Fonacot’s Low Payroll Credit Rates are Attracting New Clients Daily

As the general commercial coordinator of Fonacot, Salvador Gazca Herrera outlined the institute’s objectives during a commemorative event for its 50th anniversary. He noted that since the start of the current administration, the interest rates on payroll loans offered by Fonacot have decreased by nearly 20 percentage points, resulting in an increase in clients and financing amount. This has allowed the institute to attract more clients and place more financing, leading to a decrease in the rate of total annual cost of payroll financing from 40 percent to 25.5 percent today.

Gazca Herrera also stated that another objective of Fonacot is to challenge the idea that it is only an institution for buying furniture. He emphasized that Fonacot offers loans for any purpose and there has been a significant decrease in total credit costs by 18.2 percentage points. Despite high reference rates maintained by BdeM, this growth of credit has been evenly spread throughout the country and is not limited to buying furniture. According to Gazca Herrera, 59 percent of loans are granted to people whose income does not exceed two minimum wages.

Furthermore, he announced that a new application with added features would be available within one month to better serve existing clients who already have a loan. Currently, 70 percent of clients have already obtained a loan while 30 percent are new customers. An investment in technology has enabled each operator at Fonacot to increase their daily placement from 13 to 17 loans.

By Editor

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