A. Product Introduction
Age: 21 years and older
Loan amount: from COP $50,000 to COP $1,500,000 pesos;
Terms: from 91 to 120 days
Interest rate: 0.06% per day (maximum annual interest rate is 24%, equivalent monthly interest rate of 1.8% only);
Value Added Tax (VAT): 19% VAT is applied on the commission in accordance with the policy and laws of Colombia;
APR: up to 85.69%(TEA)
Example
For example, for a 91-day loan of COP $100,000 at 3 months (at an annual interest rate of 25.55%). The monthly payment will be COP $40,881 (EMI) and the total amount of the payments will be COP $122,643;
Interested: COP $100,000 * 24% / 365 * 91 = COP $5,983;
Platform: COP$300,000; Discounts: COP $286,000; Platform Fee: COP $300,000 – COP $286,000= COP $14,000
VAT: 19% * Platform = 19% * COP $ 14,000 = COP $ 2,660;
The total amount to be paid = loan amount + Interest + commission + VAT = COP $100,000 + COP $5,983 + COP $14,000 + COP $2,660 = COP $122,643;
EMI = COP$40,881;
APR = This would translate into a TEA (Annual Effective Rate) of 85.69%.
B. About Appla
1. All fees will be clearly displayed to you and the loan will be directly deposited into your bank account
2. On-time payments allow higher terms and amounts each time
3. Apply for a loan in just 3 steps, all you need to do is fill out a lifestyle questionnaire
C.Privacy
1. When you use Applata, we ask you to authorize access to your mobile phone information to verify your identity and determine your eligibility for our line of credit
2. Your data is protected by the highest global security standards. Without prior authorization, we will never share your information.
D. Requirements to apply for a loan
1. Colombian residents with citizenship card
2. 21+
3. Have a mobile phone number and stable income