Be careful with easy credit, the National Consumer’s Commission is investigating several complaints related to quick loans. In some cases the person was not allowed to pay back the loan early, in another the interest rate was raised, in a third case addtional interest charges were added that were not in the contract and in a fourth case the bank changed the terms of the contract unilaterally.

The bank case was already resolved and the others are being studied. The Commission recommends reading all contracts carefully and knowing your rights. Complaints or questions can be answered at 800 266-7866, the National Office of the Consumer. One technique they mentioned that the advertising is a part of the contract. So if the ad offered a fixed interest rate, then that is part of the contract even though it is not included in the document.

Some examples of EZ Credit from reputable sources:

- Financiera Miravalles offers loans up to ¢300 000. The payment is ¢9.995 per fortnight, per 100 000 colones, the term is 3 years por quincena, and the rate is 3,33% monthly.

- Banco Banex has “0 stress” credit. Amounts are from 100 000 to ¢500 000 colones. The bi-weekly payment is ¢3 011 per 100 000 and are approved in 24 hours.

- Banco Popular offers “Lifesavers”, available to those who have 2 years or more in the same company, and the amount is between 50 000 and 500 000 colones.