Tuesday, July 28th, 2015 | USD: Buy 528.39 / Sell 540.72
June 10th, 2014 (InsideCostaRica.com) Growth in personal loans in Costa Rica has soared up to 60% in recent months, and while there is no hard data, many speculate that Ticos are taking loans as a result of the World Cup – either to buy that new big screen TV or to travel to the spectacle in Brazil.
Ronald Elizondo, Director of Consumer Banking at Banco Nacional, said the bank has seen an increase of 60% in personal loans in recent months compared to the same period in 2013, though another Banco Nacional representative points out that the bank has no way of knowing for sure if the surge in borrowing is related to the World Cup.
Banco Popular also confirmed an increase in personal lending of 20% in recent months compared to last year, while Bancrédito CEO, Gerardo Porras, said that in addition to an increase in personal loans, his bank has seen a significant increase in credit card use.
The statistics do no include automobile or home loans.