Usury rate cap in the country reaches 46.26% in March

Usury rate cap in the country reaches 46.26% in March

A new advance, close to one percentage point, records the usury rate for March 2023, standing at 46.26% annual effectiveas just certified by the Financial Superintendence, thus affecting the cost of consumer and ordinary loans.

The current rate, 45.27% annual effective, will be in force until Tuesday, February 28.

For its part, the Current Bank Interest for these same types of loans stands at 30.84%, an increase of 66 basis points. With these new limits, new loans, especially consumer loans, will become more expensive.

(Also read: Average interest rate for credit cards was 39.6%).

The new adjustment in the limit rate at which money can be lent in Colombia occurs despite the fact that the next meeting of the Banco de la República, to be held on Tuesday, February 28, will not make a decision on interest rates. interest.

(In addition: Make a query in Datacrédito… does it affect your score?).

However, what analysts are seeing is that the cost of money in Colombia will continue to rise because inflation has not yet shown signs of slowing down and, on the contrary, they anticipate that this will continue to adjust, although at a slower pace, until April of this year.

(You may be interested in: ‘We are approaching the inflation ceiling, whatever it may be’).

The usury rate at levels of 46.26% is one of the highest since 1999
a period in which the country’s economy was going through one of the most acute crises in its history.

(We recommend: usury and something else? Factors to consider when purchasing with cards).


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Written by Editor TLN

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