Fonacot makes access to loans for workers more flexible

Fonacot makes access to loans for workers more flexible

For this reason, unnecessary requirements will be eliminated that will reduce the attention time from 45 to 30 minutes, which will allow granting more credits per day: for example, it will no longer be necessary for the credit applicant’s proof of address to be registered in his name.

In the case of the Work Centers, the seniority requirement from the start of operations went from 2 to 1 year and the requested documents are reduced to specify their affiliation.

The consultation of your history in the Credit Information Societies will also be eliminated as a condition for joining the Institute.

Regarding the adjustments, the general director of Fonacot, Laura Campaña Cerezo, pointed out that the changes made are intended for working people to access financing easily and quickly, thereby avoiding delays in authorization and inconvenience to users.

“The announced modifications are added to the decreases in interest rates that have been made in the last 3 years, and in the short and medium term, they have considered implementing more mechanisms to make Fonacot credit the best option. All these measures have the purpose of continuing to support working people in their development and economic well-being,” said the official.

Cerezo Campaign highlighted that, derived from this update in the Credit Manual, it is estimated that the universe of potential borrowers for the institute will increase 2.4%, which means that more than 300,000 people will be able to access financing granted by Fonacot.

Regarding changes in affiliation, it is projected to increase the universe of Work Centers from 183,778 to 191,879 at the end of the year, that is, 4.4% more than estimated.

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For the sake of accountability, the Secretary of Labor and also president of the Board of Directors of Fonacot, recommended periodically submitting to the council, a report on the progress and impact of the approved modifications, in order to be certain that no they generated risks, but they paid for adding more workers and work centers to this right.

The head of Fonacot recalled that the institute has branches throughout the Republic and currently offers three types of support: Cash Credit, Cash Credit for Women and Credit to Victims. Each one is designed to cover the requirements of working people, who can carry out their procedures for free, simply and without intermediaries.

In addition, he explained that some benefits are obtaining a preferential interest rate, that the deposit is made directly in the workers’ bank account and that the discounts are made via payroll.