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Repairing Latin America’s Cracked Lending Industry

Repairing Latin America’s Cracked Lending Industry

Credit in Latin America is notoriously hard to gain access to.

Only a years that are few, credit card prices in Brazil hit 450%, that has gone down up to a still astounding 250% each year. In Chile, I’ve seen bank cards that charge 60-100% annual interest. And that is if you’re able to also get a card into the first place. Yet individuals nevertheless utilize these systems that are predatory. Why? There are hardly ever just about any choices.

In america, use of loans depends primarily on a solitary quantity: your FICO rating. Your credit history is definitely an aggregate of one’s spending and borrowing history, so that it offers loan providers an approach to determine if you might be a customer that is trustworthy. The bigger (or more lenient) your line of credit in general, the higher your score. You are able to increase your rating by handling credit sensibly for very long durations, such as for example constantly paying down credit cards on time, or reduce your score by firmly taking in more credit, perhaps not spending it well on time or carrying a higher stability.

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