What Kind of Personal Payday Loan Companies Exist

In addition to traditional financial institutions, there are others that offer credit.

Know what kind of personal payday loan companies exist

Know what kind of personal payday loan companies exist

Currently, P2P companies, or loans between people, have become a financing alternative, especially through online platforms.

But not all personal payday loan companies operate in the same way, know more about this:

Microfinance

money

This model arrived in Mexico in the 80s. Companies that operate as microfinance companies provide individual loans, but their niche is in the support they give to SMEs. For this, a group of people meets to request the credit and support each other to pay it.

The requirements they ask for are very similar to those of the banks, but they are a bit more flexible. They are mainly constituted as finance companies Multiple Purpose or Society Financial Popular.

Under these figures, microfinance institutions are authorized and regulated by the National Banking and Securities.

Savings Banks

banking

Savings banks have a long history in Mexico. Its antecedent dates back to the 19th century brought from Italy. Savings banks are mainly constituted under the figure of Cooperative Credit and Loan Society.

In this model, users become members of the savings bank with a minimum amount and receive interest from their savings that are lent to the same partners. Many savings banks, such as your job, for example, are not regulated by the CCLS.

Being a fundamental part of the process of financial inclusion in the country, since 2003 the government has encouraged them to be regularized so that they can offer financial security to their partners.

Most of the companies that offer loans between people are not regulated by the CCLS, if you decide to acquire a loan with them, one way you can investigate them is by going to the Federal Consumer Prosecutor’s Office.

The Agency’s Commercial Bureau is a platform where you can consult relevant information about the suppliers and services regarding:

  • Complaints Received
  • Reconciliation percentage
  • Reasons for claim
  • Sanctions imposed
  • Registered membership contract, if applicable

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