PicPay Loan Club: see how it works

PicPay Loan Club is an innovative loan modality. Check out its functionality and how to order.

Estimated reading time: 3 minutes

The Brazilian fintech PicPay arrived in the financial market with innovations and several benefits to improve the financial life of the community. Founded in 2012, PicPay was one of the pioneers in QRcode digital wallets in the world.

Among PicPay’s features, the loan club has been a great differentiator, as it is an innovative loan category. By participating in the system, an investor lends the specified amount and guarantees a profit from it.

How does the Loan Club work?

The Loan Club is run in a very affordable way. You invest your money in a company or person and every month you receive the return in installments and with the income.

The procedure is done directly in the PicPay application, through a connection between the investor and the person who requested the loan.

All loans go through a risk analysis beforehand. Despite this, only you analyze and choose the best yield.

It can happen that those who applied for the loan do not pay or delay the installments. If this happens, PicPay is not responsible for the payment, as the platform is only an intermediary for transactions.

It is possible to invest up to BRL 15 thousand per person or company. The investment can be made as many times as you prefer, as long as it does not exceed the value per person, but it all depends on the investment offers.

How to apply for the loan

To apply for a loan at the Loan Club, simply enter the PicPay app, access your wallet and tap the loans area. Choose the “Loan Club” modality. When you do that, tap on simulate loan and follow the steps.

After making the loan application, PicPay will look for someone to invest in you, this step can take up to 7 days. With the search done, the money is received and transferred to your PicPay Wallet. If your order does not receive the full amount on time, it will be canceled and you will not pay any fee for doing so. You can still choose to make another request with a new value.

One of the advantages of this type of loan is that it is carried out completely online, directly in the PicPay application. In addition, you are the one who chooses the installment and payment conditions.

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Image: Sidney de Almeida / Shutterstock.com

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