Fonacot granted 42 billion pesos of loans in 2023 – El Sol de México

The National Fund for Workers’ Consumption (Fonacot) granted one million 686 thousand loans during 2023 for an amount of 42 thousand 298 million pesos, recognized its general commercial coordinator, Salvador Gazca Herrera.

Fonacot, which turns 50 next May, evolved from a means of purchasing furniture to a payroll loan that gives workers up to four months of salary that people can use for health, school supplies, home improvement or even for afford vacations.

“You will remember that everyone identifies Fonacot as a means to acquire furniture, that is how our parents, grandparents and relatives knew it in the past… It is already a payroll loan, it is a credit that is deposited directly into the accounts of the workers that grants up to four months of salary and the worker can use this resource for whatever he likes: health, a school need, improvement in his home, updating his car or vacation,” Gazca Herrera said in an interview.

The official added that Fonacot seeks to be the best credit option for workers in the market.

“We are the best credit option for workers. You can go to Condusef to look for payroll credits and the two credits we have appear—women’s cash credit and cash credit—as the two best credit options on the market… We take that goal of being the best credit option and we do it “We are complying, we have a CAT (Total Annual Cost) of 25.5 percent annually and we are, by far, far below other credit functions.”

He also added that when a worker who requested a payroll loan loses his job, he has a protection fund for six months that covers his payments until he finds a new job.

Salvador Gazca added that by 2024 the goal is to increase the placement of credits by 10 percent up to one million 800 thousand for a total amount of 47 billion pesos, which is possible thanks to the financial viability of the institute, which with policies of austerity, managed to lower the CAT of its credits from 48 percent that began this administration to the current 25 percent.

“In 2024 we will continue supporting them (the workers). Financially we are fine, we have the resources to grant loans… We have the lowest rate in the market, the conditions we have are very practical for them, the entire credit process does not require intermediaries, it does not require coyotes, it does not require payment to third parties. “The entire process runs through a system, make your appointment at fonacot.com.mx.”

The official concluded by pointing out the ease of obtaining a Fonacot loan.

“You only need to present the last four payroll receipts, the last four proofs of address, official identification and an account statement, with that you make your appointment on the internet portal, you are assigned a space in the branch that the worker decides. At the branch, the process lasts 15 minutes and the credit is deposited in the worker’s account in no more than 24 hours.”

2024-02-07 23:29:39
#Fonacot #granted #billion #pesos #loans #Sol #México