The Bank of the of the Social Security Institute (BIEES) is giving loans secured by jewelry deposits to any member older than 18 years old. Only jewelry and raw gold are accepted. The value of the jewelry or gold is assessed by an expert who weighs the metal and establishes its monetary value and the member can immediately receive the value in cash. The maximum credit amount is $1,500 per transaction with an annual credit limit $30,000 per year. The credits have a biannual interest rate of 8.3 percent. In addition, there’s a three percent cost to cover IESS’s custody…
Want to read the whole story?
Subscribe to The Cuenca Dispatch and gain full access to this story, weekly issues, plus the entire running archive! With your subscription, you will gain access to all the news you'll need concerning Ecuador as a United States expat.
Get access to our most read articles
- Cuenca expat scene is ‘changing before our eyes’
- Los Perniles
- Immerse yourself in Cuenca’s bountiful markets
- Global warming? Most of the hot air is generated by politicians
- Ecuadorian named to Time magazine’s 100 most influential people list
- What should you bring to Cuenca?
- Searching for origin of the word ‘Gringo’
- Artesana Bakery: a love story
- Cuenca will have a new Ludic Botanical Garden
- Catholic church opens its doors to the LGBTI community