Sunday 2 April 2023

An estimated 60,000 people a year are exposed to “informal” loans

Paying the bills


United States Announces $25 Million to Strengthen Costa Rica’s Cybersecurity  

QCOSTARICA - the United States and Costa Rica affirmed...

US Embassy Costa Rica Semana Santa 2023 Hours

QCOSTARICA - The Embassy and the Consular Section of...

What is Copart & IAAI Auto Auction Bid History?

Are you considering bidding on an automobile at auction...

Top Five Industries for Job Seekers in Costa Rica

Costa Rica is experiencing a booming and diverse economy...

Benefits of using automated trading software

People who are actively involved in trading have definitely...

Government promises to present bill to regulate Uber and DiDi

QCOSTARICA - The Government of Rodrigo Chaves promises to...

Dollar Exchange

¢537.94 Buy

¢545.40 Sell

01 April 2023 - At The Banks - BCCR

Paying the bills


QCOSTARICA – The Costa Rican Microfinance Association (Asociación Costarricense de Microfinanzas) estimates that annually 60,000 people in Costa Rica are exposed to being victims of informal loans or better known as “gota a gota” loans, which easy payments and high interest.

The experts indicate that, with the entry into force of the Usury Law (Ley contra la Usura) two years ago, the most affected sectors have been the most vulnerable populations, such as women, those without a credit history, and inhabitants of rural areas.

- Advertisement -

Mónica Navarro, the representative of the association, pointed out that 12% of microcredit applications are rejected annually, pushing people into loans that end up leaving them in a more vulnerable situation.

Navarro called on the Legislative Assembly to promote legislation that corrects the regulations that today have produced financial exclusion.

The expert indicates that only during the first six months of 2022, some 204 victims of extortion filed complaints with the Organismo de Investigación Judicial (OIJ).

The National Household Survey of the National Institute of Statistics and Censuses – Encuesta Nacional de Hogares del Instituto Nacional de Estadística y Censos (INEC), confirms that 75% of the rural population would be financially excluded from a traditional banking product, according to their income profile.

- Advertisement -
Paying the bills
Avatar photo
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Four out of ten complaints of extortion in Costa Rica are “sextortions”

QCOSTARICA ( Four out of ten complaints of extortion filed with...

Costa Rica’s Central Bank publishes new ceilings for ‘usury interest’

QCOSTARICA - The maximum annual interest rates on loans for financial,...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.