Many of the people who accessed zero-rate loans today continue to have some consequences due to this type of loan
By Ian Muñoz Pederzoli
09/07/2022 – 08,50hs
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During the pandemic, credits at rate 0 through the AFIP were one of the measures announced by the national government to try to alleviate the devastating effects caused by COVID 19 in the finance of families in monotributistas, since these were seriously damaged. Nevertheless, this measure still affects people who have acquired the credit.
How did it affect and affect people who applied for a 0-rate loan?
People who applied for a credit at rate 0 enjoyed certain Benefits, as well as some damages:
- From the moment in which the accredited zero rate loan and until the cancellation of credit the possibility of obtaining cash advances with that card.
- Credit served both to make consumptions as to cancel balances or previous consumption, as well as to pay the services attached to the automatic debit.
- could not be done consumptions in installments, so the amount of credit it could only be used for consumption in one payment.
- In the case of financial entities that had a benefit program or plan, the beneficiaries could not add miles or points with the consumption made with the credited money.
- You could not access the foreign exchange market for buy dollars, even for those who do it to send money for family aid abroad.
- Securities could not be sold with liquidation in foreign currency or transfer them to other depository entities. Said type of inhibition was in force for 18 months from the date of accreditation or until the total cancellation of the credit.
The restriction to foreign currency such as the dollar is one of the great disadvantages of acquiring this type of loan
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The last measure, in the case of people who have not been able to cancel the loan, is still in force, so people cannot sell securities in foreign currency such as Actions.
Also, you can’t access the MEP exchange rate which is the one in which people acquire a title in pesos such as the GD30 bond for its subsequent sale in Dollars, in this case the GD30D voucher.
What were the requirements to access a 0-rate loan?
On the page of AFIP we can see what the requirements were to access a loan at rate 0, for example, in the case of those that were culturally oriented. In that case, the requirements were as follows:
- Be registered as monotributistas o autonomous worker.
- develop any of the activities related to culture, which is detailed in the “activities” section.
- not perceive income for jobs in dependency relationship or from a retirement.
- record a drop in billing.
- Not having a credit situation 3, 4, 5 or 6. In the case of several informed credit situations, the one corresponding to the amount of debt higher.
- not have requested a zero rate credit previously.
AFIP was the entity that determined whether or not a person could access a credit at rate 0
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As we can see, this type of loan It was not for all people, but for those who fulfilled certain requirements. Within the “activities” are the following:
- Wholesale of books and publications
- Wholesale of newspapers and magazines
- Wholesale of recorded audio and video CD’s and DVD’s.
- retail of books
- Retail sale of newspapers and magazines
- Retail sale of recorded audio and video CDs and DVDs
- Retail of works of art
- Retail sale of used books, magazines and the like
- Manufacture of musical instruments
- artistic education
- Publishing of books, brochures, and other publications
- Publishing of newspapers, magazines and periodicals
- ncp edition
- Radio Broadcast and Retransmission
- Production of television programs
- television services nec
- Film and video production
- Postproduction of films and videotapes
- Distribution of films and videotapes
- Exhibition of films and videotapes
- Sound recording and music editing services
- Production of theatrical and musical shows
- Composition and performance of theatrical, musical and artistic works
- Services related to the production of theatrical and musical shows
- Ticket sales agency services
- Artistic entertainment services nec
- Library and archive services
- Museum services and preservation of historic sites and buildings
- Cultural services nec
- Specialized design services
- Representation and intermediation services for artists and models
- Architectural and engineering services and related technical advisory services nec
- photography services
- entertainment services nec
Advantages that were accessed when obtaining a credit at rate 0
Obtain a credit at rate 0 It had a number of advantages. Some of them are:
- Financing at no cost: As its name indicates, a 0 rate loan It is a type of credit in which the people who access it do not pay any type of interest, so they could access financing without having to incur the large costs of a typical credit or personal loan.
Loans not only charge an interest rate, but also have other associated costs that considerably increase the interest that actually ends up being paid.
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- Beating inflation: By accessing a type of credit at a rate of 0, you beat the inflation either because the money is spent or invested. In other words, in both cases, today we access money that will be returned later when said amount will be significantly lower.
With high inflation, 0-rate credits were very attractive
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- Possibility of investing money with a moderate risk: when it comes to getting into debt invest we run determined risks For example, if the business, machinery, among other options, will generate enough income to return the money and cover the interest and costs incurred. In this case, the risk is considerably lower, since it is known in advance how much money will be returned, in what period, among other options.
- Long return terms: when requesting a 0 rate loan there was a “grace period” of 6 months for its subsequent return. Then proceeded to the return
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