The average cost of requesting a loan in the rest of Europe is considerably lower than in Spain. According to the latest report of the Bank of Spain, the average APR applied to loans in our country is 8.74% APR, while in the rest of the continent, it is around 6.45%. However, in Spain, several private credit financial entities offer online loans with a lower APR than the one applied on average in the old continent. By comparing the different products and companies in the market, we can obtain cheaper financing than the national regulatory body designates.
Private online credit gives us savings opportunities
As we have said before, the possibility of comparing the wide variety of financial products in the market allows us to find offers with which we will save interest. In addition, with the adaptation of new technologies to finance, all this procedure can be done from anywhere, without having to move to the offices of the various banks and private capital.
After analyzing the market we have found products that have better conditions, including low cost. These are Green Touch loans without checking credit.
|Cetelem Personal Loan||From € 3,000 to € 50,000||From 6.12%||
|Cofidis Project Credit||From € 4,000 to € 15,000||From 5.07%||
The two products that appear in the previous table can be contracted 100% online, being able to count on the money in a short time and with a huge comfort in your request. In addition, these loans without collateral do not require that we charge a payroll, but they do require us to justify our repayment capacity with sufficient income to pay the loan installments. In addition, we will have to receive this income on a monthly basis and it will be necessary to justify this remuneration with an official document.
Without commissions, we will have cheaper online loans
One of the main advantages we have found of the loans offered by private equity financiers with respect to banking products is the imposition of the payment of formalization fees. These extra costs are common among Spanish banks since 73% of them will make us pay for opening and/or studying our loan. These two commissions tend to oscillate between 1% and 3% of the total capital of the credit and we will have to pay them in the first repayment installment, which is much higher than the rest. Despite this, some banks will allow us to finance it with the rest of the loan, although this will make the financing more expensive.
In the case of private equity entities, it is rare that we charge for the study. In addition, there are very few who charge us an opening commission for their loans online. This serves the private lenders to lower their interest, allowing us to get a price lower than the national and continental average.