The rise in prices that has occurred since last year has caused headaches for many people. If this is your case and you are considering asking for a loan to get out of financial problems, be careful! Credit may not be as cheap as promised.
If you receive an email, a WhatsApp message or a text message in which they offer you money with a low interest rate, do not go with the feint, because there is no easy money, and you may end up paying more than what they promise. Such is the case with microcredits .
They offer amounts of less than 10,000 pesos to be paid in three months with low interest rates. But what happens if you do not pay in a timely manner? How much do they charge for default interest and penalties?
Before signing a contract, there are some steps to follow to make the best decision, agree Adolfo Ruiz, director of communication and public relations and personal finance specialist at Ve por Más (BX+) bank, and Ángel González, general director of Defense of the Debtor.
If it sounds too good to be true, it’s usually too good to be true.
“Do not keep the information that comes on the phone screen, or with the description of the application store, because that information can be modified at any time. That is why the contract will always support the client”, said Adolfo Ruiz.
Before signing, you must request a copy of the contract, look for the cover page, since it contains all the conditions: interest rate, useful life of the credit, penalties for late payments, commissions that apply late, commissions that apply.
In the event of the modification of a contract, to the detriment of the client, prior notice must be given 30 days in advance so that, if it does not suit him, he has time to cancel the financial product, said the director of Debtor Defense.
In case of any doubt with the contract, it is important to ask all the questions that arise with the advisor. In addition, they offer guidance and can clarify doubts about the contract, Ángel González recalled.
Defense of the Debtor has the telephone number 55 4440 0690 55 and WhatsApp 55 8676 8307 available to users.
Another alternative, added Adolfo Ruiz, is to request that they do “a run to clearly see the amortizations -payments- that you are going to make throughout the life of the loan.”
Another recommendation has to do with checking that it is a formally established institution and that it is regulated by the National Commission for the Protection and Defense of Users of Financial Services (Condusef). This in case there is any claim or disagreement.
“There are new credit companies in which the only defense could only be Profeco, so it would be very difficult for them to resolve it properly if you have a complaint,” explained Adolfo Ruiz, from BX+.
Comparing between several options can also help you not to fall for these credits that end up being more expensive than what they originally promise you.
Through the Bureau of Financial Entities it is possible to make comparisons between different financial products; however, not all the institutions are in the country, pointed out Ángel González.