Credismart

What the app lends and who it suits

Credismart is a lending app for small personal loans. Amounts run from COP 100,000 to COP 1,200,000, and the listing says the loans are available to people with little credit history. The store summary describes it as an app for managing your loans.

The listing sets out who can apply: Colombian citizens holding a cédula de ciudadanía, aged over 21, with an active mobile phone line.

Choosing the amount and the repayment term

Within the stated limits, the borrower picks both the total amount to finance and the period over which to repay it. Terms run from a minimum of 3 months to a maximum of 12 months.

The listing puts the application at 4 minutes and says no documents are mandatory. It also directs applicants to contact a partner smartphone reseller of Credismart as part of the process.

How interest and monthly instalments are worked out

The listing gives an annual interest rate of 25% and a maximum annual percentage rate of 30%. It includes one worked example: COP 300,000 borrowed over 6 months.

In that example the total interest is COP 17,742 and the total to repay is COP 317,742. The listing gives the monthly instalment as COP 52,597 and says it includes both capital and interest.

These are the listing's own figures for a single example. A different amount or term will produce different numbers.

Using Credismart to manage an existing loan

The store summary presents the app as a place to manage your loans, but the listing does not go into detail on what managing a loan involves beyond the application and the figures above. Anyone looking for repayment reminders or account tracking should check what the app actually shows once they have it.

The listing's loan details are the amounts, terms, rates and monthly instalment set out above.