The market segment that caters to people who are not eligible for credit in the formal financial system has grown in recent years. One example is Instacredit, whose loan portfolio balance has increased at a rate of 25% a year since 2010, according to Nacion.com.
These companies, which operate outside the formal financial regulation system, loan small amounts at interest rates which are higher than those at banks and regulated financial companies.

Fernando Muñoz, general manager of Prestamás, told Nacion.com that "... an average yearly growth has been maintained of between 7% and 9% in its loan portfolio since 2010, the same behavior has been seen in the increase of their clientele. "

Besides Prestamás and Instacredit, it is reported that there are other companies who advertise and manage microloans via the internet.

Source: Nacion.com

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