Choosing the right loan can be challenging, but the first step should be determining from where in the world you want the loan to originate. You aren’t restricted to loans from your home country, and looking to an international lender can actually bring you a number of benefits.
Discover why finding in Latin America is so popular among individuals as well as businesses, and learn more about what borrowers appreciate about loans from this part of the world.
Qualifying for a Loan is Easier in Latin America
Straight away, borrowers will appreciate the fact that financing in Latin America is often a lot easier to secure than financing in places like Europe or North America. The global recession has certainly made it harder across the board for individuals and businesses alike to get access to the loans they need to succeed.
Unfortunately, it can feel like a nightmare to try and secure financing if you don’t have a lot in the way of collateral, an unreliable income or a less than perfect credit rating. In Latin America, however, there is more flexibility with loan prerequisites. This makes it easier to find the loan you need and the terms that fit into your budget and schedule for repayment.
Latin American Financing is Available in Many Currencies
Another thing that many borrowers appreciate about loans offered in Latin America is that they are available in more than one currency. If you wanted to secure a loan from the United States, it would be challenging to have a loan in anything other than the U.S. Dollar.
However, for a variety of reasons, borrowers may prefer to take out a loan in Euros, Yen or British Pounds. In Latin America, you can choose the currency that you need most for your loan.
Loan Application and Maintenance Fees Can be Lower in Latin America
Securing financing in any amount and in any currency typically includes a loan application fee and even a yearly maintenance fee to cover the administrative side of your loan.
These fees can vary wildly depending on where in the world the loan originates. In places where the cost of living is incredibly high, such as Hong Kong or Tokyo, the fees may reflect that. Conversely, affordable destinations like Belize pass the savings on to borrowers through lower fees.
Latin American Financing Can Offer Better Interest Rates
If securing a loan is all about the bottom line, then better interest rates are a great reason to choose financing in Latin America. Many borrowers are pleasantly surprised to learn that they can enjoy lower interest rates on their loan in places like Belize than compared to loans in the United States, Canada, Europe or Asia.
If your goal is to find a loan that costs you the least to repay, then Latin American lenders should definitely be your first choice. Whether for an individual or a new business, securing a loan from a lender in Latin America can bring the borrower a variety of advantages.