Appearance fintech has created the possibility to get a cash loan in minutes, without even leaving home: all you need is a mobile phone and an internet connection. However, there are issues to consider, especially avoiding at all costs becoming a victim of fraud, especially by criminal organizations that will extort you for as long as possible and usually fill your app store with very tempting ads. Whatever your needs, it is best to make sure that the fintech in question is approved by the financial authorities of each country.
IN Digital Trends in Spanish We’ll look at the best apps to borrow money on your mobile phone in Mexico and Colombia, two of the main Latin American markets for fintech companies. However, we recommend accessing these loans in moderation, as the ease of getting them can become a nightmare if you don’t have the ability to pay them back.
Best Credit Apps in Mexico
Cueschi
Cueschi It is one of the main fintech companies in Mexico due to the opportunities it offers to obtain loans online from its app. Loans range from 400 to 24,500 pesos with online approval in a few minutes.
In addition to mobile phone loans, Kueski is known for offering a consumer finance system called Kueskipay.
Payment market
In addition to being the platform that handles all Mercado Libre transactions and offering many benefits when subscribing to Max or Disney+, Mercado Pago offers consumer loans with the option to repay them in 1, 3, 6, 9 or 12 monthly payments. One of its main advantages is the clarity with which it indicates how much you will end up paying in interest.
You can also use Mercado Pago to earn 15% per year.
Hollows
Hollows This is another of the main options for fintech loan application in Mexico with a term of up to 36 months to pay off debts from 20,000 to 350,000 pesos. It is also an option that allows you to invest, as it allows you to act as an investor. According to Doopla, the average annual return is 34%.
Best Credit Apps in Colombia
Neki
Neki It works similarly to Mercado Pago, meaning you can use it as a digital wallet with which you can also request loans. Loans for smaller amounts (from 100,000 to 500,000 COP) are called “Salvavidas” and can be requested in the Nequi app.
Liner
Liner — is another big fintech company in Colombia, as it allows you to request between 150,000 and 1,200,000 Colombian pesos in minutes. Like Mercado Pago, Lineru has a cost simulator that clearly shows you how much you will end up paying in interest based on the term you choose.
Source: Digital Trends
