The Yape application, from BCP, is preparing a new functionality for July 19 that will allow granting microcredits between S/ 150 to S/ 200 with automatic disbursement in a single installment. The company estimates to grant more than 60,000 of these loans in the next three months.
Raimundo Morales, general manager of Yape, explained that users will be able to obtain the loan in a matter of seconds from the application, being able to choose between four payment date options at 15, 20, 25 or 30 days.
“In this way we make it easy for the user so that they can not only have the money they need at the moment, but also generate credit history. In this first stage we hope to impact 1.3 million yaperos”, he signed at a press conference.
Yape began operating in the Peruvian market in 2017. Photo: Yape
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According to the Yape platform, to date 75% of the adult population of Peru has used a mobile wallet, a figure that is reflected “in the enormous growth of Yape, which today adds more than 10 million yaperos” and more than 88 million of transactions per month.
Yape is also preparing to launch recharges for a park of more than 3.3 million users with DNI, a financial solution that allows access without the need to be a customer of any bank, they only have to register with their identity document to be able to make all kinds of transactions.
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In addition, it will soon incorporate “Yape Promos” with a series of exclusive benefits for the entire user community, and “Payment of Services” to make this type of subscriptions in the main companies in the market. This second alternative would take place between August and September.
As recalled, last November Yape launched the cell phone recharge functionality that has already exceeded 18 million transactions and more than S/ 110 million in recharged amount.
“The trend in the use of mobile wallets is increasing. Only since the middle of 2020 have we managed to grow more than 200% and we hope to close the year above 11 million yaperos nationwide, and by 2023 between 14 and 15″, Morales said.
How to download Yape on your cell phone and join?
According to the official Yape website, you must follow these steps to create an account:
Download Yape from the Play Store, App Store or App Gallery.Open Yape and select the “Create account” option.Put in your mobile number and the code that reaches that mobile number.Fill in your data.Create a password.Select the mode of payment and collection by Yape. Finally, proceed to validate your identity with a photo of your ID and your face, or by answering the security questions.
Dates of the next releases of Yape:
Check the calendar of Yape news that benefit all users who use this application.
As of July 15: launch of recharges for a park of more than three million yaperos with DNI As of July 19: launches of microcredits in which it is expected to place 60,000 in the next three months. As of August 15: launch of Yape Promos, that will seek to give the best offers to its yaperosAugust 31: launch of Payments for services with five companies.
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Six mistakes we should avoid when applying for a microcredit
Jorge Luis Ojeda, professor at the UPC Business School, highlighted to La República some mistakes that credit users usually make.
Not looking at interest rates before taking out a loan is the most critical mistake. That is, see amounts and not rates. “Sometimes, financial entities hide —let’s put it this way— the rates when they say, for example: ‘have a loan for S/ 1,000 and pay 12 installments of S/ 100’. But it doesn’t say what the rate is. Normally, when there are microcredits, the rates can be very high”, Ojeda pointed out. Do not match the credit installments with the real capacity to pay. “You have to see if the income matches what one is going to pay. It is what is called the ability to pay, ”he explained. Falling into over-indebtedness. “A very common error is the famous ‘carousel’, through which one ends up paying the installments with another loan. That is, a loan to pay off a previous loan. Here we are already talking about a critical financial level for a person, ”he remarked. Ask for a loan that you do not really need. “What happens with microcredit is that you can easily obtain it quickly and spend more than you should,” warned Ojeda. Contracting a payment obligation that exceeds income. “That’s when people start to have problems,” said the expert. Not paying the loan on time. “You are going to end up reported in the risk centers. Leaving a risk center is very complicated. If one takes a microcredit and does not pay, the possibility of obtaining more important credits in the future is being cut off, “said the finance professor.
Does the Yape loan favor the credit history?
Raimundo Morales, general manager of Yape, assured that the loans of this application would facilitate the entry of many users to the credit system. UPC professor Jorge Luis Ojeda agrees with this statement. “Financial entities, when rating individuals, companies or micro-enterprises, are always based on their history,” he said.
However, due to the high rates of this microcredit (TCEA of 80%), it would not be a sustainable option over time, other than for a start and specific cases. “If you can get a credit record at lower costs, that’s better. The idea is that at first it will cost, but in the long run it is the best. One can leave with these Yape credits, but over time you have to look for better credit conditions”, he analyzed.
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