Access to informal credit through ‘drop by drop’ is a latent reality. These credits are granted by people or entities that are camouflaged using a modality similar to that of formal credit for the loan of money, such as payment terms, maximum application amounts, apparent requirements for the procedure, etc.
According to CreditDate Experian, 15 out of 20 credits are granted to strata one, two and three in the country. In addition, the informal credit modality keeps the person limited to the same type of credit, impeding their economic growth.
In this sense, Camilo Garay, Vice President of DataCrédito Experian Consulting, advises that “avoid being a victim of this modality, one of the ways to identify if you are dealing with an informal provider, is by checking official channels authorized by the Superintendency Colombian Financial.
The charges for these informal loans or drop by drop are usually extrajudicial and exceed the usury rate established by the Financial Superintendency, that is, the maximum that a financial institution could charge for its bank loans.
In Colombia, a person who borrows an amount of money in this informal modality for free investment could charge the lender 55% annual interest, and in some cases 60% or more..
Going to informal loans is not the best option for anyone, since this exposes people to endless risks, one of the main ones to consider, in addition to the exaggerated and illegal interest rate, is being a victim of fraud, at deposit a guarantee payment and not receive any credit, likewise, it is possible to be a victim of some other type of abuse and prevent people from saving or investing.
“Another important point to note is that informal credits are not taken into account in your credit history.. The credit history compiles our payment history and commitments for the acquisition of products or services in installments with entities such as: banks, insurers, mobile phone companies, commercial entities, cooperatives, among others. Likewise, it generates a reputational guarantee for the holders of the information that later allows access to better opportunities in relation to credit,” says Garay.
