January 16, 2024
Trust is fundamental in the financial world, and Yotepresto has earned the trust of its users thanks to its regulation by the National Banking and Securities Commission (CNBV). As a Collective Financing Institution (IFC), Yotepresto began its procedures to operate in Mexico in August 2019 and received authorization in May 2022, a process confirmed through its publication in the Official Journal of the Federation. The CNBV supervises Yotepresto in accordance with the guidelines of the Fintech Law, providing security and confidence to the more than 2 million users of the platform. Therefore, we can affirm that "presto is trustworthy".
Being regulated under the Law to Regulate Financial Technology Institutions in Mexico allows Yotepresto to contribute to the regulatory framework of the financial system and help protect the interests of consumers. This regulation and oversight ensures that Yotepresto is a reliable platform for borrowing or investing, which contributes to its growth and success in the digital financial market.
User experience with a platform can be a key indicator of its credibility and satisfaction. In the case of Yotepresto, users have expressed mixed opinions. While some have reported negative experiences with its customer service, noting slowness and lack of effective solutions, others have praised the platform's intuitive and easy-to-use interface.
Lending experiences also vary, with satisfied customers and others criticizing the process and responsiveness of technical support. However, it is important to remember that no platform can completely satisfy all of its users. Despite the criticisms, Yotepresto remains a popular and reliable lending and investment platform, with a user base that continues to grow.
At Yotepresto, a good credit history is essential to access competitive interest rates. To be eligible for a loan, it is necessary to have a good credit history, verified through Buró de Crédito and at least two years of experience managing credit. But how does this influence the interest rates?
Yotepresto's interest rates range from 8.90% to 38.90% per annum, varying according to the applicant's profile. Yotepresto evaluates about 60 variables of the applicant's profile and credit history to determine the interest rate using a risk rating system. This means that the better your credit history, the lower your interest rates will be.
In addition to interest rates, it is crucial to consider fees and costs when calculating the total cost of a loan. Yotepresto charges various fees, including a loan origination fee, a monthly service fee, and fees for late payments or failed direct debits.
It is important to understand the breakdown of these fees. The origination fee is a percentage of the loan amount that is calculated based on the applicant's credit score and is deducted directly from the approved amount prior to deposit. In addition to this origination fee, Yotepresto includes in the monthly payment an account protection and management fee, and applies additional fees in cases of late payment and failed direct debit.
In addition, users should verify that the rates offered correspond to the amortization table to prevent disagreements. Some customers have complained that the final interest rate and fees may be higher than expected as advertised by Yotepresto's simulator.
It is crucial for users to ensure that when prepayments are made on Yotepresto, they are applied directly to the principal of the loan and not to cover interest or fees, thus maximizing the effect on debt reduction.
When it comes to fees and costs, it is useful to compare Yotepresto with other banks and crowdfunding platforms. Yotepresto offers the possibility of paying the same amount each month without additional fees, in contrast to some banks that may charge for automatic payment management. In addition, the fees charged by Yotepresto to individual borrowers are generally lower than those of some financial institutions, which may have more complex and higher fee structures.
Compared to other crowdfunding platforms, such as afico crowdfunding, YoTePresto does not charge fees to investors if a loan is overdue, unless the loan exceeds 90 days past due and the work of collection agencies is necessary. In addition, unlike some crowdfunding platforms that may charge a withdrawal fee, Yotepresto does not impose withdrawal fees on investors. This demonstrates that Yotepresto strives to keep its fees and costs competitive.
The loan application process at YoTePresto is simple. Loan amounts range from $10,000 to $350,000 pesos, and applicants must meet three basic requirements: official identification, proof of address, and proof of income.
The requirements to apply for a loan at Yotepresto are clear. In addition to official identification, the last two pay stubs must be presented to initiate the loan process. A good credit history in Buró de Crédito is an indispensable requirement to apply for a loan at Yotepresto.
In addition, for proof of income, valid payroll receipts or bank statements must be presented. A bank account in the applicant's name is mandatory to manage the deposit and automatic payment of the loan. Applicants are also allowed to digitally sign documents such as the credit agreement and promissory note through the Yotepresto application.
Pre-approval for a Yotepresto loan is received within 5 minutes of completing the application, depending on factors such as credit history and proof of income. Once the applicant uploads the necessary documentation, Yotepresto sends a detailed credit proposal, including interest rate, term and monthly payment, within 1 business day.
Upon credit acceptance, the applicant's profile is published for funding by the investment community, a process that can vary between 1 and 25 days, although the average funding time is 5 minutes. If a loan does not reach 100% of the required funding but exceeds $10,000, Yotepresto offers the possibility of formalizing the loan for the amount raised, adapting the payment plan to the amount funded.
Yotepresto not only offers loan opportunities, but also investment opportunities. Yotepresto investors can expect to earn an annual return of 17.12% by investing in loans through the platform. Although Yotepresto charges a 1% commission on the payments investors receive on loans they have participated in, the platform enables a direct connection between people seeking a loan and those wishing to invest, offering lower interest rates for borrowers and attractive returns for investors.
To reduce potential risks, the platform suggests diversifying investments across different loan types and ratings. This means investors can have a diversified portfolio of loans, which can help mitigate risk and increase return potential.
Security is a major concern in the digital world, and Yotepresto is no exception. The platform emphasizes IT security and data protection as essential components for confidence in its lending and investment platform. Although Yotepresto experienced a security incident in 2020 that affected the logins of more than one million users, this led to the implementation of robust security measures.
Yotepresto users' personal data is protected using international-standard encryption, including hashing and salt techniques. In addition, the platform uses two-factor authentication (2FA), email and SMS verification, along with suspicious activity monitoring to prevent fraud and ensure secure transactions. These robust security measures ensure that user data is protected, further increasing confidence in the platform.
Yotepresto offers flexible payment terms, with options of 6, 12, 18, 24, 24, 30, and 36 months, allowing borrowers to select the duration that best suits their financial situation. In addition, by prepaying the loan through YoTePresto, borrowers can reduce the interest on the loan and have the possibility of reducing the amount of the monthly payments or the term of the loan.
What's more, Yotepresto allows prepayments without charging fees or penalties, as long as 15 days' notice is given. This represents an economic advantage for the borrower, as they can save on interest and pay off their loan faster.
In addition, if a borrower is having trouble meeting their monthly payment, they can contact Yotepresto to explore support solutions and avoid negative consequences on their credit, should someone have difficulties.
In addition to its lending and investment services, Yotepresto offers a number of additional tools and resources to help users make informed financial decisions.
One such tool is Yotepresto's loan simulator, which is accessible from its website and allows users to estimate their monthly payments. The simulator allows users to select a loan amount from $10,000 to $400,000 pesos and apply a fixed annual interest rate that varies from 8.9% to 38.9% excluding VAT, depending on the term and the user's payment capacity.
For example, if an amount of $375,000.00 MXN is chosen at a rate of 18.9% per annum for a term of 36 months, the total amount to be paid would be $503,453.29 MXN excluding IVA.
To continue with the loan application process after making the quote in the simulator, the user must create an account and log into the Yotepresto platform.
Another useful resource is Yotepresto's mobile application. This application allows users to monitor their investments or debits in a convenient way, both from mobile devices and from the website. The Yotepresto - Inversionista app is available for download on Google Play and the App Store, exhibiting an average rating of 3.1 stars.
In addition, users can access testimonials and experiences shared by other customers directly through the Yotepresto app, fostering a community of informed users. This not only enhances the user experience, but also contributes to transparency and trust in the platform.
Yotepresto not only offers lending and investment services, but also has a significant impact on the Mexican economy and society. To date, Yotepresto has placed more than 3 billion pesos in loans and has 1.5 million users, highlighting its importance in the credit market.
In addition, Yotepresto's presence as a fintech entity in Mexico contributes significantly to financial inclusion and diversifies the financial services options available to consumers and businesses. By offering personal loans and digital payment systems, Yotepresto is a key player in the process of modernizing the financial system in Mexico.
Yotepresto expands financial opportunities to people who have traditionally been marginalized from access to credit, such as cards, by conventional banks. For more information, visit yotepresto.com.
In summary, Yotepresto stands out as a trusted and regulated platform offering lending and investment services in Mexico. With a focus on transparency, security and financial inclusion, Yotepresto is changing the way we interact with finance and making a significant difference in the Mexican economy and society.
Unfortunately, YoTePresto suffered a security incident in June 2020, where they had unauthorized access to 1.4 million customer records.
If you do not pay at YoTePresto, collections will be handled professionally and ethically to recover late payments and avoid losses for the investor. It is important to have your finances well organized to avoid late payments.
YoTePresto is backed by the National Banking and Securities Commission (CNBV), which guarantees that it operates in accordance with the Law to Regulate Financial Technology Institutions and is supervised by the Condusef.
YoTePresto payments are monthly and are always for the same amount. In addition, they are made by direct debit to your bank account, providing convenience and security. The fee for the first period is the only one that may vary depending on the payment date.
Carlos loves finding the latest credit card offers and understanding all the pros and cons of banking services.