There are three main categories: personal, real state, and consumer loans
Regardless of the moment or reason, it is common for everyone to acquire a loan. Although frequently associated with something negative, like unemployment or debt payment, the loans are fundamental to help most Mexicans make a dream come true.
The goal may be studying in a great university, buying a new car or other important objects, or even acquiring a property, like a new house or apartment. No matter what is your goal: it is essential to know the main types of borrowings and choose between the best loans for real estate investing or for personal interests.
If you intend to acquire a loan to achieve a big goal, learn more about the types of loans available in Mexico and know which one is the most recommended for your needs.
One of the most popular categories, personal loans are frequently required to solve an emergency or financial problem that suddenly happened to the buyer. The amount of money in this type of loan is smaller than other loans’ values and is usually available within 24 hours.
In this modality, the loan may or may not have a guarantee, depending on factors like the amount, the buyer’s credit history, and the institution’s conditions to get the loan.
The most common types of personal loans are wage advance, consigned credit, and instant personal loans, offered by credit companies. The interest rates and terms vary by the financial institution.
Real state loans
Fundamental for those who intend to buy or reform a house or apartment, real state loans can be offered from banks and programs, like Infonavit and Fovissste. There are some differences between the three types, including interest rates, terms and conditions.
In this model, the institutions offer mortgage credit so the user can buy a property, which can be a house, a building site, a department, or a construction. The bank loans can usually be combined with other types, such as Fovissste and Infonavit.
To acquire a bank loan, the buyer needs to be older than 18 and younger than 70; present a work receipt, which proves he or she has been working for at least one year; show good credit history and prove the minimum monthly income of 10,000 MXN. The interest rates stay between 9% and 14.5%.
Presented as a solution for those who want to build or purchase a new house or rent the property, Infonavit is a public model of loan offered by a government agency. The category includes different types of loans, like Cambiavit and Cofinavit.
As happens in other modalities, the total amount given to the buyer depends on some factors, like age and monthly income. However, the limit is up to 1,795 million MXN. To request the loan, it is necessary to have the IMSS register and public functionaries, company employees, domestic workers, and independent employees can request the modality, even if their credit history is not good.
Also available for public workers, the Fovissste credit allows the buyer to acquire a new or used property within 30 years, build, enlarge or improve the house or apartment. The conditions to get the loan to depend on age and salary and the interest rate stays between 4% and 6%, also according to the buyer’s monthly income.
The third category of loans is offered by commercial centers and stores to encourage the acquiring of different kinds of products, like clothes or home appliances. Some types of credit to buy cars are also considered consumer loans. This modality also can be developed exclusively by the company or in partnership with banks.