Palanca

Palanca lets you borrow money from your phone, without going to the bank and without paperwork.

HOW IT WORKS
• Create your account with your email and verify your identity with your ID and a selfie.

• Request what you need within your credit limit and choose your repayment period.

• Receive the money via mobile payment.

• Pay in installments every 15 days, in bolivars at the BCV exchange rate of the day.

• Pay on time and your credit limit increases: you start at $100 and can reach $1,000.

WHAT IT COSTS (NO FINE PRINT)
• Loan amount: from $25 to $1,000, depending on your credit level.

• Repayment term: minimum 61 days, maximum 180 days. We never ask you to pay everything back in less than 61 days.

• Maximum annual percentage rate (APR): 198.62%. Includes commission, interest, and collection fees. • Example: You borrow $100 for 61 days. You pay 4 installments of $28, totaling $112: $4 commission, $4 interest, and $4 collection fee. APR: 198.62%.

• If you pay late, after a 2-day grace period, a fixed $5 fee is charged, and you cannot borrow another loan until you are up to date.

• Optional: "Get it right away" costs 2% of the loan amount. With this option, the maximum APR is 255.08%.

YOUR DATA
We only ask for what is necessary to verify you and provide you with the loan. We do not access your contacts, photos, or location. You can close your account at any time through the app.

Palanca is a service of Palanca LLC, which lends using its own capital.
Help: [email protected]
Terms: https://www.mipalanca.com/terminos
Privacy: https://www.mipalanca.com/privacidad