The purchase of portfolio is a line of credit that consists of the transfer of an outstanding balance with a financial entity to another that offers you better conditions, either payment (interest) or time (installments).
By unifying financial obligations, the purchase of a portfolio brings some benefits. For example, make it easier for people to manage their finances responsibly, by providing greater budget control, but also offering the opportunity to obtain a better interest rate than the one agreed with the other bank.
When transferring your obligations to another entity, it is necessary to take into account your monthly indebtedness capacity, to maintain a balance of your expenses and, in the same way, it is essential to verify the interest rate offered.
The interest rate is nothing more than a charge made by all banks for lending money. «This cost corresponds to the risk that the entity runs when delivering the money and the administrative expenses involved in making these loans,» Banco de Bogotá details on its website.
(Also read: When and how to accept a portfolio purchase?).
Financial institutions offer different rates, so not all are the same. If you are thinking of acquiring the purchase of a portfolio, we recommend that you consult the entity in advance.
When the debts are unified into one, the payment term can be increased at a better rate, thus increasing liquidity. Below are the interest rates for portfolio purchases of some of the main companies that carry out financial operations.
Bank of Bogota
According to the online advisors of Banco de Bogotá, the interest rate for portfolio purchase for the month of March corresponds to 2.15 percent; while the annual is located at 29.08 percent.
The interest rate for the purchase of the preferred portfolio is 1.83 percent and the annual rate is 24.31 percent. In the case of the purchase premium, the rate decreases to 1.78 percent in the month of March and reaches 23.58 percent annually.
(Keep reading: Purchase of bank credit portfolio).
As specified by the entity, the purchase of the portfolio covers all products, so a single debt can include mortgage or consumer loans and credit cards.
«The interest rate changes according to various factors, one of which is defined by the Banco de la República, which meets every month to establish the maximum interest rates allowed in the market,» the bank points out on its website.
In this bank, the purchase of a portfolio is granted according to the indebtedness and payment capacity of the client. The interest rate for the month of March for portfolio purchase is 1.94 percent; while the annual rate stands at 25.93 percent in Fixed-Traditional CrediExpress products.
Among the benefits that Davivienda offers is that the installments can be paid through automatic debit, electronic channels and offices. In addition to having no charge for credit study or co-signer requirement. The purchase of a portfolio also includes debtor insurance that covers the balance of the debt in the event of death or total and permanent disability.
The bank offers fixed and variable interest rates. For free investment loans, the fixed interest rate for the month in arrears ranges from 2.01 percent to 3.22 percent. The fixed annual interest rate, on the other hand, starts from 26.99 percent up to 46.24 percent.
In the case of the variable monthly interest rate, it is as follows for the month of March: DTF (Advance Quarter) + Points (TA*).
The current monthly interest rate in this bank is 2.11 percent. Along these lines, the annual rate stands at 28.50 percent for free investment credits.
In the case of the rotating quota loan, the monthly interest rate for personal banking and the premium is 1.53 percent and the annual rate is 20.00 percent. For the Classic Transactional segment, the monthly rate increases to 1.88 percent and the annual rate to 25.00 percent.
(Of interest: You want to sell your credit: before take into account some recommendations).
The entity offers financing terms, depending on the product. For free investment from 6 to 72 months and for rotating quota of up to 60 months.
More news in EL TIEMPO
Financing of electoral campaigns: what you should know about tax matters
Why are women so competent in the world of work?
Job offer for women in Zipaquirá: they are looking for professionals and technicians
DIGITAL SCOPE THE TIME