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• Minimum Period: 61 days
• Maximum Period: 2 years
• Minimum annual equivalent rate (APR/CAT): 7%
• Maximum annual equivalent rate (APR/CAT): 36.5%
• A representative example of the total cost of the loan, including the principal portion and all applicable fees:

If you obtained a loan of $30,000 Colombian pesos for 3 months, with an interest rate of 4.5% per month, the amortization to the maturity date of the loan will amount to $4,050 Colombian pesos. In other words, you will pay $34,050 Colombian pesos.

Amount — $30,000 Colombian pesos
monthly interest rate — 4.5%
loan term — 3 months.

4.5(%) * 3(months) = 13.5% for 3 months (13.5% * 30,000 (loan amount))/100% = 4,050 (accrued interest amount) 30,000 + 4,050 = 34,050.