Crowdfunding has become a cheap credit alternative for people looking to get out of debt without damaging their history .
Although this modality is known for helping people diversify their investments, it is also an ally for those seeking financing. Prestadero is a firm that, under the regulation of the Fintech law, offers collective financing services ( crowdfunding ) connecting potential investors with people looking for credit.
Read more about the Mexicans who turn to crowdfunding to consolidate their debt, and find the latest financial news of the day with the Born2Invest mobile app.
Until the third quarter of 2023, the company had granted 111,343 loans to Mexicans, which represents a growth of almost 109% compared to the same period in 2022
“Historically on our platform, more than 50% of our requests have been to consolidate debt because the rate we offer is very attractive. It is very convenient to take out credits with us to pay more expensive credits such as cards or personal loans,” said Gerardo Obregón, founder and general director of Prestadero.com.
Although in 2023 this percentage changed due to new user dynamics. 36.5 % of people who have requested financing this year used it to consolidate debt -especially credit cards-, 19.3% use it for individuals who have a business and 15.4% use that financing to do some remodeling in their home, or buy furniture.
13.7 % of clients request financing via crowdfunding to attend a health event or organize a party, another 7% take advantage of the lowest rates to purchase a car and only 1.8% use the credit for vacations .
How much money can Mexicans get in crowdfunding?
Prestadero offers financing from 10,000 pesos to 300,000 pesos. The terms offered to clients are 12, 24 and 36 months, with the longer term being preferred by users.
So that investors have confidence that their money will be returned with the respective interest, Prestadero has technological tools that allow it to detect possible fraud.
The use of biometrics, geolocation, verification of a bank account and other personal data such as address allow the platform to prevent fraud.
The rates offered by companies like Prestadero range from 8.9% to 28.9% annually and without guarantees. And so that you have a better rate, the income is analyzed, what the payment behavior is like in other institutions as well as the level of debt.
As a result, investors have received an average of 13% annual returns.
Until the third quarter of the year, Prestadero had a past due portfolio of 6.48%. “This compares with an average of close to 15 or 16% that banks have in this type of credit,” Obregón highlighted.
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First published in EXPANSION. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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