Consumer Loans

We have all had on one occasion a project in mind that we want to be a reality but for which our income has not accompanied us. Resorting to a personal loan is an option that can make the difference between waiting or having the money in just a few hours. However, although accessing payday loans and Apply here we have the solution when we need urgent funding. In this article, we will find three keys that will help us both hire and return consumer loans successfully.

Learn to choose your personal loan

If we are interested in applying for credits to online consumption, the first step is to choose the product that best suits what we are looking for. In the market, we can find a wide variety of credit products that offer different conditions. The increase in the number of private credit companies has led to more and more competition for attracting new customers.

This competition is an opportunity for consumers. We will not find it difficult to find a personal loan with an interest lower than the average of 8.57% APR established by the Bank of Spain, with which we can reduce the cost that we will have paid upon reimbursement. Below, we show some consumer credits that are requested online and that meet these characteristics:

Lender Maximum amount Cost Advantage I’m interested
Cetelem Personal Loan € 50,000 From 5.95% TIN and 6.12% APR
  • No commissions or links
  • Without changing bank
  • Term between 1 and 8 years
Apply for
EVO Finance Personal Loan € 30,000 From 7.00% TIN and 7.23% APR
  • No commissions or links
  • Without changing bank
  • Term between 3 months and 8 years
Apply for

These conditions may be the incentive we need to make the decision to hire a personal loan. However, we must take into account other aspects such as the purpose, our income or if we are also paying other debts. These are aspects that it is important not to ignore since they will make the difference between choosing or not the best option of all those that exist in the market.

Be clear for what, when and how much before deciding

The purpose is a fundamental aspect when requesting a personal loan. It will not be the same to finance a trip as a car that we need to go to work. Therefore, it is an aspect that will help us to assess the urgency with which we want to have the money.

When we are going to want to have the financing in our account, it will also be useful to resort to the banking entities if we have more time or to discard this option and request information only through private online credit institutions whose process is much faster. In terms of quantity, having a budget will help us access only the figure we really need, which will cut the cost we will pay and the time to repay the personal loan.

Do your income allow you to return personal loans?

Our financial capacity is another factor that influences both when requesting a personal loan, and when facing the installments to repay the money successfully. Therefore, it is an aspect that will help us to establish the amount to which each monthly payment will go up. According to the data of the Bank of Spain, the total of our debts should not exceed 33% of the income we have.

Your other debts are also important

When hiring a personal loan, it is also important that we keep in mind if we are paying other debts. Credit cards are an example. If this is our case, it is important that we know the amount to which they amount to discount it from the amount of each monthly installment of the consumer credit we plan to access.

These three aspects will not only help us choose the best personal loan but if we apply them, they will help us to get the most out of financing. In addition to making our project a reality, we will be able to reimburse the money on time and without risking our financial capacity to reach the end of the month.