The facilities offered by banks when requesting a loan or one credit card motivates people to be more and more recurrent to this type of debt. These banking products are used by the different sectors to satisfy their needs, either through the purchase of goods or the payment of services.
As of February 2023, the Dominican financial system registered 5,599,301 loans by type of portfolio, which reached RD$1 trillion, 637 million,334 thousand. Of these loans, 53.9% were business loans with RD$884,093 million, for an increase of 11.3%, compared to the same month of 2022, according to statistics from the Superintendence of Banks (SB).
While 23.2% was made in consumer loans with 2,349,195 beneficiaries, reaching RD$379,885 million, equivalent to 21.4% more than February last year. Meanwhile, the mortgage loan with RD$299,322 million, represented 18.2%, for an increase of 15.8% compared to the second month of 2022.
Credit cards
According to information from the Superintendency, as of February 2023, the amount owed with credit cards increased by RD$74,034 million, with 2,349,195 plastics granted. This represents, in turn, an increase of RD$16,568 million when compared to the RD$57,466 million granted in February of the previous year.
This also means that the Dominican is more indebted with credit cards, due to the wide acceptance in different commercial establishments, both local and international: online or in person.
Interest rate
The weighted average interest rate by type of portfolio as of February 2023 stands at 10.4% for mortgage loans, 10.7% for commercial financing, and 17.2% for consumer loans.