If you do not have a credit, you are not alone. According to the 2015 National Survey of Financial Inclusion , 70% of the adult population in Mexico does not have a personal credit or bank credit card or another financial institution or departmental store. In a world where access to credit can be the difference between progress or stagnation, understanding how you can obtain a loan is not only important but also a determining factor in your ability to advance personally and professionally
Do not you want to go into debt, or do you not meet the requirements?
The answer is divided. Among people who do not have credit, there are almost as many who do not meet the requirements (33%), as those who say they do not like to borrow (39%). In the same way, there are almost as many who say that interest rates and commissions are high (14%), such as those who say they are not interested or do not need a loan (19%).
Moreover, among those who have had and no longer have credit, the intention to regain a loan is very low. Many say they charged very high interest rates (29%), do not want to go back into debt (25%), no longer need it (23%), or had a bad experience with the financial institution (20%)collection letter late payments
It is difficult to accept, but sometimes we fail to fulfill what we have committed ourselves. Among those who have a personal loan, most have always kept abreast of their payments (67%). However, life is not easy for everyone, and some (20%) have been with two or more late payments in the last year. If you are among them, acknowledge and afrontalo in the best way. Come to your bank and find the best way to solve it.
Why do we get into debt?
We all want something. Credit helps us achieve what we want. Most Mexicans (30%) use credit to buy, repair, remodel or expand a house; buy land, vehicles and other things. Unfortunately, many of us (28%) also use the credit for food, personal expenses or payment of services. The most enterprising (14%), we borrow to start, expand or operate a business. Finally, some (9%) also understand that it is sometimes convenient to take a cheap loan to pay another more expensive loan, and thus lower our financial burden. The latter is also known as debt consolidation, and it is one of the strategies we can use to pay less interest.
Although the advantages of having access to credit are clear, the reality is that a significant part of Mexicans have not been lucky enough to achieve it. Eleven million Mexicans (representing 15% of the target population) declared that they have once been denied credit. It is very likely that the number is significantly higher than this – 50% of the population declares that they have never applied for a loan; it is possible that within these there is a party that prefers not to accept that it does not have access to credit. Among those who have denied credit, a good part (35%) is due to the feared Credit Bureau, which concentrates information on the payment history of each of our loans. The second reason stated is the lack of a way to prove income (21%) or the lack of another required document (13%).
Most Mexicans already have access to a cell phone (75%). Most of these are the so-called “smartphones”, which are essentially computers
personals connected to the Internet within our reach 24 hours a day. This technology enables access to personal financial services through a series of innovative providers that are bringing competitive offers with banks and financial institutions. All this gives consumers new options of services that we can access at better prices, in more agile terms, and with better conditions than those offered by traditional financial institutions. In a world where traditional suppliers have failed to meet the needs of the majority, technology promises to fill those gaps.