Costa Rica Bill Could Make Some Small Loans More Expensive

A bill in Costa Rica’s Legislative Assembly is poised to raise interest rates on certain small loans by reclassifying them, which could impact borrowers with lower-income or those relying on microcredit. This change, if passed, will affect the affordability of these loans and could make borrowing more expensive for many. The shift in legal definition is part of a broader effort to update consumer protection laws, but it raises concerns about accessibility to financial services for vulnerable populations. This move could have significant implications for the economy and the financial health of individuals who depend on these small loans.