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Will a tweak to interest rates really unlock credit for everyone? The Oficina del Consumidor Financiero weighs in on the proposed reform to the usury law. While aiming to broaden access to formal credit, this update might not be the magic bullet for those currently excluded.

The real story lies beneath the surface. Beyond just capping interest, numerous hurdles still block the path to formal loans. High costs for financial institutions, regulatory demands, and stringent requirements can leave many individuals and businesses in the cold.



The reform attempts to address this complex web with a single tool. But will simply changing how maximum interest is calculated automatically bring "gota a gota" lenders and their clients into the formal system?

New regulations aim to supervise lenders, requiring individuals and businesses who lend money outside of traditional financial intermediation to register. However, a crucial distinction is lost: informal credit isn't always the predatory "gota a gota" scheme.

The fear is that those who operate outside the law, particularly the violent "gota a gota" lenders, won't simply register and comply. This leaves the core problem of exclusion largely unresolved.

The true test will be whether individuals still struggling to meet collateral, financial statement, and information requirements will suddenly gain access to banks and cooperatives. If these barriers remain, many will likely continue to rely on informal loans. Data shows lower-income households and those led by women have seen the steepest decline in formal credit access.

#LeyDeUsura #CréditoFormal #InclusiónFinanciera