use the amount to settle the debt. But it is important to remember that if this action occurs, the credit analysis may be compromised, which may result in interest.
The funds are kept in the account, in case the user does not want to use this amount credit limit. Thus, a refund is possible, as the amount is reserved only so that the bank can analyze how the user’s financial behavior works.
Ideally, so that the customer has higher chances of obtaining pre-approved credit, their invoices are created and paid using Funds available in your Nubank account. But if you want to use the saved amount, just click on the “Pay with reserved money” option.
It is important for the user of the credit line builder to understand that when the reserved amount is used to pay or redeem the bill, the limit will no longer exist.
To get an amount released as a credit again, you’ll need to apply another amount. But if the bill is paid with an available amount in your account and the refund is not made, the limit will be renewed for use in the following month.
How do you use the credit building function?
Upon recognition of the job and interest in it, the bank customer can activate it at any time through the following steps:
- You already have an account with the organization on the home screen of Nubank applicationThen, you should click on the “Reserve amount as credit” option.
- Enter the amount you want to use as a credit.
- Read and agree to the terms and conditions.
- Enter the 4-digit password.
After performing these steps, the function of creating a credit limit for nubank It will now be available for use. As a result, the customer’s financial behavior is analyzed for credit pre-approval.
“Entrepreneur. Music enthusiast. Lifelong communicator. General coffee aficionado. Internet scholar.”