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Requirements to apply for your loan

Requirements to apply for your loan

One of the main things that you would probably like to know before considering a loan platform is the necessary requirements to apply for a loan.

loan providers as a completely serious company focused on its objective of offering good loans to its clients, evidently has unappealable conditions for its loans, which exist only to ensure that its clients manage to return the loan they have requested, and when requesting the loan. loan will not get into a financial bind.

Having said this, the applicant must cover four conditions to obtain a loan , which are the following:

  1. Have an age between 18 and 70 years (both included)
  2. Reside in Spain
  3. Not appear in any file of defaulters
  4. Can justify stable income

In addition, of course, a solvency study is added to these conditions, which is customized for each of the applicants, to ensure that the client has an adequate financial situation so that a loan is granted.

Interest rates 

The interest rates (TAE) offered on this platform are very varied, and depend on the amount of the amount you request and the term to pay with which you request your loan.

Even so, the interest rates that you will find are much lower than you would find in any type of bank or conventional loan providers entities, and this is due to 3 simple reasons.

  • Investors entrust their savings: Since the loans of this platform work thanks to the investment of different companies that are linked to the loan providers to finance the loans requested on the page, the rates are much less greedy for this same reason . Because when loan providers offers you a loan at 6% of APR, investors receive an approximate remuneration of 4.5%, this corresponds to a high remuneration, but lower than the profitability that banks and loan providers institutions expect when they grant a loan . And this is one of the main reasons why the rate is so low, at the next point you will know why.
  • They are a young and modern company: By making the most of new technologies and the Internet so that the loan process is fast and agile, does not need a luxurious office or banking agencies to maintain around the country. On the other hand, all its staff, which is located in Spain, can assist you by phone if you wish.
  • Its activity consists exclusively in granting loans and raising the investment to finance them: They do not carry out any type of separate financial activity that is complex or expensive. Therefore, operating expenses are vastly inferior to those of the competition.

To give you an example of how low are the interest rates in loan providers we will give you some examples using the loan simulator that you can find directly on the loan providers website , and with which you can give you an extremely accurate estimate of how many will be the interest that you will have to pay, depending on the amount and the term that you are thinking of paying.

Example No.1, Project: New car (€ 10,000)

  • Term: 24 months
  • Monthly fee: € 439.50
  • APR: 7.40%
  • Nominal interest (TIN): 5.18%
  • Total cost of the loan: € 548.00 (Interest on investors) + € 200.00 (Management fee) = € 748.00

Example No.2, Project: Furniture and appliances (€ 5,000)

  • Term: 24 months
  • Monthly fee: € 219.75
  • APR: 9.05%
  • Nominal interest (TIN): 5.18%
  • Total cost of the loan: € 274.00 (Interest on investors) + € 175.00 (Management fee) = € 748.00

Example No.3, Project: Wedding / Celebration (€ 15,000)

  • Term: 36 months
  • Monthly fee: € 453.96
  • APR: 6.87%
  • Nominal interest (TIN): 5.65%
  • Total cost of the loan: € 1,345.00 (Interest on investors) + € 225.00 (Management fee) = € 1,567.56

Example No.4, Project: Reforms (€ 20,000)

  • Term: 48 months
  • Monthly fee: € 470.85
  • APR: 6.99%
  • Nominal interest (TIN): 6.13%
  • Total cost of the loan: € 2,600.80 (Interest on investors) + € 250.00 (Management fee) = € 2,850.80

With these case examples of loan applications you could give an idea of ​​the interest rates that are charged in loan providers, and even one of the things that stand out is the amount of money they use as investment expenses, being very minimal the amount that the company keeps of your interests (around 200 euros in most cases) and the greater amount of interest goes to the investors. With this you can be clear about the importance of loan providers in being a company that offers attractive and fair interests for all its clients.