Free market will offer one million credits for Mexican consumers what purchase through your platform, announced Martin de los Santos, vice president of Credit Market.
With 41 percent interest rates on average the arm financial Libre Market began to put on it's already the first credits that will come out in The 5,000 pesos.
In an interview, Martín de los Santos said that the credit product Libre Market seeks to serve mainly Mexicans who don't have credit or debit cards and that they were unable to build a credit history.
However, he said he will even provide credit to people with negative reports at the credit bureau.
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“The credit bureau report represents only a small part of the thousands of variables that, with the help of artificial intelligence, allow us to determine who to lend to. our platform, "he commented.
He explained that the credit payments granted may be made in convenience stores and if the user has a debit account you can also do direct transfers to your credit payment.
According to information from the platform, credits are mainly used for the purchase of durable goods.
He stressed that the consumer credit It has already been tested by Mercado Libre in other markets, such as Brazil and Argentina, where the default rate is less than 6% of total loans granted.