Sunday 19 September 2021

What is the “Usury Rate” in Costa Rica?

Paying the bills

Latest

Athleta women’s brand opened its first store outside North America in Costa Rica

QCOSTARICA - Gap Inc.'s Athleta brand announced the opening...

Carlos Alvarado: Vaccine retention ‘delays global solution and increases risk of new virus variables’

QCOSTARICA - Costa Rica President Carlos Alvarado showed his...

Top 8 Ways To Make Money in 2021

There are many legal ways to make money in...

Otto Guevara compares Daniel Salas with a dictator for sanitary measures

QCOSTARICA - The vehicle restriction of odds and evens...

Today’s Vehicle Restriction September 19: “EVEN” ending plates CANNOT circulate

QCOSTARICA - For today, September 19, vehicles with EVEN...

What are we celebrating?

QCOSTARICA - From the gallows humor department is the...
Paying the bills

Share

QCOSTARICA – The Solis administration is relaunching a bill which aims to set the maximum allowable interest rate for any type of loan. Although the so called usury rate is part of Costa Rican law, it is not specified how much the rate should be.

credit-card-and-card-terms-with-penBecause of this, “… the Costa Rican financial market offers various loans with very high rates that could be punishable, but the gap in the law does not allow the courts to determine what is a high or low rate.”

Welmer Ramos Gonzalez, Minister of Economy Trade and Industry, told Crhoy.com that “… The bill seeks to regulate primarily what is the maximum interest rate that can be applied to all loans, regardless of who grants them or under what conditions. It is from this point that a major social problem is generated, one factor is that there is asymmetric information which is biased against the user and on the other side is the fact that there is a great deal of financial illiteracy within the population. ”

- Advertisement -

“… The bill establishes criteria for defining a usurious loan, based on the surplus on a target limit on effective interest rates charged in any credit relationship. ”

Source: Crhoy.com

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"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

Athleta women’s brand opened its first store outside North America in Costa Rica

QCOSTARICA - Gap Inc.'s Athleta brand announced the opening in Costa...

Carlos Alvarado: Vaccine retention ‘delays global solution and increases risk of new virus variables’

QCOSTARICA - Costa Rica President Carlos Alvarado showed his opposition to...

Subscribe to our stories

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

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.