Under this option, freely available credits can be accessed by leaving a property as collateral.. Nicholas Mendoza del Solar, co-founder of rebajastuscuentas.com which has been granting this type of credit for five years, explained to Management that -now- 40% of these loans (2 out of 5) are destined to pay debts.
“40% of the loans we grant are for debt consolidation. Under this alternative, all the debts that the client has are consolidated into one, that is, so that they pay their debts in a single army. With a mortgage guarantee, you have a higher amount, longer terms -up to 10 years- and competitive rates”, accurate.
The most common debts sought to be paid under this debt consolidation alternative are those obtained with credit cards and in the informal sector, that is, outside the financial system, which are very aggressive due to their high rates.
“In the case of the informal sector loans that are sought to be canceled, they are those offered by informal, neighborhood lenders, who give loans with or without collateral and with outdated collection methods. We have cases of some clients who tell us that if they do not pay the lender, they will not be allowed to open their point of sale while others have to pay an interest rate of 40% to 50%. Unfortunately it is very difficult to measure the size of the shadow banking market. narrowed down
Along these lines, he mentioned that there are factors that could cause the appetite for debt consolidation to continue to increase in the coming months, such as the high rate of informality (ya There are 9.7 million Peruvians in urban areas in labor informality) and the tightening of credit for individuals and companies by raising the BCR’s reference rate, which makes banks raise their interest rates and lower their risk appetite.
Most of the clients looking for debt consolidation are in Lima. In addition, they allocate between 50% to 55% of their family income to pay debts, so they seek to reduce that burden. After debt consolidation, only between 30% and 40% of the income is used to pay a single debt.
-Self-construction-
While 30% of the loans granted with real estate guarantees are for self-construction or construction projects that are carried out in an already built home, that is, for second floors, remodeling, extensions, among others.
Most of these buildings or remodeling are intended to obtain additional income either through rent or sale. While the remaining 30% of loans with real estate guarantee delivered is for working capital of small and micro businesses.
Profile
- Those who apply for loans with real estate guarantees are generally in Lima and between 35 and 50 years old.
- 55% are men and 45% are women, who have a property registered in the public registry or mortgage the property of their parents.
- They are generally families that jointly earn between S/ 5,000 to S/ 6,000.
- The value of the property that is left as collateral ranges between S/ 400,000 and S/ 500,000.
- 80% are houses or apartments, while 20% are offices, commercial premises or land.
- On average, loans between S/ 100,000 and S/ 120,000 are requested.
- The loan terms are from 5 to 6 years and the interest rates range between 19% and 26% depending on the client’s profile, term and guarantee.
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