It is an illegal technique linked to usury and is associated in Colombia with the world of drug trafficking, extortion and, therefore, settling scores. Vengeance in that country that can literally cost your life. They are called ‘pagodiario’ or … ‘drop by drop’ loans, because the payment of the debt is made every day, for a certain time. But, once inserted into that wheel, the victims are immersed in a hell from which it is very difficult to escape. What starts, for example, with a 20% interest gain for a small ‘help’ ends up becoming a snowball of thousands of euros that is incapable of satisfying customers. It is a method of laundering these groups and that can end with serious consequences for those who hire it, as the authorities of the South American country warn, but it also occurs in Peru and El Salvador.
This practice has already been detected in Spain, both in Madrid and in very close areas of the province of Toledo, such as the municipality of Seseña, which has become another dormitory city for the capital. There are men with a Paisa accent, from Medellín, who are circulating through neighborhood public establishments offering their services. They deliver a card from a pseudo-company (whose registered office and other information are not listed) and with the appearance of advertising with a mobile phone and WhatsApp number. They are sold as an investment service for small loans, which on the back draw some examples of “personal” credits, as they themselves describe them.
Spain, precisely, is finalizing the legislative reform right now on consumer loans. The Government intends to put an end to abuses in microcredits and quick loans, which usually carry interest with APRs that reach 22% and border on usury (if they are not already headlong into it). Furthermore, in our country you cannot request a cash loan of more than 10,000 euros from an individual or conventional lender if the established limits are exceeded.
While this is happening, these illegal organizations are trying to gain a foothold in Madrid and its surroundings through loans that are initially not excessively large, but with a significant initial interest that then multiplies. That’s why it can be easy to bite, although the real problem is what comes next. «They are very dangerous. I know them from my country: they destroy stores, they beat up, they extort and they have always been closely linked to drug trafficking and even murders,” says a Colombian businessman who has lived here for a long time: “It is good that the matter is brought to public opinion, so that someone can address this.”
ABC has contacted one of these ‘offices’. The excuse was the need for liquidity for an important expense in a grocery store. The conversation takes place over the phone and our interlocutor has a totally recognizable Medellin accent, with language more of the underworld than that of a typical credit company. What they offer is the following: «If you need to boost your business, we have a loan that fits your needs. Exclusive for merchants. Instant money. Minimum requirements. No guarantee, no advances. Low rate and daily payments.
Payments in hand
We asked about the requirements to access the money, because we need it quickly, it is urgent due to a debt with a supplier. This is the usurer’s response:
-We can go to your premises and explain the conditions. Send me your location, these are personal things, not to talk on the phone – he insists at least three times during the short talk.
The guy makes a special point of going to the establishment itself before giving any information about amounts to be trusted and even interest percentages. “Well, on our card you can see some examples,” is the most he can say about it.
It refers to a table with three assumptions, which they call “Payment Plan”: “Loan of 300 euros, with a daily payment of 18 euros.” If there are 500, the payment is 30; 1,000 euros, for 60 per day… That is, 20% initial interest. As for the payment method, no transfer, no Bizum, or anything similar. «The fee is paid for twenty days, from Monday to Saturday. We don’t spend Sundays or holidays. We go to your business every day and you pay us there,” he explains, all with zero transparency. “If we see that you are a good payer, we can consider expanding the amounts of the credits,” he adds. We explained to him that our need could be around 20,000 euros. “We don’t work on those amounts,” he says, and when we ask if the matter is mediated by a bank, he quickly hangs up, after repeating: “Well, send me the location of your business and we’ll talk.” End of communication.
«Give me the location of your business and let’s go now. “These things are personal and are not discussed over the phone,” says the Colombian lender.
What is feared now is that a network of extortionists will be created who, as in Colombia, put an end to businesses and threats. The Financial Superintendence of that country put emphasis a few months ago on this plague: «Do not fall into the virtual drop by drop. “Some of these lenders use personal information to pressure early payment of loans or generate exorbitant interest and other costs.”
