The Yape loan is a new functionality in the apps of the BCP. These are microcredits granted through the mobile app between S/ 150 and S/ 200 with a maximum term of 30 days. From the company, they expect to grant 60,000 credits in the next three months.
The BCP confirmed to La República that the Yape loans are already on deployment and their app It will be progressive. Users who choose this option will have to pay an annual effective cost rate (TCEA) of 80%. In this way, a credit from S/ 200 to 30 days you will have a total commission of S/ 5, as long as it is paid on time.
Jorge Luis Ojeda, professor at the Business School of the Peruvian University of Applied Sciences (UPC), pointed out in early July that Yape loans would be an option to start 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. One can leave with these credits from Yape, but eventually you have to go to look for better credit conditions”, he analyzed.
What is Yape and how does it work in Peru?
The Yape application is the BCP electronic wallet. It allows affiliation to carry out transactions for up to S / 500 daily without having a Bank account. The financial institution states that they already have more than 10 million users.
With this app, you can send and receive money with the your cell phone contacts, as well as paying at affiliated businesses using the QR code. To use Yape in you mobile phone, You need Android 5.0 or iOS 10 and above system with stable internet. Also, an identity document (DNI, passport or immigration card) and be of legal age.
How to request a Yape loan?
If you decided to request a microcredit of Yape, you must follow these steps:
- 1. Enter Yape, tap on the three-line menu and then choose the ‘credits’ option.
- 2. If this is your first time requesting one, a confirmation screen will appear. Accept to continue.
- 3. Select the amount and payment date of your preference.
- 4. Validate and confirm the details of your request.
- 5. Subsequently, review and accept the terms and conditions of the credit.
- 6. Finally, enter the code that will come to you by text message and confirm receipt of your loan.
The credit request It will only be available from Monday to Saturday between 6 am and 8 pm Remember to validate the disbursement of the same by reviewing the increase in your balance in your Yape account and the confirmation email.
The BCP specified that the fees to be charged are subject to the amount you request and the date you choose to pay it. “When requesting a credit in Yape, the maximum interest would be S/ 10.40 (with relief insurance), as long as you make the payment on time”, they indicated.
What are the requirements to obtain a Yape loan?
Check the list of requirements demanded by Yape to grant a credit of up to S/ 200. If you do not meet any of these points, the application will deny you the disbursement.
- 1. Be affiliated with Yape with a BCP card.
- 2. Have your debit card active.
- 3. Be up to date with your debt payments at any financial institution.
- 4. Present good behavior and credit history.
- 5. Have your contact information such as address, telephone and email updated in BCP.