Instacredit 1.6.13

The Instacredit application serves as a transactional platform that facilitates quick and secure financial management, operating in Costa Rica, Nicaragua, and Panama.

Key features for users include:

• Loan requests.
• Receiving loan disbursements directly into the application wallet, with the ability to transfer to banks or other wallets (available only in Costa Rica).
• Payment options for favorite bills, mobile top-ups, loans, and more than a thousand additional services (available only in Costa Rica).
• Consultation of wallet balances and loan movements (available only in Costa Rica).
• Information on branches, payment points, and various benefits.
• A financial education system designed to help users manage their budgets.

Important considerations include:

• No minimum holding period is required for early loan repayment.
• No fees or penalties for early loan payment.
• Extraordinary payments can be made without penalty.
• Flexible loan terms available for 12, 24, 36, and 60 months.
• The annual effective interest rate (TEA) is determined by the BCCR, currently 33.44%.
• No administrative or disbursement fees are charged.
• Late fees are calculated based on an annual rate in addition to the relevant interest rate of the agreed product, applied to overdue principal balances.
• The monthly payment consists of two components: the principal and interest; the latter is calculated based on the outstanding balance multiplied by the interest rate, divided by 360 days, and applied for the days elapsed between payment dates.
• An illustrative example of total loan costs: For a loan of 500,000 colones over 48 months, a customer would pay approximately 23,351 colones monthly, comprising 19,696 colones in interest and 3,655 colones towards the principal. The total repayment at the end of the term would amount to 1,120,848 colones. No commission charges or prepayment penalties apply; as time progresses during the term, a greater portion of each payment contributes to principal repayment.

For detailed information on security policies, please refer to the following link on the Instacredit website: Security Policy.