Online Loans in Spain
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Loans are in their simplest form an agreement between a lender and a borrower about the loan terms. The lender has the funds available and lends them under specific criteria, often through an interest rate of some sort and some additional fees.
This is considered the payment for borrowing the money and is paid back monthly, quarterly, biannually, or annually by the one who borrowed the money. As the agreement is made, certain aspects like amount, runtime (how long the period for returning the money is), and interest rate must be set.
This is frequently done by banks to consumers, where banks have the funds available to them and lend them to their customers under a specific contract.
An example of a loan like this could be an amount of 500 €, over a runtime of 2 years (24 months), with an interest rate of 30%. With fees included, the final repayment for this loan is around 670.95 €. However, this amount is split over 24 terms (months), with a monthly payment of 27.96 € (fees included).
Usually, you would need to consult a local bank to sign up for a loan, but as online banking has become more and more popular, there are several lenders offering convenient online loans and with more flexible options.
While most traditional banks require a thorough investigation of your financial standpoint regarding monthly income, budgets, last year’s spending and much more, online banks only require minimum information, which makes them more accessible.
Some online lenders might also offer lower interest rates since they are not burdened by paying rent for a physical subsidiary in the area.
Requirements to apply for a loan in Spain
Be over 18 years old. Some banks might have a minimum age requirement of 21 or even 25.
Have your place of residence in Spain. You must have a valid form of ID, like DNI/NIE.
Have some income source. Banks offer the loans on the basis of getting back the money after the runtime has passed.
Some online banks will require proof of income in the form of, for example, payslips or even employment contracts.
Here is an overview of the loans offered by online lenders in Spain, which you can also find right here on Moneezy:
Advantages and disadvantages of Online Loans in Spain
Pros
Loans that suit your situation.
Allows you to realize your projects.
Transparency throughout the entire process.
No loan justification.
Convenient and flexible.
Cons
Lifestyle inflation, where you spend more money because you have more money.
Debt, if you are not careful with your budget.
Reckless spending.
Extra fees if you do not comply with payment dates.
Our take on online loans
If you are not realistic and thorough in your planning of budgets in connection with your loans, you can end up having trouble paying them back over time.
Furthermore, if you apply for a loan to spend on revaluating assets such as technology, fashion, and trends, you are not looking at investments, but rather at reckless spending, something to avoid using loans for.
Being mindful and intentional about your loans is the most important aspect. But if you keep these risks in mind when applying for a loan, they can be a great source to realize projects.
Place close attention to the APR. In Spain, this is measured by the TAE.
Apply for more than one loan, and stick with the answer you find the most convenient.
Be mindful when choosing the amount. If it does not fit in well into your budget, you might have trouble keeping up with payments.
Now that you have read more on the subject… Want to take another look at the loans we offer? Press the “Return” button to go back to our loan comparison tool.
