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Credits - The good, the bad and the Ugh!
It is sometimes inevitable to need a loan. It' worth checking different available loan choices and calculating how much you have to pay back. Have a look at our 8 ways to get a loan in Spain and their security assessments manual. All credit advertisements and agreements in Spain are required by Spanish legislation to include both the TIN (nominal interest rate) and the TAE (equivalent interest rate).
When a bank or other mechanism is offering a home loan with an interest of 0%, would you likely think that would sound great, would it? However, always review the website or fact sheet and make sure that both the TIN and TAE are 0%. Referral charges, commissions and other concealed items are shown in the TAE record.
The TAE is sometimes really 0%, just make sure you take two moments to look at the fine paper. There are many Spanish businesses that allow you to apply for an interest-free deposit on your pay. Dependent on how long you have worked for the business and its credit policies, you can demand a wage of several month in advance. However, if you have not worked for the business for a long time, you may not be able to get a refund.
Do not necessarily your own bank, although this is the best place to ask first. When you have a regular income or annuity, you usually get a better interest on it. They are always taken into account in the TAE record (see "Basics" above). However, for lower sums, you can choose whether it is simpler to use your free of charge debit cards (of course you don't need to make an annuity payment - see our article!) and repay in installments.
Enterprises such as Cetelem or Cofidis are granted private credits with yearly interest ratios of 7% to 20% (more than twice the bank's bank rate). Both of these businesses are normally used by Spanish merchants when financing a sale and should not be mistaken for microfinance businesses. Even though not straight forward they provide an alternate way to get a loan.
Review your best help with HelpMyCash, review the fine printing and keep in mind that they are more costly than a bank loan. A number of sites have emerged during the downturn where you can get a loan if you pledge your auto.