The Nequi finance application presented a new service for its users called the Propulsor loan, through which users can request loans for amounts ranging between 500,000 and five million pesos that they can pay in terms from 6 to 24 months.

The alternative is in its beta phase and is only available to a group of users. However, the company hopes to enable the option in the coming weeks for all those who have the application.

The idea is that people can access credit 100% digitally from their cell phone. To approve the loan, different aspects of a person’s financial life will be taken into account, not only the information from the risk centers. One of the key factors in the approval of the loan is that those who request it are constant users of the ‘app’.

It will also have an option for people to know how much they will have to pay in total, taking into account interest and other payments, to ensure transparency.