Bank loans in Costa Rica

Bank loans are very hard to get here, expats and Ticos alike.   I found out why the hard way.   I loaned several thousand dollars to my Tico property manager, having known him for years and thinking he was a good credit risk.   He offered me 50% interest!  Bad move.  He's completely shafted me and I have little recourse, being a foreigner and having received little documentation.   

Keep your money in your home country as much as possible and don't loan money to locals if you want to see it again.   There's a reason people are so nice to Gringos here.  You see a friendly local, they see money.  They justify it because they think we're all rich.

I've heard that Interest in Costa Rica is MUCH higher than in the USA . As to getting the loan, not sure how hard it is. I do know there are "loan sharks" who offer loans at very high interest rates though. Easy to get but ...

I would not recommend getting a loan here like for a car or etc..

However there are real estate sellers like myself who will give you a mortgage on a property and/or house if you have good credit and I have heard there are bank loans available for condos and sometimes gated community houses, but not usually for an individual house on its own property or for a finca etc. unless the seller offers the terms himself.

By the way the above is hearsay for the most part, I'm not an expert on this, so take it with a grain of salt. ;-D

Wise words !  I wish many naive gringos would heed. them .
The locals  not only con us because  they think we are all rich BUT because they think we are all STUPID, which we are,,(we wold not do things like that in our own countries ..why would it be different HERE?

You're absolutely right.   They think we are all rich and stupid.  Of course, when you're on vacation in a strange country, you don't know any better.   

I don't know how many times I've gotten gas here and the attendant tried to add another 10,000 colones for himself.   Now, I watch the pump very carefully.   Tourists and expats alike need to watch their wallet very carefully.  There are NO ethics here.   Absolutely none.

thewizz wrote:

You're absolutely right.   They think we are all rich and stupid.  Of course, when you're on vacation in a strange country, you don't know any better.   

I don't know how many times I've gotten gas here and the attendant tried to add another 10,000 colones for himself.   Now, I watch the pump very carefully.   Tourists and expats alike need to watch their wallet very carefully.  There are NO ethics here.   Absolutely none.

I'm sure it happens as you describe above but it's never happened to me in the 3 years I've lived here and many trips I've taken here previously. I have never been ripped off by anyone running a cash register.

I have had people at cash registers return money to me, even giving me back a 10 mil ($18 more or less) bill that I thought was a 1mil bill. I've had Ticos call out to me from across the street and i look back like "What do you want?" to have them tell me I dropped an important paper as I crossed the street. I could give you a dozen more examples of how Ticos have been kind to me.

That doesn't mean Ticos are always great people always in every way. I wouldn't say that. But as to dealing with money the only problems I have had is with Claro who still owes me $100 or so from ripping me off with their service. (They're a Mexican based company though.)

As to loaning money one should never loan money to a friend unless one is willing to accept not getting it paid back. That said, I loan money all the time to my Tico friend who also works for me and I KNOW he would always make good on it. But I wouldn't loan him or anyone else money if not getting it back would put me in a bad situation.

Samramon, I have no doubt that your stories are true.   However, you don't live in a touristy area.   The Tamarindo area draws despicable people like a magnet.   Tourists get ripped off here left and right by Ticos and Gringos alike.   It's just a matter of the magnitude.  Most tourists are totally unaware because they're in "paradise" and left their brain at home.    Expats like me get to know their tricks.  I've never seen so many despicable people in my life.  Gringo gulch as pebs would say.   Yes, I'm leaving...