According to experts, this is the most conventional product among users
Payroll credit is one of the most conventional products from financial services users and is one of the most easy to provide. According to the financial authority, two banking institutions, BBVA Bancomer and Banamex, account for 54% of the funding.
The National Commission for the Protection and Defense of Financial Services Users (Condusef) reported the results of the 2018 oversight of financial transparency and the quality of information on the loan product of tenants, carried out during the years 2018 to 12 Banks
According to a press release, it was reported that these 12 financial institutions that provide payroll loans hold a market share of 99.8%, with a portfolio of loans of 230 thousand 697 million pesos, according to data published by the National Bank and Capital Committee June 2018.
Experts have indicated that this type of credit has proven to be one of the most contracted products by financial service users since it is a credit that is easily granted since its main feature is that rebates are made on the employee's payroll
It has been explained that in fact salary credits can be granted to workers whose salary is paid into a payroll account in a financial institution. It has been explained that the procedure is usually as follows: a company distributes payroll to employees through a financial institution that opens payroll accounts to employees. Once with the account, the financial institution offers payroll to employees of the company. The Commission stated that the advantage of these credits to concessionaires is that the institution automatically withdraws the periodic payment of the credit when the employer waits the payment of the salary, so it is easy and fast to process.
It has been explained that, although it is a credit without a physical guarantee, the risk of payroll credit is lower than that of other unsecured consumer loans since as long as the employee continues to work for the same company, he receives your salary payment on a regular basis your payroll account. Thus, the Ombudsman continues to receive payment of the loan and, in addition, leads to the supply of other financial products and services (mobile telephony, insurance, savings).
IN TWO BANKS
Condusef pointed out that the cost of this credit may be lower, but the high concentration on the market is known as the accumulated participation in the overall portfolio of the two largest candidates (BBVA Bancomer and Banamex) of 54% in recent years. On the other hand, the participation of the five largest (including Santander, Banorte and HSBC) remained stable and reached almost 96%.
It was reported that the transparency oversight process consists in verifying that documents and information used by financial institutions with users prior to concluding contracts and during the loan comply with applicable regulations, analyze client records containing documents such as the Accession Treaty, Coverage and Account Statement.
They also reported that it has been revised that the brochure, product and website advertising have consistent information and do not cause mistakes or confusion.
The Most Used Payroll credit is one of the most used to finance family projects
More than funding