credit in Cuba

Question:
Can Cubans buy on credit?


ANSWER by Vic Webmaster Havana-guide.com

Yes, Cubans can buy on credit, but in a very limited way.
There are upportunities for savings accounts and personals credits by the
BPA - Banco Popular de Ahorro, a popular savings bank with branches all over the country.

Cubans can get a loan to buy or build a house.
As far as I know there are no general consumer credit options, but there are exceptions a few years ago the Cuban government launched a massive credit operation in an attempt to reduce the energy consumption.
They bought thousands of new refrigerators (with low energy consumption) from China and sold them to the population on credit with an easy repayment plan.
The project was both a success and a disaster, many Cubans traded their old refrigerator for a new one, but many failed in the repayment schedule leaving the Cuban State with a huge loss. This is the heart of the problem in Cuba, there is no purchasing power among the (poor) population.
The average salary is 20 USD per month barely enough to buy food and clothing.