Nu confirmed in May the launch of its personal loan product in Mexico, after three years offering only a credit card and an account. The offer starts at a CAT (Costo Anual Total — Mexico's all-in annual cost figure) from 32% for clients with a solid track record inside Nu itself, with amounts up to 150,000 pesos and terms from 6 to 48 months.
What it shifts in the market
The 32% figure sits three points below the average CAT at traditional banks in the same range. For someone who already holds the Nu card and uses it well, this is probably the cheapest offer they'll get without setting foot in a branch. But the words "from" and "solid track record" carry a lot of weight.
In practice, what we're seeing in the first cases: Nu clients with six months of card use and on-time payments are getting offers in the 38-45% range. Reaching 32% requires a longer history and a card limit above 30,000 pesos. Still competitive, but not the number in the ad.
What it still doesn't have
There's no option for direct debit from an account at another bank — your payment has to come out of the Nu account. That forces you to keep a balance there, which is manageable but not for everyone.
There's also no refinancing from existing debt. If you wanted to move a card balance from 65% CAT to Nu's personal loan, there's no direct consolidation: you request the loan, get the money, and pay off the card yourself. It works, but it takes discipline and leaves the door open to running the original card back up.
When it's worth it
If you're already a Nu client with the card, have six months or more of good behavior, and need a mid-range amount (40,000-120,000 pesos) at 24-36 months, the offer is serious. If this is your first contact with Nu, it's better to apply for the card first, build the history, and then go for the personal loan — the algorithm rewards that.
For the market, the interesting effect will be whether BBVA and Banorte respond by cutting rates to keep their premium clients. Historically, yes — but it takes two or three quarters.