Yape credit simulator: how do I know what interest rate the app will charge me?

Yape, the digital wallet Banco del Credito del Perú (BCP), for the last six years has provided a variety of products; among them, offering additional funds without the need for complicated in-person procedures. In this way, its users can receive a certain amount of money as a loan, as long as the person meets certain requirements.

Although recently BCP has announced that this application will begin to give loans of up to S/10,000 to pay them in 18 months, the credit simulator it has still offers payment figures with terms of up to four months. So, if you are looking to apply for a loan from Yape and want to know what the credit rate would be, in this note we will tell you what steps to follow.

What are the requirements to access a Yape credit?

To access loans through Yape, you must meet certain requirements:

1. Yape membership with BCP card or Yape Account with DNI: You must be a Yape user and have a Banco de Crédito del Perú (BCP) card or a Yape account associated with your National Identity Document (DNI).
2. Updated contact details: It is essential that your contact information, such as address and cell phone number, is up to date with Banco de Crédito del Perú (BCP).
3. Active debit card: To request a loan through Yape, your debit card must be active and unblocked.
4. Good behavior and credit history: Having a positive credit history is crucial to access loans through Yape. A solid track record shows that you are a reliable and responsible customer.
5. Pre-approved offer: The possibility of requesting a loan through Yape requires having a pre-approved offer. This implies that the financial institution has evaluated you and has offered you a specific amount and conditions for your credit.

Despite meeting these requirements, it is important to note that the credit option will not always be enabled immediately. In some cases, continuous use of Yape, the digital wallet of the Banco de Crédito del Perú (BCP), may be required so that the financial institution knows you better and offers you credit in the future.

Yape credit simulator: how does it work?

Regarding the credit application through Yape, we provide you with information on how to accurately calculate the amount equivalent to the Annual Effective Cost Rate (TCEA) associated with the financing request:

1. Access the Loan Simulator – Yape: https://www.yape.com.pe/productos/creditos-yape/formulario
2. Move the cursor to the bottom until you find the options that will allow you to select the desired credit amount and the number of days available for reimbursement.
3. After verifying the amounts offered by BCP, which range from S/100 to S/500, choose the option that interests you, as well as the payment days.
4. Finally, the Yape platform will automatically provide you with the desired answer, revealing the total sum of the corresponding TCEA.

Yape credits: how to request one?

Applying for a Yape Credit is easy. Follow these steps:

1. Access the ‘credits’ section in Yape: Open the Yape application and look for the ‘credits’ option in the main menu.
2. Choose payment amount and date: Select the amount you need and choose a payment date that fits your financial possibilities.
3. Review and accept the conditions: Read the credit-related documents carefully, making sure you understand all conditions. Once satisfied, accept the conditions.
4. Enter the validation code: To confirm your request, enter the validation code that you will receive through the application.
5. Ready to check the deposit in your Yape balance! After completing these steps, the financial institution will evaluate your application. If approved, the loan amount will be deposited into your Yape balance.

It is essential to keep in mind that the credit offer in Yape, the digital wallet of the Banco de Crédito del Perú (BCP), is subject to a credit evaluation. The amount borrowed may vary depending on your credit history, the selected payment date and the effective annual rate. In addition, loans can be paid in a single installment or in several, depending on your credit history and the agreed terms.