Taking out a loan in dollars or soles is not a decision that we should take lightly. In the first place, we must evaluate the need to take out said loan, since in the end not only does the borrowed money end up being returned to the bank, but also interest, commissions, among other expenses. In addition, if we have not scheduled our payments, we can fall into delays that affect our credit history.
Despite this, asking for a loan is not bad if we have planned it. In this publication we want to address a question that many people have regarding the currency in which they should take out loans. Here we will answer if it is better to request a dollar loan or in soles.
Loan in dollars or soles
What we can say about the best currency to take out a bank loan, today, is that it is in soles. Although this advice is only valid for people who live in Peru and have income in this currency.
What happens is that if we have income in soles and we request a loan in dollars, due to the volatility of the dollar we can end up paying more soles for each dollar of our debt, which, without a doubt, will affect our economy in the long term.
Next, we will see some cases where it is preferable to take out a loan in one or another currency.
If we ask for a home or home loan, it is better in soles
Although generally the properties and cars are sold in dollars, we can also request the quotation in soles and request a loan in national currency. This is ideal if we have income in soles.
The interest rate on the loan
In some cases, the interest rate for loans in dollars may be lower than that of soles. This could be a reason to prefer loans in dollars, although we must evaluate if the lower interest compensates the value of the exchange rate.
You want to have a fixed amount to pay per month
A third case to request a loan in soles, instead of in dollars, is because, despite having income in both currencies, you want to pay a fixed monthly amount and reserve the dollars of your income to save them and exchange them in a better scenario for the exchange rate.