In order to keep users of financial and banking services better informed, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) conducted a comparison of payroll credits offered by different financial entities that have operations in the Mexican national territory.
In this sense, it should be kept in mind that the evaluation carried out by the National Commission for the Protection and Defense of Users of Financial Services (Condusef) was applied to Multiple Purpose Financial Companies (SOMOFOES). In total, there were 6 institutions that were subjected to the study.
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It is in this way that, according to what was published on the official website of the government of Mexico, The following are the SOMOFOE with the best payroll credit:
*Increasing Activecapital Value
*DImexCapital
*DXN Express
The previous SOMOFE obtained a rating of 10 in the analysis carried out by the Ministry of Finance and Public Credit (SHCP). While the following got a lower grade:
*Always effective (7.0)
*Precap (7.6)
Finally, according to what was published on the aforementioned web portal, The SOMOFE that failed regarding the payroll credit was Vivalia.
For its part, among the main regulatory non-compliances of SOMOFE in payroll credit, according to client considerations in 2023, are the following:
+Adhesion Contract
*They do not comply with specifying the early termination procedure.
*They have deficiencies in the form and means of delivery of the account statement.
*They have inconsistencies in the advance and advance payment procedure.
*They establish the collection of prohibited commissions, as well as present inconsistencies with what is recorded in the *Registry of Commissions (RECO) of the CONDUSEF.
*Inaccuracies in payment deadline dates and interest calculation dates.
*They do not correctly express the ordinary and moratorium interest rates.
*They do not correctly describe the methodologies for calculating ordinary and default interest.
*They do not disclose the user's right to terminate the contract through another Financial Institution.
*They deliver versions of the adhesion contracts NOT in force in the Registry of Adhesion Contracts (RECA) of the CONDUSEF.
+Cover
*They do not use or do not respect the Cover format.
*Inaccuracies in payment deadline dates and interest calculation dates.
*They establish the collection of prohibited commissions, as well as present inconsistencies with what is recorded in the *Registry of Commissions (RECO) of the CONDUSEF.
*UNE contact details present inconsistencies.
*They do not indicate the method of delivery of the account statement.
*They do not correctly express the ordinary and moratorium interest rates.
+Account Statement
*They do not comply with the notice of UNE and CONDUSEF data.
*They do not correctly express the ordinary and moratorium interest rates.
*Inaccuracies in payment deadline dates and interest calculation dates.
*They do not contain the notice that, if it is a non-business day, payment may be made the following business day, without charging fees or default interest.
+Internet page
*They do not correctly express the ordinary and moratorium interest rates.
*Does not indicate information related to the Bureau of Financial Entities.
*They do not indicate the commissions of the financial product or when they include them they present inconsistencies with what is recorded in the Registry of Commissions (RECO) of the CONDUSEF.
*Does not contain the legend of non-authorization by the SHCP.
What is payroll credit?
It should be made clear that payroll credit, which is granted by a bank, It is based on regular income from work in the Mexican formal sector, being a form of personal loan that uses the employee's payroll as a payment guarantee, since the financial institution has the assurance that the payment will be automatically deducted.. The approval process is usually faster compared to other credits.
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