Submarino signs financing partnership with VirtualCred

Brazilian online retailer Submarino has inked a partnership for Brazilian online credit firm VirtualCred to provide its customers with new financing options, Submarino said in a statement. "Financing is used a lot in Brazilian commerce and there is still a lot of room for it to grow in virtual retail," Submarino marketing manager Andre Shinohara said in the statement. VirtualCred will offer Submarino's customers financing of up to 24 months on IT goods, and over 18 months for electronic, cinema and photographic goods, domestic appliances, sports, telephony and toys. The minimum loan is 300 reais and the minimum monthly repayment is 20 reais. Furthermore, 80% of the total amount of the purchase must be from the respective category as outlined above. To qualify, customers must be over 18 years of age, have a bank account, and proof of income. The loans can be agreed over the web or by telephone.