Alert of high interest rates on loans
effects of inflation
MÉRIDA, Yucatán.— At this stage of the “January slope”, credits are expensive due to the effect of inflation, scarcity and high interest rates, so taking out a loan requires an informed decision.
The teacher and financial consultant Marisol Cen Caamal, an editorial collaborator of the Diario, warns that at this time there are financial institutions that offer help for micro, small and medium-sized companies, but those who do not know the banking and financial terms risk paying much more than the interest rates offered and the amount of the contracted credit.
“It happens a lot that Mipymes when they want to get a loan, financial companies offer them in a simple way, but the Total Annual Cost (CAT) is very high,” he said.
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“There are institutions that claim to support small businesses, but CAT rates are between 120% and 150% per year, it’s a lot of money. I don’t see that they want to support MSMEs that way because they will pay a lot, all the profits go there”.
“The first thing a credit applicant has to see is the CAT and look for options that have a low percentage, not just look at the interest rate they offer you. Sometimes they offer you to charge a low rate, but in the CAT they charge you a very high commission that makes the loan more expensive, the first thing is to look at the CAT”.
The financial consultant does not take the risk of suggesting any banking institution, because in her opinion there is not a specific one that is good; In addition, the credit conditions depend a lot on the client’s situation and the credit history they have.
The recommendation that it does make is that whoever needs to take out a loan should opt for the one with the lowest CAT.
“There is something that I have seen in the financial market, the Mipymes have not explored the credits of the government programs such as those of Nacional Financiera, of the municipal government such as Micromer, of the state government such as those of the IYEM and the Sefoet”, he said.
“The three levels of government have aid programs for Mipymes and they do so through the secretaries and economic directorates. If one enters the Nafin website, one can see that it offers loans with very low rates and offers some benefits such as extensions”.
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“Nafin offers a fixed rate of 13% per year, it is a very low rate compared to commercial financial institutions that charge between 120% and 150% interest, that credit is 10 times more expensive.”
The teacher Cen Caamal stressed that Mipymes can seek loans in second-tier banks through Nafin, which has these financial funds, but small entrepreneurs need to rely on those loans that the government has because they have very low rates and do not they know them.
He was asked if it is better to pay a little in a long time the credit or to pay a lot in the shortest time.
“It depends on the cash flow you have, whenever we are going to contract a loan, we have to see it liquidated as quickly as possible. If the company’s cash flow does not generate enough to pay a lot, then no, we have to see if it has the ability to pay,” he said.
“Paying faster with a larger amount means paying less interest, those small payments, little by little, take longer and you pay much more in terms of interest,” he pointed out.
He also suggested that the borrower should not fall into the tactics of offering very low rates, because you should always be suspicious when they offer a fairly low rate, it is probably a fraud.
For this reason, it is necessary to review the Sipres database of the Condusef, where a person can check if any financial institution exists, is regulated and if it has complaints or not.
It is easy to navigate this site https://webapps.condusef.gob.mx/sipres/jsp/pub/index.jsp, just enter the name of the financial company and its history appears.
“The three levels of government offer business support, there may be low rates if the credit comes from the government, but you have to be careful because scammers create fake pages, it is better to look for safe official pages.”
“It is already happening with the Banco de Bienestar, where credit fraud is being committed and this bank is not giving them. Fraudsters take advantage of using the name of official institutions to commit their illicit activities,” he warned.
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In the case of personal loans and for salaried workers, the financial consultant explained that many people who do not have liquidity due to the economic crisis or due to lack of a job go to well-known pawnshops to get quick loans and small amounts.
In reality, the small credit is sometimes very expensive, with a payment of more than 400% per year because the monthly credit payment of 4% or even more.
“The salaried worker needs to explore the Fonacot credit. This institution used to only give credits for appliances and household items, but now it handles credits for whatever you need and the rates they charge are less expensive than using a credit card,” he reported.—
The financial consultant Marisol Cen Caamal deals with the subject of interest rates.
“Fonacot has very good interest rates. Payroll loans are now found at rates of 40% to 60% per year, it is quite expensive; Monte de Piedad charges an average of 60% per year. Fonacot’s depends on the level of indebtedness, but it offers loans with a CAT of 26.7% per year. No financial institution will give you this percentage of interest right now, it helps you get out of a problem, but if it is with a private financial institution you end up complicating your economic situation”.
Teacher Cen Caamal said that the current inflation has a natural effect on the financial market, causing interest rates on loans to rise, making everything more expensive. The credit already agreed at a rate is no longer changed, but using the credit card to finance oneself does complicate the situation because it has a high interest rate.
news from Mérida – El Diario de Yucatán