Online credit applications are booming, thanks to their ease, speed and ability to function in situations where a loan is needed as bill payments and unforeseen last minute. For the application of online credits, requirements such as being of legal age, having a bank account, a personal or work email, being a resident of Colombia and having your own mobile phone are necessary.


Although these requirements are quite simple

credit loan

there is a key point to keep in mind and that is the high interest rate; It is defined as the price of money in the financial market. Like the price of any product, when there is more money the low rate and when there is a shortage the rate goes up.

So, when an interest rate goes up, consumers refrain from buying and interest on loans increases, the opposite happens when the rate goes down as consumers in the financial market apply for more loans, and people who need money withdraw their savings .

The Bank of the Republic, recognized for its multiple functions such as the regulation of currency, international changes and credit, issuance of Colombian legal currency, administration of international reserves, lender and banker of credit institutions and fiscal agent of the Government has two interest rates, the passive rate and the active rate.


The passive or collection rate

credit rate

It is known as the one paid by financial intermediaries to the bidders of resources for the money raised, while the active or placement rate is the one that the financial intermediaries receive from the claimants for the loans granted.

The latter is always superior because the difference with the collection rate is that which allows the financial intermediary to cover administrative costs with a profit. The difference between the active and the passive rate is called the intermediation margin.

This margin of intermediation, in simple terms, is the indicator in charge of measuring the difference between the interests paid by the bank to the one who has requested the money and what it charges to the lender. So, any transaction you are going to carry out requires knowledge of the interest rate from the George Bank.


What affects us all when applying for a loan online?

apply loan

This information affects us all when applying for a loan online since the interest rate is all the money that circulates in the economy. So you, as a consumer, despite not knowing the financial emergencies that may be presented to you to apply for loans online, it is important that you have the context of the country’s inflation, the month-to-month projections and the months in which you request your money.

January and September are some of the most profitable months in which the loan application figures soar, this is because people in Christmas months increase their expenses and prefer to enjoy all this season without so many worries or think about expenses in comparison with the rest of the year, while in January there are common expenses such as school supplies, payments for trips made and time invested in leisure. So, if you are going to apply for credits online it is essential that you know when to do it and keep in mind the variation of the interest rate.

To know this year’s inflation, it is important to keep in mind the variation of the Consumer Price Index (CPI) or inflation that is projected in a range set by the Bank of the Republic between 2% and 4%.

In turn, the Ministry of Finance projected 3.3%, while analysts consulted by the Issuer’s Monthly Survey of Economic Expectations placed it at 3.46%.

Although the percentages are similar throughout Colombia, in the main cities this indicator can be variable because towards the end of December 2017 inflation was 0.38%. However, Bogotá, Armenia, Valledupar, and Cartagena had higher figures.


Applying for credits online according to the dates

Applying for credits online according to the dates

the need and the interest rate set by the George Bank helps you know if the application is timely or it is better to wait and make use of the resources you already have. Additionally, it should be noted that financial education is key to decision making at any time of purchase. In this way, the interest rate will influence your decisions but will not radically affect your budget.

Online credits will always be an excellent alternative that is handled correctly and keeping in mind the requirements and forms of payment can quickly remove you from various difficulties that may arise in different emergency situations.

Know Credit Card Tips For Students So That You Are More Wise

At present, financial transactions are commonly carried out using cards, rather than cash .

Transactions using cards, be it debit cards, credit or prepaid cards and electronic money are considered easier and more efficient for carrying out daily transactions.

Likewise with credit cards. Today’s society tends to choose credit cards as a means of payment and financial transactions.

In addition to being practical because of cashless , people choose credit cards in order to make installments and various other benefits so that the payment does not feel too heavy compared to direct payments or cash.

Almost all urban communities are familiar with credit cards, including students. At present there are many students who have used credit cards.

Indeed, the procedure for making credit cards for students is quite complicated because the bank considers students to be less potential in terms of income.

But apart from that, it turns out that more and more banks are targeting students for credit card facilities.

Before proceeding to tips on using a credit card, let’s look at the tricks so that you can still apply for a credit card at the bank.

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How to Apply for a Credit Card for Students

How to Apply for a Credit Card for Students

Well, below we will discuss tips on applying for a credit card for those of you who are still students and want to make a credit card.

Check out some of the tricks so that the submission is easier!


When Strolling in the Mall, Try Visiting a Stand that Offers a Credit Card

When Strolling in the Mall, Try Visiting a Stand that Offers a Credit Card

When you are walking around the mall and see a bank stand offering credit card opening, you should try it.

It would be better if you already have an account at a bank, and you apply for a credit card at the same bank.

Thus, the bank can assess cash conditions through your account and can decide whether you are eligible to be given a credit card facility or not.


Use the opportunity to apply for a credit card if you have credit card sales acquaintances

Use the opportunity to apply for a credit card if you have credit card sales acquaintances

Well, if you have relatives, friends, friends, or acquaintances who are credit card sales, you can ask for their help in the process of applying for a credit card at the bank.

Don’t hesitate to ask people who can help you apply for a credit card at the bank, so that you understand more about the procedures and use of credit cards later.


Take advantage of Member Get Member Promos (MGM) that are Hits Offered by the Bank

bank offers

In addition to trying the methods above, you can also request referrals from parents or family members, or acquaintances who already use a credit card.

Usually banks offer special facilities to customers who use credit cards to invite family members or colleagues to use a credit card.

The facilities provided by the bank are called Member Get Members (MGM).

With this MGM facility, banks will be more confident in your credit card submission information, because this facility is one form of bank trust in its customers.

In addition to Member Get Member facilities, you can ask your parents or sister to apply for additional credit card facilities, which you can use later.


Use the Guarantee System

Use the Guarantee System

If the Bank still assesses you are less potential, you can apply for a lock deposit to guarantee that you are a potential customer.

In short, the bank will lock in a number of funds in your account as collateral for the issuance of credit cards.

Usually, the amount of funds you have to deposit is greater than the credit card limit given, which is around 120% credit card limit .

So, suppose you get a credit limit of 3 million rupiah, then you have to provide funds of 3.6 million rupiah and the bank will lock up the funds for some time.

This is done with the aim of ensuring that you are a good customer and avoids the bank from the risks that arise if there are problems involving the use of your credit card.


Use Credit Cards Wisely

Use Credit Cards Wisely

Credit cards can provide many benefits if you can use them wisely.

With a credit card, you can make installments, get discounts or other attractive promos.

However, if it is not wise to use a credit card, there will be many problems that can be caused, ranging from accumulated bills because you cannot afford it, interest and penalties, and so on.

Use your credit card wisely, starting now!

Query BAR list in 2019 for borrowing money

Where can one be credibly searched? – ask a question if you are interested in your own BAR list status. Here’s how to get to know and get the paper that not only confirms your BAR list status, but also who and when, what you recorded.

The BAR list, or new official name, but less commonly known as the KHR list, is a database of bank debtors, if you like. In essence, banks list different types of information , so that when needed, all financial institutions can see what the customer’s history is, what their past and present debts are.

As a result, the clutter and the secrecy of past or existing debts have ceased to exist, we can no longer go into a bank with the intention of borrowing, but we forget to mention that we may be slipping elsewhere with repayers. It is extremely difficult to get credit from active BAR listers, while nowadays passive status can fortunately get away with slightly higher interest rates and harsher criticism.

For this reason, it is important to query the BAR list:

money cash

Everyone can get to know their own BAR-KHR status called My Credit Report. As mentioned in the title, it is completely free and can be requested on an unlimited basis , so if something is justified and needed (for example, we suspect that our rating may change), you can request it every quarter. Asking too often is obviously pointless, but we have the right.

My Credit Report is available at any financial institution, bank, savings, etc. It may be requested. Important: Even if you are not a customer of that bank, you can also contact BISZ Zrt. You can request the report by mail or even by email. Querying the BAR list with this information is very simple : you can submit your claim form by mail or in person, but not by email. The form must be printed out, completed and then sent personally / by mail to BISZ Zrt. Or submitted to any bank or financial institution if the latter is the case.

What information does My Credit Report contain?

What information does My Credit Report contain?

Not only whether you are on the KHR list, but also the following information: who and what data you entered into the system, who, when, and by what address. You can also find out who put it on the BAR list…

If you want to borrow money, it is not at all what financial institutions think of us, to be better aware of the facts and to plan for the financial near future.


Required documents

money coins

If you submit your application as a private individual by post, you will not need any documents. If personally, the recipient can ask for both the ID card and the address card. When you query your business, you must include a certified business court order not older than 30 days and a copy of your original or certified signature. If you are applying for a self-employed business, you can apply for a credit report, as is the case with the private method, without presenting any documents.

The situation is not straightforward in terms of borrowing, as the regulation does not take into account any equity considerations, so the reason for active bar listing status is not considered or considered: unfortunately, from this point of view, has become an active member of the KHR list due to the guarantee.