It is expected that inflation will continue to decelerate, eventually allowing for a gradual reduction in interest rates for vehicle, housing, consumer, and education loans, among others. This will alleviate the financial burden on households and enable them to access loans with more affordable instalments.
The rising trend of Buy Now Pay Later (BNPL) is making waves in Colombia, attracting attention due to its enticing benefits. Immediate approval, minimal requirements, and the option to pay in three interest-free instalments are some of the advantages it offers.
There are numerous fintech companies leveraged by the increasing adoption of technology by Colombians, as 76% of the population uses the internet and there is a high penetration of smartphones, where 87% of the adult population owns one. This has contributed to reducing barriers to access to credit, in terms of requirements or credit history, thereby promoting financial inclusion.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Colombia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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