Borrowing from the bank for the Latin America try notoriously hard to access. But a few in years past, credit card rates from inside the Brazil hit 450%, which has gone down so you’re able to a however astounding 250% a-year. When you look at the Chile, I have seen playing cards one to charges sixty-100% yearly attract. That will be whenever you also get a credit in the first place. But really anybody however make use of these predatory systems. As to the reasons? You will find rarely every other choice.
In the usa, accessibility funds would depend mostly on one amount: your own FICO rating. Your credit score is an enthusiastic aggregate of your spending and you may borrowing records, it provides lenders a method to see if your is a trustworthy customers. Generally speaking, the greater your own get, the bigger (or higher easy) the credit line. While many anyone criticize new FICO rating design, it’s a somewhat easy way getting loan providers to verify the fresh new creditworthiness out of prospective customers.
Lower than fifty% out of Latin Us citizens features a credit rating background
Consumers in the usa have access to strong pools from financial support at the hands. Home loans, handmade cards, credit rating or any other different debt are plentiful.