If you are looking for a loan, and are in the process of learning about fundamental conditions of the product, such as nominal interest rate, expenses, commissions, late interest, penalties and more, an online tool can help you.
And it is that the different credit products of entities supervised by Sugef may be compared, or similar products of the same entity, to help you make the best decision, announced the Central Bank and the Ministry of Economy.
For example, you can filter by categories such as industry or housing, for example, as well as the bidder entity and the type of currency. Once with that, you can compare terms and interest rates.
Read more: What is the plan to lower interest rates?
“It is an instrument that facilitates and makes transparent information to consumers about the different alternatives in credit products that the market offers; the foregoing in order that they have better information to make better decisions, avoid over-indebtedness and strengthen the initiatives that on We promote financial education from the MEIC ”, said Victoria Hernández, Minister of Economy.
However, information is presented that supervised financial intermediaries submit to the Central Bank on a weekly basis (it will be updated on Thursdays of each week), therefore the information is compiled as provided by the entities without verifying the veracity of the information.
Data are currently included for 32 financial intermediaries. In the coming weeks, another seven entities that are currently adapting their IT systems will be included.
Read more: Credit facilities finally advance! Central Bank approves three entities
Even by the end of January, it is intended to include information on electronic means of payment; In other words, this way, consumers will be able to compare the interest rates and the different charges on credit cards, as well as the different charges between debit cards and other means of payment used in the country.
The credit product comparator can be consulted in the Economic Indicators section of the Central Bank’s website, under the topic Comparability of financial products; O well, in this link.
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