This aggravating circumstance would increase the sentences imposed on lenders to 15 years in prison. As well as a fine of up to 1500 legal minimum wages. Hello, I have a credit from Crediservice and monthly they charge me a rate of 23.86 months of arrears, is it legal? José, if you are looking for a return on your savings, you should look for investment products. We advise on loans that are private equity, you can not invest there. There are projects and companies where you can invest your money and you can do it 100% online. Here we leave you some investment opportunities in case you are interested in analyzing it. It also aims to increase the penalty and even double the jurisdiction in matters of usury when minors are affected by violent acts committed by lenders. If you are about to apply for a loan and want to know if the interest rate you want to apply is legal, you need to know what the usurious interest rate is in Colombia. BCI Empresas SAS charged interest in excess of 17 times the statutory interest allowed. The definition of usury is a term used for centuries for all interests that are above the established maximum. Through the Superintendence of Industry and Commerce (SIC), consumers can file complaints and prosecutions against lenders who commit the crime of usury in Colombia.

This is to ensure that usurious interest is no longer charged. Similarly, the company certified the current annual effective bank interest rate for the consumer and ordinary credit modality of 19.16%, a decrease of 0.24 points compared to the previous figure of 19.4%. With regard to remuneration and default interest, the Company declares that they may not exceed 1.5 times the current bank interest rate (28.74% effectively annually) for the consumer and ordinary credit modality; and 54.98 per cent per annum for microcredit. ECONOMY AND ECONOMY Default interest is a percentage calculated if you default on your loan or credit. These do not apply until the expiry of your payment term, which you set with the financial institution at the time of purchase of the loan. If you see the wear rate increase, the purchases you make with your credit card will pay more interest the following month. If the interest rate drops, you may want to consider buybacks or portfolio purchases, or even pending purchases. The maximum legal interest rates for loans in Colombia are limited by the usurious interest rate. It is published monthly by the Financial Supervisory Authority. In the second case, we have to charge the interest rate they charge us. This is done by dividing the value of interest by the loan amount and multiplying it by 100. As long as our loan is with formal financial institutions, we can be sure that the interest we pay does not exceed the usurious interest.

However, with informal credits (drop by drop, street credits, paychecks), everything changes. Article 305 of the Colombian Penal Code stipulates the following on what usury is for the law and its consequences. Simply put, the usurious interest rate is the maximum ceiling of the interest rate that can be charged in Colombia. Always speak in exchange for borrowing money. The current daily IMR is divided by dividing the current IMR by thirty (30). b. The 31. Daily interest accrued in December of each year is added to the unpaid tax and forms the new basis for calculating daily interest for the following year.

If you already have a loan that charges more than the usury rate, remember that this action is illegal. Therefore, you can sue the lender and ask the judge to charge you a fair price. This, of course, as long as your security is not compromised. At this point, you`ll probably want to read our guide to getting out of drip. The crime of usury in the Colombian penal code is punishable by fines and even imprisonment. He participated in the illegality and was found guilty of lending $2 million to Flor María Chavarria with usurious interest of 10% per month. The Financial Supervisory Authority has ordered that the usurious interest rate (maximum interest that can be created for consumer credit), which will be raised by 1. January 2019, is expected to decrease by 0.36 basis points compared to December (29.10%); and will be 28.74% per annum. For the microcredit modality, it is effective at 36.65%, which corresponds to a decrease of 0.07 percentage points compared to the previous one (36.72%).

Check monthly how high the wear rate is.