For this month, the current bank interest rates and the usurious interest rate: Simply put, the usurious interest rate is the maximum interest ceiling that can be charged in Colombia. Always speak in exchange for borrowing money. The usury rate, which generally scares entrepreneurs in Colombia, continues to fall, becoming a strong ally of the country`s SMEs thanks to the new interest rates regulated by the Colombian Financial Supervisory Authority (SFC) for 2020. It`s time to take advantage of it. Under no circumstances may you exceed this modified monthly rate. It was established in Colombia by law for the standard on usury (Article 305 of the Penal Code). The reduced rates only applied to payments made before November 2020. When they lend us money (or when we lend money), an interest rate is charged. This rate is expressed as a percentage: for example, 28% per year. However, sometimes they tell us the value we will pay in addition to what they have lent us: 300,000 pesos per year and per million, for example.

Hello, I have a credit from Crediservice and monthly they charge me a rate of 23.86 months of arrears, is it legal? Microloans with bank interest rates also represented a decrease of 0.04% compared to the previous month. Another window in which the country`s companies will have to take advantage of the low interest rate set for the first month of 2020. Finally, with regard to the other certifications in force, it should be recalled that, in the development of its legal and regulatory powers, the Financial Supervisory Authority, by Resolution 0869 of 2020, certified the current bank interest rates for microcredit and consumption of small amounts as follows: the usurious interest rate results from the multiplication of 1.5 by the current bank interest rates of each loan modality. To arrive at the result, it is therefore necessary to take a look at how the current bank interest rates are calculated. Hello, can you explain to me why in the annual interest rate history, it differs from the default interest certified in PDF format, for example, the bank certificate between July 1 and 31, 2019 indicates that the default interest rate is 28.92% and the historical interest rate for this period indicates 26.92%, with a difference of 2 points in all tariffs. Check monthly how high the wear rate is. This will let you know when it`s a good idea to manage your debt to improve your terms. Keep in mind that credit cards charge interest rates very close to usurious interest. The most important thing to consider is whether it is necessary to obtain new loans, taking advantage of the fact that the rate of wear has decreased, as has been the case in recent months.

This can benefit your business in the following ways: The body responsible for regulating and calculating the maximum wear rate for 2020 is the Financial Supervisory Authority of Colombia (SFC), which also oversees the country`s financial and stock market system to respect and protect the rights of consumers of financial products and services. The authorities are trying to amend the usury law to include the aggravating circumstance of “usury by force” in cases where it is “forced, threatened and used under any kind of force to obtain payment of the obligation or interest it generates”. The exorbitant rates of January 2020 are as follows: Anyone who buys a check, salary, salary or social benefit under the conditions provided for in this article shall be punished by imprisonment from 48 to 126 months and a fine of 133.33 to 600 legal monthly minimum wages. Today, the mayor of Chalán Sucre, me.liquido the rate of arrears of property tax al.3.19%. Is it legal?? In the first receipt, they charged 4.5% and it was possible to reduce the crime of usury in the Colombian penal code with fines and even jail time. 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. This last point is special because the interest we pay with our credit cards is very close to usurious interest. If you want to see what prices financial institutions charge today in this regard, check out our ranking of the best credit cards.

You can also consult our economic indicators to find out the average interest rates of other credit products. In the meantime, default fees and interest must not exceed 1.5 times the current bank rates, i.e. 31.92%, effective annually for the consumer and the ordinary credit modality. Here we will explain what wear rate is, how wear is calculated and why it is important to know it. We`ll also show you how you can use this data to your advantage to get out of debt faster. He participated in the illegality and was found guilty of lending $2 million to Flor María Chavarria with usurious interest of 10% per month. Pay your obligations. If you want to improve interest rates, you`d better consider buying a portfolio.

These will always improve your interest rate. 3. If the interest on consumer loans or microloans has scared you, January is a good month to apply for one and make the investment in your business that you have put off. It is the market that sets the rate of wear. The Financial Supervisory Authority of Colombia is the body that certifies it. To do this, it validates each month the information provided by the credit institutions and performs the calculation to report it. The rate of wear and tear is a limit that the law prescribes for any cash loan or installment sale. According to article 305 of the Criminal Code, no person or entity may lend money above this rate. 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. For microcredit, the usurious rate for this modality is 55.43% and for consumer loans with a small amount of 44.06%. 2. A portfolio purchase with the low wear rate is another window that opens and helps alleviate your company`s debt. Financial institutions have several purchase modalities and with the recent usurious interest rate adjustment of January 2020, the monthly value of their bonds will have a drop in interest rates. The definition of usury is a term used for centuries for all interests that are above the established maximum. Usury in criminal law is currently punishable by up to 10 years in prison.

On the other hand, fines reach up to 600 legal monthly minimum wages. Compared to the previous month (December 2019), the usury rate in Colombia for consumer loans and regular loans decreased by 0.21%, which is good news for SMEs in Colombia who need to apply for a loan to invest in their businesses. I like a table with the history of the maximum authorized rate and the DTF since 2016. Thank you. In the first case, we must ensure the periodicity of the sentence. That is, if this percentage is calculated monthly, quarterly, annually. 1. Repaying the obligations you have to banks or financial institutions is a good option because the interest rates you had with your loans will be updated by the new ones and therefore the interest rates will be lower in the following months. As a recommendation not to repay these debts. Do this at the same time you left to make the full payment. In this way, time is maintained and the value of the monthly fee decreases. It should be noted that the rate of wear and tear in Colombia changes every month due to the various movements of the Colombian market.

In this way, the SFC allocates each month a maximum percentage that financial institutions can charge when granting loans or microcredits with interest.