More than one has received a phone call in which they offer you various loans or purchases included debtwhere they inform you only about the interest rate and not about the total cost of said credit.
Therefore, in order not to end up being surprised by amounts that were not communicated in a timely manner, it is important that you know well how much the TEA (effective annual rate) and TCEA (cost effective annual rate).
What does TEA mean?
According to the Superintendence of Banking, Insurance and AFP (SBS), the Annual Effective Rate (TEA) is an indicator that allows calculating that interest that you will be charged for a specific credit within a period of one year. For example, for the use of your credit card.
What is the TCEA?
The Annual Effective Cost Rate (TCEA), on the other hand, includes everything that is paid for a credit, that is, the TEA plus credit expenses and commissions if applicable. Therefore, it must always be greater than the TEA.
Why is it important to ask for information about the TCEA?
“When you request a loan or find out about a loan, ask for the TCEA because it is the annual effective cost rate that includes the interest rate, plus other commissions, insurance and the total cost of the credit. is the actual rate”explains César Sanchez, specialist in financial education and content creator at Toma el Dato.
For example, Sanchez exposes a case of a real telephone call, in which he was offered the purchase of a debt for a maximum amount of up to 27,200 soles or a pre-approved loan of 20,000 soles.
When consulting for the data of how much the TEA is, you are informed that it is at 27% per year, either for the personal loan or the purchase of debt. On the other hand, when he requests the TCEA, he is informed that it would be at 30.19%, which would be the real rate and is higher.
In these terms, if the TEA itself is very high and you consider that it is not convenient for you, keep in mind that said percentage would not represent all insurance, commissions and credit expenses in total, so take your precautions.
2023-05-13 18:56:19
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