The Yape application, which belongs to BCP, announced that it will grant microcredits of between S/ 150 and S/ 200 with immediate disbursement. These loans will be subject to a single payment installment, which could be 15, 20, 25 or 30 days. Therefore, the company expects to grant more than 60,000 credits in the next three months.
In this way, a loan of S/ 200 at 30 days would have a commission of S/ 5, since the annual effective cost rate (TCEA) is 80%. For the product launch stage, only users with a BCP account will be able to access. Following this announcement, many people wondered if this would be a good financial option.
When is it recommended to request a microcredit from Yape?
For César Fuentes, director of ESAN’s Master’s in Public Management, the Yape loan would be recommended as a starting point for credit system. “We must not forget that Yape, in its structure, is fundamentally transactional. It is not that I establish a long-term credit relationship, but rather that they are fundamentally payments for a particular service”, indicated the expert.
In this sense, the loans of the application should be thought only in urgent and very short-term cases. “(The Yape microcredit) is to meet very immediate needs and for a very short time. What we would be doing is a kind of emergency credit,” said César Fuentes.
“The typical case is that I am not paid for a transaction that I did, or I need capital for two or three months. There it will fit, but beyond that, in a longer time horizon, it would not work”, explained the academic.
Jorge Luis Ojeda, professor at the Business School of the Peruvian University of Applied Sciences (UPC), agrees that the Yape loan would be a starting point in the credit system.
“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 credits from Yape, but eventually you have to go looking for better credit conditions”, he pointed out in relation to the high rates presented by the application of the BCP.
Is Yape credit a good alternative for entrepreneurs?
If you are thinking of using Yape credit to start a business, specialists recommend carefully analyzing all market options. “They are fundamentally for some emergencies or for very limited working capital”, remarks César Fuentes about this product of the BCP.
“It would be a kind of transactional learning first, and then with credit. I would recommend these people to join the bank of their choice and build a credit history. This in order to access best rates and with longer terms”, analyzed the ESAN teacher.
For a microentrepreneur, the Yape loan could be recommended only in specific cases, Jorge Luis Ojeda clarifies. “For example, if I need the capital to do a specific business and after that I will have the capacity to pay the credit. That allows me the opportunity to do the business. But it is for very specific issues”, said the UPC professor.
“In these types of credit, as they have a higher risk for the bank, the risk is transferred to the rate. That is why this type of credit will be with very high rates. If I were a small businessman or microentrepreneur, I would look for other alternatives, because this is going to be expensive,” concluded Ojeda.