What are the dangers of accessing informal credit?

Many times, we may need money so badly that it is easy to fall victim to informal moneylenders. However, if we knew all the risks involved in acquiring a informal credit We would think twice about accepting this offer, desperate as we are.

The Risks of Informal Credit in Peru

informal credits in Peru

Request a informal credit it can seriously affect your economy. For this reason, here we want to tell you about the dangers of applying for this type of loan.

Soaring interests

One of the main informal loan risks It is the interest that the lenders charge. According to ASBANC, the interest charged by this group can reach 10,000%.

There is no regularization in payments

regularization in payments

Another risk of this type of credit is that, unlike as with banks, the installments are not monthly payments, but can be weekly or even daily payments. This is not good because, although it may seem that you pay little, if you add up the interest that they charge you every day, you will realize the usury they represent.



Mafias can and do exist behind informal loans. Therefore, people who apply for loans with these people can be threatened shortly after obtaining the money they need, regardless of whether or not they pay on the date.

Pledge loans

Pledge loans

Many informal lenders ask you to leave a pledge as security for the loan they give you. There is no contract or proof of what you leave, so you can lose what you left.

Now that you know more about the risks involved in informal loans, think twice before applying for or accepting one. Remember that it is about credits that are not legal so there are no guarantees for the payment of your fees, the way how they will charge you the money or the interest that they will impose on you.

If you can not apply for a formal loanDue to the fact that you have a previous unpaid or penalized debt, we recommend that you regularize your situation. There is a way to do it, for example, programs like My board that bring together people with the same problem as you, in order to save monthly to a protected account, generating an individual fund that allows them to pay off their debt. If you want to know more about this program, contact us!

See also  What inflation taught us in ancient Rome

Leave a Comment