I was just at the bank a few days ago looking into personal loans, what I find interesting is how little they like to tell you about the red tape that you have to go through when your actually in the process of getting a loan. I talked to a representative for a minute and she gave me all the exciting low interest rates blah blah. Until we went to sit down in her office where she started rattling off the little restrictions and god forbid your late on a payment. In the caribbean it seems because we don’t exactly have a central source for creditors to check a rating, it’s pretty much completely up to the bank’s descretion how they handle the loans.
What I find completely histerical is the collateral that they require for a personal loan in the caribbean. You have to have 100% of your loan covered with collateral for any form of secured loans, which they perfer to be in cash. So if you want 100k to borrow they recommend having 100k$ in a bank account with them so they can loan you the money. Now isn’t that just funny? If i have the money why would we be borrowing? Especially at 14-18% interest rates. (That apparently can change).
One thing i have to give the local banks congratulations for though are their homeowners loans, everything related to property they are willing to dish out money for and normally for under 10% interest, some as low as 6%. But of course that’s if your property or buildings are worth 100% collatteral coverage :)
Source: InHouse (Paid Advertisement)
