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Yape loan: 6 mistakes we should not make when applying for a microcredit

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BCP’s Yape application, the most used mobile wallet in the Peru, will integrate the function of granting microcredits through its platform. Users of the service will be able to access loans of S/ 150 and S/ 200 from July 19.

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The credit will be delivered with terms of 15, 20, 25 or 30 days with an annual effective cost rate (TCEA) of 80%. In this way, a client will have to pay a commission of S/ 5 for a credit of S/ 200 to 30 days. The company plans to award 60,000 of these loans in the next three months. “In this first stage, we hope to impact 1.3 million yaperos,” said Raimundo Morales, general manager of Yape.

Yape is a virtual wallet of BCP. Photo: LR composition / Facebook

Errors that we must avoid with the Yape microcredit

Jorge Luis Ojeda, professor at the Faculty of Business of the UPChighlighted some mistakes that credit users often make.

  • Not looking at interest rates before taking a loan credit is the most critical error. That is, see amounts and not rates. “Sometimes, financial institutions hide —let’s put it this way— the rates when they say, for example: ‘have a loan for S/ 1,000 and pay 12 installments of S/ 100’. But it doesn’t say what the rate is. Normally, when there are microcredits, the rates can be very high,” Ojeda pointed out.
  • Don’t wear the credit installments with the actual ability to pay. “You have to see if the income matches what one is going to pay. It is what is called the ability to pay, ”he explained.
  • Fall into over-indebtedness. “A very common error is the famous ‘carousel’, through which one ends up paying the installments with another loan. That is, a loan to pay off a previous loan. Here we are already talking about a critical financial level for a person”, he remarked.
  • Ask for credit which you don’t really need. “What happens with microcredit is that you can easily obtain it quickly and spend more than you should,” warned Ojeda.
  • collapse a payment obligation that exceeds income. “That’s when people start having problems,” said the expert.
  • not pay the credit on time. “You are going to end up reported in the risk centers. Leaving a risk center is very complicated. If one takes a microcredit and does not pay, the possibility of obtaining more important credits in the future is being cut off, “said the finance professor.

Does the Yape loan favor the credit history?

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Raimundo Morales, general manager of Yape, assured that the loans of this application would facilitate the entry of many users to the credit system. “We make it easy for the user so that he can not only have the money he needs at the moment, but also generate credit history,” he signed at a press conference.

UPC professor Jorge Luis Ojeda agrees with this statement. “Financial entities, when rating individuals, companies or micro-enterprises, are always based on their history,” he said. For the finance expert, it is not profitable to have income and savings without carrying out credit operations with financial institutions.

However, due to the high rates of this microcredit (TCEA of 80%), it would not be a sustainable option over time, other than for a start and specific cases. “If you can get a credit record at lower costs, that’s better. The idea is that at first it will cost, but in the long run it is the best. You can leave with these Yape credits, but over time you have to go find better credit conditions,” analyzed.

Source: Larepublica

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