A good option to solve financial problems is to resort to different financing methods. One of the most requested alternatives is loans. It is very common that at the end of the month the money is not enough to pay the debts, and this is the main reason why over the years the applications for our loans are increasing.At present, through our financial institutions we offer different types of effective loans that help to meet the financial responsibilities of users. In this post we will explain all the information of interest of the loans and we will try to clarify the most frequent doubts about these requests for money.
What is a loan?
A loan is a transaction through which a financial institution provides a certain amount of money, through a contract . By applying for the loan, the client acquires an obligation to return all the money in an established time extension, as well as a commitment to pay the interests and commissions agreed between both parties.
The borrowed money must be repaid through several payments or monthly installments . It is very important that users know the appropriate and used terms of the loans, because the money requested is called the principal, while the interest is the additional amount that must be paid to have the loan.
The financial institution or the person who provides the money is called the lender, and the applicant who receives the money is known as the borrower. The term is the period of time that you have to fully repay the amount borrowed.
Types of loans we offer according to the purpose or destination
- Personal loans: This type of loan is the most requested and we offer it due to its great demand among clients, since it is used to finance specific needs. These are generally small amounts of money , suitable to pay unexpected end-of-month expenses, as well as to finance the monthly payments for services, car repairs or to enjoy a trip.
- Consumer loans : These loans are less frequent, although we also provide them, because they are suitable for users to pay the expenses of constant consumer goods such as furniture, cars and appliances. This type of loan is based on small amounts of money, which must be repaid in the short term .
- Student loans: This is a type of loan that we also offer, although it is not very common. Through this process we provide clients with the money required to finance, mainly university tuitions, masters or postgraduate studies. The interests of this loan are lower than those of the other economic procedures.
- Mortgage loans: In this modality our banks provide the loan in exchange for obtaining a real guarantee, which is based on the mortgage of a property such as a business, a house or a car. In this case, applicants are given a medium or long-term loan, that is, between 15 and up to 30 years.
- Loans for companies: In this type of procedure we offer special financing for production, expansion, investment in fixed assets or for the activation of a new project. With us, entrepreneurs will be able to opt for short-term loans aimed at businesses, which require money to continue with production campaigns, liquidity problems or investments that have a repayment of money in a reduced term. We also offer long-term financing procedures , ideal for businesses that need external capital, purchase of equipment or intangible assets.
Requirements to apply for our personal loans
- Of legal age and being a Spanish resident: Nowadays our banks require that the appropriate age to apply for a loan is from 21 to 75 years old. This is a requirement, which users can demonstrate through the National identity document.
- Possess a good level of income: Another requirement to apply for our loans is to demonstrate a stable monthly income, a requirement that we require from both those who receive pensions and wage earners. Before requesting this procedure, it is very important to know exactly the monthly, weekly and daily personal expenses, in order to know if it is possible to cover the loan installments.
- Have a good record: This is a requirement that is demanded by many of our entities, since having a good record and not having missed the payment of other loans is more feasible to approve the amount of money requested, and without major setbacks. Our financial entities accept requests from users that appear on Credit Checker lists.
Possibly, some of our banks require applicants other requirements such as a letter of seniority, having services linked to assets or credit card statements.
Advantages of applying for our loans
By requesting this type of financial support with us, you can obtain several benefits, such as the following:
- Our loans allow the one-time financing of the purchase of different assets, as well as developing projects, for which at that time there was not enough liquidity. Thanks to this method of financing that we offer, we collaborate with the success of a large number of businesses , as well as help in the acquisition of new assets.
- In each of the requests we take into account the current financial situation. This is quite an important aspect when applicants plan payments and fees to return the money. Our banking institutions analyze and evaluate financial history , as well as income, with the intention of ensuring that users comply with the agreed deadlines and prevent possible over-indebtedness.
- The procedure to apply for this financial aid with us is very quick and easy to obtain . Only borrowers should provide the required information and requirements to our financial institutions to continue with the process. Many of our entities do not require justification of the purpose for which the loan is being requested.
- Through our banking entities, applicants can reach an agreement to pay the money on time and in the way that suits both parties. Our financial institutions are responsible for facilitating the process to avoid any inconvenience to borrowers.
- Applicants starting independent living benefit greatly from our loans, as they are used to pay for home renovations or to purchase new appliances. It is also possible to buy a car, if one of our financial aid is requested.
- Our loans are also ideal for owners of micro, medium and small entrepreneurs who will find in our services a boost to publicize their business. We know that it is not easy to start a project from scratch, so we provide loans with comfortable installments and with very low interest, so that entrepreneurs can return the money in a short time.
- Our loans are available to anyone . We offer this service to workers, young professionals and pensioners.
Reasons for requesting our loans
- Debt payment: This is the main reason why borrowers request financial aid, since this money is used to pay off certain debts that were acquired over time. With our loans it is possible to stop the growth of debts and avoid greater problems in the future. Users also request this financing to pay fines or taxes.
- Car purchase: Many companies require among the requirements to qualify for a job to have their own car, so users request our personal loan to conscientiously comply with this obligation. This is a suitable solution to make this much-needed investment.
- Home renovation : This is another of the main reasons to apply for one of our financial aid, since the budgets for home renovations are very high. In addition, after starting the work, some unforeseen expenses arise, so that the family economy may not have the financing to pay these new expenses. In this case, one of the most frequent solutions is to request one of our personal loans.
- Expenses with children: In families with children, the expenses are higher, so many choose to apply for our loans. These financial aids are a good option for users to pay their children's school fees.
- Vacations: A well-deserved vacation must have a planning, which includes an economic budget. A large number of families choose to apply for our personal loans to enjoy a few pleasant days of rest in a dream destination.
- Special events: Life also includes pleasant moments filled with happiness and joy. It is possible that when celebrating a birthday, a wedding or a special event, users do not have the money necessary to host the party. In this case, they can request one of our loans to solve the lack of liquidity.