Bank loans in Dominican Republic


Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.

Is it difficult for an expat to get approved for a bank loan in Dominican Republic?

What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?

What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?

Which bank in Dominican Republic is the most popular or accessible for expats regarding loans?

Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?

What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?

Are there any other options for loans aside from the bank in Dominican Republic, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?

Thank you for sharing your experience.


Very important questions and information hopefully someone can inlight us about it.

Well this is a good thread.

It is very very difficult to get bank loans and or mortgages here  from the banks. As expats they do not like to deal with us.  The hoops you jump through will be pretty serious.

The interest rate will be significantly higher than you are looking to pay as well! 

You will sign over the deed or matricula for your house or vehicle until your loan is paid in full.  Should you leave for any reason and abandon your assets while there is a debt, then you will lose your assets!   

No bank is better than the other!  They are all difficult.   You cannot get a loan or mortgage without legal residencia!  Then you will be giving up your firstborn to make this happen.

There is owner held financing sometimes. There is developer financing sometimes!  Each will have their own set of rules but NO ONE will give you title until it is paid off in full.

In my opinion you are ALWAYS better to get a loan from  where ever you come from!

Thats like mission impossible..
What about salaried foreigners, base on their salary, they also have same issue?!

Exactly the same issues honey!

It is that old saying,"No money,  no honey."

the tinker40 :

It is that old saying,"No money,  no honey."

I just read your post to this which I reply:

:lol:   :proud   :joking:

No money, no honey!!  Indeed!!

I may get the message late...but I do get the message!!

Blessings, good sir.


I´ve had good experiences with Banco Santa Cruz. As long as you have good credit the bank is willing to give you a loan.

The issue of course is expats have no good credit here. They have nothing.  Credit from anywhere else counts for nothing here.

And expats can get on a plane and leave the loans behind. That is why it is sooooo tough to get a loan here.

The banks like to see a minimum deposit maintained in ones account and a steady income before they will contemplate giving you a credit card too. It is less easy for me to get a credit card even though I am a long term permanent resident with good banking record for many years, yet my wife can get many and her security is being Dominican.

Getting a credit rating here takes time too and is asked for when you rent property in Santo Domingo. I understand is is easier to rent on the North Coast without these checks.

It is a chicken and egg scenario, in that you start building your local credit rating with on time payments to say Edesur and Altice for electricity and cable when you are in your rented apartment, but a credit reference is sought before you rent and to get around that you find a local to provide security. Now if you are an outright buyer you have assets as security here for the lenders so as long as they tie that in you become a lesser risk. And they ask for your cedula and authorization to do a credit check.

I've never had a credit check when renting in the capital but always need a "fiador" or guarantor....

And you are exactly right on the chicken or egg example!!!! So true.

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