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Coppel’s fine print that you should know so as not to get caught up in endless payments

By Leira Velázquez | Mexico City

The commercial chain of department stores, Coppel, in case you didn’t know, was founded in 1941 in Culiacán, Sinaloa, and is dedicated to granting loans for the acquisition of its products, in addition to other activities such as Bancoppel and AforeCoppel.

According to the quarterly statistics of Coppel until June 2021, the financial entity had reached 42.5 million accounts, 6.7% higher than the 39.8 million reported last year.

The NPL ratio of the company is 12.7%That is, almost 13 people out of 100 who have an account in Coppel have presented at least one delay in their payments with the entity.

But how do we get to this point? Well, let’s start with the easy access to the Coppel credit, since the institution only asks you to be of legal age and present an official identification with a photograph, and the procedure is carried out at any branch. Also, there is no income level or credit history review, only a VISA-backed debit account is opened at the same time the departmental card is issued.

It is through the Coppel loan that the 42.5 million Mexicans can access month-long purchases of the more than 20,000 products offered by the department store, from clothing and footwear to furniture and appliances. In addition to acquiring 40,000 pesos in cash as a credit for a term of 6 months or more depending on the control with the store card.

Being a regular customer, that is, no delay has been generated in the payments of the products purchased during a certain period, Coppel offers additional benefits, such as making purchases without an initial payment, which is equivalent to 10% of the value of the article, in addition to greater facilities to accommodate deadlines and payments.

In accordance with the same store policy, the biweekly amounts, for prices with Coppel credit, are calculated giving 10% of the initial payment, and therefore, the biweekly payments and the initial payment may vary according to the credit margin and the payment history. Biweekly payments can be up to 72 fortnights for furniture and 16 fortnights for clothing.

Now that you know the benefits, let’s remember that it is even easier to lose them and have more effects, therefore, here are some tips so that you can cover your payments and maintain a credit history like that of an expert.

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