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Get your personal loan in minutes and completely digital
By Mei-Lin Chua
Contributing editor, apps and storefronts
Solventa is a personal loan app for people in Colombia who need a small amount of credit quickly. The whole process, from request to payout, runs on the phone, with no branch visit described.
The listing positions it for unexpected expenses or opportunities that come up. Applicants need a cédula de ciudadanía, the Colombian national ID, and a bank account. Approval, amount, term and rate depend on a credit review of each applicant.
The build we hold is Solventa 1.0.68 (APKS split bundle) for Android 8.0 and up.
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The application is completed inside the app. The listing says a response comes back within minutes, and the money is disbursed in under 60 minutes once the loan is approved.
Loans go up to 5,000,000 COP. The borrower picks a term of 1 to 6 installments as part of the request, so the monthly payment size depends on both the amount and the number of installments chosen.
Installments can be paid with PSE, Bancolombia, Efecty and other methods the app enables. Efecty is a cash payment network in Colombia, so cash-paying borrowers can use it as well as online bank transfers.
The listing states that early payment is available. The payment term for each product follows the conditions set for that product, which the listing does not set out in detail.
The annual effective rate (TEA) ranges from a stated minimum of 25% E.A. to a maximum of 28.85% E.A., with the maximum given as of September 2024. The rate a borrower receives depends on their credit profile and the term they choose.
Before accepting, the app shows the rate, the total amount to repay and all associated costs. The listing's example is a 500,000 COP loan at 27.95% E.A., with an installment of 104,723 COP. That installment covers principal and interest, and may also include a guarantee fee, administration charges and IVA, depending on the case.