The bank of the Ecuadorian Social Security Institute (Biess) has set a new maximum term for members. Until last December, the possibility of acquiring unsecured loans was only up to 48 months.
As of January this year, the term was increased to 60 months (5 years).
On what days can unsecured loans be novated?
An unsecured loan is a Biessa product that affiliates, pensioners and retirees can access to meet their spending needs. Payment is made within 48 hours after loan approval.
A maximum payout period of five years was already in place for retirees.
The entity stated that 45% of the unsecured loans it approves are intended for emergency expenses, and 38% for debt payments. In the first two months of this year, around 400,000 unsecured loans were approved.
BIESS: Requirements I must meet to apply for an unsecured loan
To qualify for a loan, a branch must:
Source: Eluniverso
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