Requirements for an Unsecured Loan: Novation, What it is and MORE

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This article will explain the Requirements for an Unsecured Loan. In addition, This loan can be requested by members and retirees, in order to solve your obligations and your most important consumer needs.

Among the advantages it offers, the lowest interest rate in the market is contemplated. Then from being toproven the money is credited in a maximum of 72 hours and is rated online from automatically.

This loan determines that people must pay off the debt earring. As also, vehicle purchase, Travel expenses, invest in personal pedagogical training or your children, home equipment, home remodeling and health. This is why, sIf you are interested in this topic, we invite you to continue reading this article.

What are the Requirements for an Unsecured Loan?

Citizens must comply with the following Requirements for an Unsecured Loan:

  • Have tangible guarantees (reserve and / or termination fund) at the IESS.
  • Be active as an affiliate.
  • Your employer must not be in the Rural Social Security.
  • Not having a request for severance pay pending.
  • Your employers must be up-to-date with the IESS.
  • Have made at least 24 contributions.
  • Have a bank account registered and legalized by the IESS.
  • Not be delinquent on another loan with the IESS or BIESS.
  • BIESS validations.
  • At the time of requesting, you should not be processing a Mortgage credit.
  • Not having pending instrumentation expenses in a mortgage loan application started and not completed.
  • Be up to date with your payments.
  • You should not have another request for Unsecured loan in progress.
  • Have credits in liquidation.
  • Citizens should not have a current credit with the IESS, former Host system.

Contribution Requirements for an Unsecured Loan

The requirements to make contributions are the following:

  • Gguarantee a fixed (consistent) repayment entry, proportionate and similar with the credit requested, consistent with the salary reported to the IESS or the pension that receives less judicial withholdings, if there are any.
  • You can request the Unsecured Credit up to an amount corresponding to the 95% of the accumulated in reserve funds.
  • You must be up to date with the obligations before the IESS or BIESS.
  • The loan applicant (member or retiree), according to their debt capacity, may commit up to a monthly dividend up to 50% of your income. In the case of simultaneous contributions to obtain the average, the contribution salaries of the companies in which the loan applicant is listed will be added.

Financing Conditions with an Unsecured Loan

This will depend on your ability to pay, according to your contribution salary, you can request up to 80 unified basic salaries and, a maximum term to cancel of 5 years.

The interest rate currently applied to the Unsecured credits is 11.07% per annum, varies depending on the term and is adjusted semi-annually.

The Amortization methodIt can be selected by affiliates or retirees, it can be in fixed or decreasing installments.

Due to the current health emergency and the state of exception in force in Ecuador, the BIESS offers its members and retirees a emergent unsecured loan, with a preferential interest rate and with a grace period, it is effective from the March 20, 2020.

With a term between 1 to 9 months, allow 3 months of grace for emergent loan operations and will be in effect for as long as the health emergency lasts or the assigned quota for the granting of loans is met.

Novation of the Unsecured Loan

The application procedures will be done in a 100% online, and the interest rate varies according to the term from 1 to 6 months 6.50%, from 7 to 9 months 7.50% and from 10 to 12 months 8.50%.

Only the 3-month grace for loans with a term of up to 9 monthsFor those credits with a longer term, the current interest rate will be applied to the normal loan. Likewise, the BIESS allocates a fund of 100 million dollars, for this credit.

In the first four months of validity of the Emerging Unsecured Credit, the Bank of the Ecuadorian Institute of Social Security (BIESS), have been awarded $ 49.7 million.

This is due to the express financing system, low interest rates and grace months, benefiting some 79,670 customers. The maximum loan amount to request is $ 2,500After approval, it will be credited to the beneficiary’s account within a period of 72 hours.

To apply for the emerging credit, they must follow the following steps:

  1. Enter the website of Banco del Ecuadorian Institute of Social Security (BIESS).
  2. Once entered select the option Immediate Credit Unsecured.
  3. Enter your Identity Card number and password
  4. Then you select the user role (member / retired / zafrero)
  5. Click on the New Credit option.
  6. You must select the type of unsecured loan that you want to request.
  7. Verify that the data of the bank account are correct and give them approve the credit conditions (check well before accepting)
  8. Check and accept the option «Prequalification of Requirements».
  9. Place in the customization table the term of the credit, type of repayment and amount that you want to request.
  10. Read carefully the credit conditions, previously personalized. If you agree, click on ‘Create Credit’
  11. You will receive a verification code in your email.

Who grants them?

The BIESS simplified the procedures for unsecured loans pending approval; Affiliates and retirees can now access the emerging unsecured, then the measures to facilitate access to emerging unsecured are analyzed, In the first 4 months, 40,413 emerging unsecured loans have been granted.

In accordance with the above. It follows that the BIESS is a public financial corporation, owned by the Ecuadorian Institute of Social Security. The IESS that provides financial services under investment banking criteria, for the administration of the public pension funds of the IESS, to meet the requirements of its active and retired members.

Which was created under the Bank Law of the Ecuadorian Social Security Institute, on May 11, 2009 and was published in the Official Registry Supplement number 587, with technical, administrative and financial autonomy.

For social purposes at the public service and property of the Ecuadorian Institute of Social Security, IESS. Since this date, it has granted mortgage and unsecured loans without interruption, benefiting its members and retirees, as well as pledge loans to all citizens.

For your safety, the BIESS has imposed new inspections during the process, you may request information that appears in your last citizenship card obtained through the civil registration.

It is the leader in online unsecured loans, and is the first in consumer credit 100% online. Also, it leads the mortgage market with a 51% participation.

It constitutes new offices of Prendarios, guarding a large number of new garments, with the most modern security technologies.

To register for the first time you must enter the website (APP), select user options and press the item register. The link which you must enter is the following .

If you want to update your data, enter the website with your username and password, and in the affiliates section you give the option work history. And in the information menu you press data update, fill in the fields and save the update.

What is it?

The Unsecured Loan does not have a backing guarantee, it was designed primarily to cover an immediate need for liquidity towards a person in the short term or in a company.

People who are granted this type of financing should only sign a promissory note that must have the expiration date on which the credit will be returned.

Characteristics of the Unsecured Loan

The most important characteristics of the Unsecured Loan are:

  1. Since it does not have a protection of capital or bank account as collateral, but if it is necessary the presentation of a person who serves as a guarantee where they must commit to comply with the obligation of the debtor in case of non-payment.
  2. Usually the period of indebtedness is set according to the loan destination.
  3. People who request this type of loan do so to improve their real estate or for a business.
  4. When they are corporations that manage credit, they do it to buy inputs quickly.

Advantages of the Unsecured Loan

The advantages include the following:

  1. You do not need a collateral, that is, you do not need a collateral for a real estate or asset that must be presented to the creditor.
  2. It is suitable for unforeseen liquidity requirements.
  3. It is much simpler than other credits, since the process is faster than that of a normal business or consumer loan.

In conclusion, Unsecured Loans are a social benefit that the Social Security Institute of the Armed Forces (SSFA) provides to its members in order to help solve their needs and eventual contingencies.

These loans are intended to solve urgent needs such as covering study expenses, debt payments with other banks controlled by the Superintendency of Banks or the Superintendency of Popular and Solidarity Economy (SEPS).


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