Wasticredit

Introduction

Wasticredit is a Colombian online lending service focused on small consumer loans for short-term cash needs. Public site materials show two main products: a short-term loan for 7 to 30 days and an installment loan with monthly payments starting from 3 months and running up to 24 months under the general terms. The public marketing page highlights loan amounts of up to COP 3,000,000.

This type of service is usually used by people who need emergency money before payday, want to cover an unexpected bill, or need a small loan without going through a traditional bank branch. Wasticredit’s main strengths are speed, a fully digital process, and multiple repayment channels. Its weak points are the usual ones for this segment: cost can rise quickly if the borrower extends or misses the payment date, and the real loan price is not published as one universal fixed table for all users because it is shown in the simulator and contract flow.

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What kind of organization is this

Wasticredit operates under the legal name WASTICREDIT S.A.S. The site footer and legal pages identify the company as WASTICREDIT S.A.S., NIT 901819033-8, with an address at Calle 100 # 8A-55 Oficina 1005, Bogotá D.C. Public company descriptions also present it as a Fintech offering online personal loans in Colombia.

This is not presented as a bank. It is better described as an online fintech lender / short-term consumer lender, with products that function like payday-style short-term loans and installment loans. The service is aimed at adult residents of Colombia who want online access to credit and may include people with damaged or limited credit history. Wasticredit’s own blog and marketing materials explicitly position the service around financial inclusion for borrowers who may face difficulty with traditional lenders.

Operationally, Wasticredit is mainly online-first. Borrowers apply through the portal, receive a simulator-based offer, sign digitally, and get funds by bank transfer. Repayment, however, can be done both online and through local physical payment networks such as Efecty, Punto Red, Punto de Pago, and bank-related channels, so it is not purely digital once the loan is active.

In market terms, Wasticredit looks like a mid-market Colombian online lender that wants to be seen as fast and simple rather than low-cost. That is typical of this segment. Borrowers should compare it with other fintech lenders, not with bank personal loans.

How the service works

Wasticredit’s product structure is split into two categories:

Product

Publicly stated structure

Short-term loan

7 to 30 days

Installment loan

3 to 24 months under general terms; FAQ also describes a 3-installment product up to COP 3,000,000

The general terms say the portal runs a loan simulation before the user completes the contract, and that simulation shows the loan amount, term, regular interest rate, default interest rate, taxes, and any other applicable fees. That means the product is not one flat-rate public offer. Pricing is partly individualized or product-specific and is shown during the application process.

The site’s marketing says approved users can receive money in less than 24 business hours, but the contract templates for both short-term and installment products say disbursements are made within 20 business days after the application is submitted. That conflict matters. Marketing suggests same-day or next-day style funding in many cases, but the contract gives the lender a much wider formal window. The contract should be treated as the stronger source.

The process is designed to be fully online, including the simulation, application, electronic signature, and profile-based payment access. The site also charges an optional electronic signature cost if the borrower chooses that mechanism and accepts the cost shown in the simulator.

How to get a loan

1. Registration

The borrower starts through the Wasticredit portal and creates a user profile. The general terms say the applicant enters the portal, selects the amount and the payment term, and uploads any requested data or documents.

2. Filling in the application

The borrower completes the online application and the portal generates a simulation with the main commercial conditions. This is where the applicant should check not only the principal amount and due date, but also taxes, fees, default interest, and collection-cost warnings.

3. Identity verification

Wasticredit requires the borrower to be a Colombian resident with a cédula and to hold a personal bank account. That means identity verification is built into the process even if the public site does not publish a step-by-step KYC checklist.

4. Income or employment confirmation

One notable marketing claim on the “Cómo funciona” snippet is “sin verificar ingresos”, meaning the service markets itself as operating without income verification in at least some cases. That does not mean no risk checks at all, but it does suggest Wasticredit does not rely on the same documentation standards as a bank.

5. Choosing the loan amount and term

The borrower chooses amount and term in the portal. Public pages describe loans of up to COP 3,000,000, with short-term repayment over 7 to 30 days or installment repayment through monthly quotas, including a product described in the FAQ as payable in 3 monthly installments. The broader general terms define long-term credit as 3 to 24 months, so borrowers need to verify the specific product shown in their own simulation.

6. Signing the agreement

The borrower signs the contract electronically. The legal pages include general terms plus separate contract templates for short-term and installment products. A borrower should not treat the site’s headline marketing as the final agreement. The binding terms are those shown in the contract flow.

7. Receiving the funds

Approved funds are sent by bank transfer to a bank account owned by the borrower. The short-term and installment contract templates both state that disbursement goes to the borrower’s bank account.

How long the process usually takes

The marketing language suggests a fast process and funding in under 24 business hours after approval, but the formal contract gives a much looser outer limit of up to 20 business days for disbursement. In practice, some borrowers may get money much faster than that, but borrowers should not rely on “same day” unless the final contract or approval message confirms it.

Is approval automatic or manual?

The site does not clearly say approval is fully automatic. The safest interpretation is that there is an automated front-end simulation plus lender-side approval logic, with some discretionary review.

Can bad-credit borrowers apply?

Yes, at least in the sense that Wasticredit openly markets to users with bad credit history or reporting issues. That is not the same as guaranteed approval, but the service clearly targets a broader borrower base than many banks.

Loan requirements and eligibility

Public FAQ material gives a straightforward requirement list:

Requirement

Publicly stated

Age

Over 18

Residency

Resident in Colombia

ID

Must have a cédula

Bank account

Must hold a bank account

Contact details

Email and/or phone are used for account and support access

A blog page tied to Wasticredit also mentions an age range of 18 to 60 in one article, but this appears in a blog post rather than in the core FAQ or contract terms, so it should be treated as indicative rather than universal.

Official employment does not appear to be strictly required, because the service markets itself as simple and, in one snippet, says it works without income verification. That suggests self-employed and informal-income users may be able to apply. Still, approval is not guaranteed, and the lender may still use alternative risk checks.

Loan terms and conditions

This is the most important section for any borrower.

Main loan terms

Item

What is publicly visible

Maximum advertised amount

Up to COP 3,000,000

Short-term term

7 to 30 days

Installment term

3 monthly installments in FAQ; 3 to 24 months in general terms

Interest

Shown in simulator and contract, not as one universal public number

Default interest

Shown in simulator; governed by contract

Taxes

IVA may apply

Additional fees

Other fees may apply and are shown in simulator

Electronic signature fee

Optional, accepted if borrower continues with the process

Interest rate and APR

Wasticredit does not publish one clean universal interest table in the accessible public snippets reviewed here. Instead, the general terms state that the portal simulation must disclose the regular interest rate, default interest rate, taxes, and other charges applicable to the specific offer. That means the correct way to evaluate cost is to inspect the full simulated offer and contract before signing.

First loan conditions

The general terms say the lender may provide up to a 100% discount on contractual payments for a short-term loan. There is also a promotion page mentioning a 50% discount on the effective annual rate and fixed nominal term interest in a launch promotion. These are promotional mechanisms, not stable universal pricing rules. The general terms also state that a discount can be revoked if the borrower neither extends nor repays the loan by the end of the payment term.

Late payment penalties

Late payment has several consequences:

• Default interest applies for each day of delay.

• The lender may initiate direct debit from the borrower’s bank account after the payment deadline if the borrower granted that authorization.

• The simulation must disclose potential collection costs if the borrower defaults.

• Failure to repay can cancel promotional discounts.

Extension and rollover

Short-term loans can be extended, but extension is not automatic. The contract states that the lender may grant or refuse an extension at its own discretion. During an extension, the borrower pays the extension fee, and other contractual payments are postponed to the end of the extension period. Public short-term templates refer to extension options for 7, 14, and 30 days.

Early repayment

Borrowers have the right to make partial or total early repayment. In that case, the borrower pays interest only for the actual period the money was used up to the payment date. That is one of the more borrower-friendly clauses in the contract structure.

Hidden fees or charges to watch for

The main cost risk is not “hidden” in the strict sense. It is that the portal shows fees at the simulation stage instead of publishing one simple rate card. Borrowers should actively check:

• regular interest

• default interest

• IVA

• optional electronic signature cost

• extension fee

• possible collection costs in default

Supported payout methods: how users can receive the loan

Wasticredit publicly documents bank transfer to the borrower’s own bank account as the main disbursement method. I found no solid public evidence of cash pickup, payout to a third-party card, or a standalone mobile-wallet disbursement option in the reviewed official materials.

Payout method

Public support

Bank account transfer

Yes

Bank card direct payout

Not clearly confirmed

IBAN / local transfer

Local Colombian bank transfer implied

E-wallet payout

Not clearly confirmed

Mobile wallet payout

Not clearly confirmed

Cash pickup

No confirmed evidence

The most common and safest assumption is that payout goes only to an account belonging to the borrower. Since the contracts specify the borrower’s own bank account, third-party accounts should be treated as unsafe unless Wasticredit explicitly approves them in writing.

Supported repayment methods: how to repay the loan

This section is better documented than payout.

Repayment method

Publicly visible

Direct debit / debit from bank account

Yes

Bank transfer

Yes

PSE via borrower profile

Yes

Efecty

Yes

Punto Red / Punto de Pago

Yes

Corresponsales Colpatria

Yes in older template

Cash-style network payment

Yes, through local collection partners

Mobile app repayment

Not clearly confirmed

Personal account on website

Yes

The short-term template says repayment can be made by direct debit, debit from the bank account, or bank transfer, and the older payment instructions explicitly reference PSE, Efecty, Punto Red, Punto de Pago, and Colpatria correspondents. PSE payments can be made 24/7 from a bank account or electronic wallet through the borrower profile.

Practical repayment rules

• Use the exact contract number when the payment instructions say so.

• For an extension payment, the template instructs the borrower to use a reference like “Extensión, número de contrato.”

• For normal contractual payments, use the contract number reference.

• Payments count as fulfilled only when the lender receives and identifies them correctly.

That last point matters. If a borrower pays using wrong details, the payment may not be treated as received until the lender identifies it. That is why receipts and reference numbers should always be kept.

If payment is delayed, default interest can keep accruing daily, and collection costs may also arise. Borrowers should pay early, not on the last minute.

Advantages and disadvantages

Advantages

Disadvantages

Fully online application

Full cost is not summarized in one public fixed table

Two product types: short-term and installment

Marketing speed claims are broader than formal contract timing

Accepts some bad-credit applicants

Late-payment cost can rise fast

Multiple repayment channels

Extension is discretionary, not guaranteed

Early repayment allowed

Optional e-sign cost may apply

Local Colombian payment systems supported

Borrowers must check simulator carefully to know real total cost

Who this service may suit

Wasticredit may suit:

• users needing urgent money until payday

• users needing a small short-term loan

• borrowers with limited or damaged credit history

• people who need online-only access

• users comfortable with Colombian local repayment networks

It is a poor fit for:

• borrowers who need long-term low-cost financing

• users who cannot repay on time

• people who dislike variable offer-based pricing

• borrowers already trapped in repeated rollover behavior

Risks and important things to check before applying

Before applying, verify:

1. Real total cost, not just the principal.

2. Whether the offer includes any optional signature cost.

3. The exact default interest and collection-cost exposure.

4. Whether an extension is available for your product and at what fee.

5. That your bank account details are correct for payout and repayment.

6. That you understand how to fill in payment references correctly.

This service is best treated as a short-term emergency credit tool, not as a routine monthly finance strategy. Repeated refinancing or extension can turn a small cash problem into a larger debt problem. That is standard risk for this market segment, and Wasticredit’s contract structure does not remove that risk.

Customer support and communication channels

Public support details are clearly visible in indexed site snippets:

• Email: servicioalcliente@wasticredit.co

• Phones: 333 602 5258 and 333 602 7888 on public site snippets

• Additional complaint/privacy contact numbers: 3057993300 and 3503100363 in the privacy policy

• Address: Calle 100 # 8A-55 Oficina 1005, Bogotá D.C.

The service also offers a user profile area and formal claims/PQRS channel. That suggests support is not only via phone and email but also through a structured complaint route. I cannot verify response quality directly from public documents alone, so I would describe support availability as present and fairly visible, but not independently proven to be excellent.

FAQ

What is Wasticredit?

Wasticredit is a Colombian fintech lender offering online short-term and installment consumer loans.

Is it a direct lender or a broker?

Its contracts and legal pages present it as the lender/operator, not as a simple broker.

How fast can I get money?

Marketing says less than 24 business hours after approval, but the formal contracts allow disbursement within 20 business days after the application.

What documents do I need?

At minimum, you need to be over 18, resident in Colombia, have a cédula, and hold a bank account.

Can I get a loan with bad credit?

You can apply. Wasticredit actively markets to users with bad credit history, but approval is not guaranteed.

What payment systems are supported for receiving money?

Publicly confirmed payout is by transfer to the borrower’s bank account.

How can I repay the loan?

Repayment can be made via direct debit, bank transfer, PSE, and local networks such as Efecty and Punto Red/Punto de Pago.

What details do I need for repayment?

Usually the contract number. For extension payments, the template instructs the borrower to use an extension reference plus contract number.

Can I repay early?

Yes. Early full or partial repayment is allowed, and interest is charged only for the actual time the money was used.

What happens if I miss the due date?

Default interest can apply daily, collection costs may arise, and any promotional discount may be revoked.

Can I extend the loan?

Possibly, but extension is discretionary. The lender can grant or refuse it.

Is the first loan interest-free?

No universal public promise of that was found. Promotions exist, but they are conditional and should not be assumed for every borrower.

Can I receive money on someone else’s card or account?

The public contract language points to the borrower’s own bank account. Third-party payout should not be assumed.

How do I contact support?

Use servicioalcliente@wasticredit.co, the listed service numbers, or the formal claims/PQRS route.

Is this service safe to use?

It appears to be a real operating Colombian fintech lender with legal pages, contract templates, privacy policy, and public contact details. The main risk is not whether it exists, but whether the borrower fully understands the simulated offer, late-payment consequences, and extension costs before signing.

Final conclusion

Wasticredit is a real Colombian online lending service that offers both short-term loans and installment loans, with bank-account disbursement, broad repayment options, and a digital application process. Its strongest points are accessibility, speed-oriented design, and support for borrowers who may not fit traditional bank standards.

Its main limitations are also clear. Public pricing is not neatly published in a universal table, the real cost must be checked in the simulator and contract, and late-payment or extension behavior can materially increase the cost. There is also a gap between the site’s fast-funding language and the wider timing window stated in the contract.

The most suitable borrower for Wasticredit is someone who needs a small or medium-sized emergency loan, understands short-term lending risk, and can repay on time. Borrowers seeking the cheapest long-term credit or those prone to rollover dependence should look elsewhere.

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