BIESS: The requirements that I must meet to apply for an unsecured loan

On some occasions it is necessary to have additional money that allows you to face an eventuality or project. Although it is advisable to plan and save that economic resource, many times that is not possible.

Members, retirees and pensioners of the Ecuadorian Social Security Institute (IESS) they have an option that they can access and they are the unsecured loans. This is a financial product that is granted without a guarantee and that serves to meet consumer needs.

IESS: What are the options to retire in Ecuador?

Depending on your situation, you must meet several requirements. For example, for affiliates, they must have a proof of a stable, proportional and compatible repayment source with the requested loan, as well as be up to date with their obligations before the IESS and the IESS Bank (Biess).

To qualify you are required to:

• Possess real guarantees (reserve funds and/or layoffs) in the IESS.
• Have a minimum of 24 contributions.
• Be an active affiliate.
• Current employer must not belong to the peasant social security.
• Not have a layoff request in process.
• Your employer(s) must not be in arrears with the IESS.
• Have a bank account registered and authorized by the IESS.
• There is no record of the date of death in the IESS.
• Biess validations.
• Not having a mortgage loan in process.
• Not have pending instrumentation expenses in a mortgage loan application that has been started and not completed.
• Do not have proof pending payment.
• Not have unsecured credits in process.
• Have credits in liquidation.
• Not having current credit with the IESS – previous HOST system.

This is how you can consult and withdraw the IESS reserve funds

In the case of being retired and a pensioner, you must be in enjoyment of the pension as well as meet your obligations with the IESS or Biess.

These are the requirements for qualification in retirees:

• Have a bank account registered and authorized by the IESS.
• There is no record of the date of death in the IESS.
• Not have credit in arrears with the IESS or Biess.
• Not having a mortgage loan with the Biess in process.
• Not have pending instrumentation expenses in a mortgage loan application that has been started and not completed.
• Do not have proof pending payment.
• Not have unsecured credits in process.
• Have credits in liquidation.
• Not having current credit with the IESS – previous HOST system. (YO)