Bank Superintendency to make it more difficult to get loans in Peru

Living in Peru
Israel J. Ruiz

In an article published by Expreso daily, it was reported that banks in Peru would become much stricter when approving loans.

Banks will now consider if applicants owe money to other institutions as well as their incomes and the amount of money being requested.

According to the daily, it had become common practice for Peruvian residents to have large loans at several different banks and even request a loan to pay and overdue debt.

It was reported that the country’s Bank Superintendency (SBS) was preparing a program and regulations that would put a halt to these practices.

Jorge Mogrovejo, an SBS representative explained that the Andean nation’s Bank Superintendency was creating a series of regulations that would keep citizens from soliciting loans they would not be able to pay.

He said the new norms would be in effect in August.