The rise in interest rates by the European Central Bank (ECB) with the aim of reducing skyrocketing inflation has reduced citizens’ disposable income. In these cases, bank loans in order to obtain cash and be able to finance your expenses may be an option. However, banks have also transferred the rise in the price of money to these products. According to the data provided by the financial comparator Kelisto to La Información, these rates have grown by 13% compared to the previous year. Its average TIN has gone from 5.79%, the percentage at which it was found in March 2022, to 6.54% this month.
While it is true that interest rates for products entered a phase of stability since September of last year, when this average reached 7.35%. Therefore, from the comparator they leave the door open to other possible increases, however, they predict that they will be more contained than those expected in the home mortgage market. However, despite this means, the ‘top ten’ of entities that offer personal loans in Spain remain below this figure. In fact, the Revolut offer starts from 3.49%. However, the price of this loan may vary depending on the degree of relationship of the client and the level of indebtedness he has.
Lea Bank is positioned behind, with an interest of 3.95%, but the opening commission can reach up to 2% and, in addition, if the client decides to cancel the loan, they will be penalized with 0.15%. With this product you can request up to 60,000 euros -the maximum amount collected by the lenders in this ranking-. For its part, the Bankinter Consumer Finance product, with a TIN of 4.45%, does not require an opening commission, although it will charge early cancellation with 0.50%. When opting for one product or another, Kelisto establishes the TIN as a starting point when analyzing and comparing the different offers on the market, but advises also paying attention to the commissions and the link required by each entity.
The commissions represent the ‘extra costs’ of the loan, they explain from the comparator. Therefore, although the Wanna Loan occupies the fourth position in the ranking with its TIN of 4.65%, it does not charge commissions, so the APR could be lower than that of other offers that precede it in the ‘top ten. Regarding the link, banks usually require that the client access the opening of an account in the entity to pay the personal loan installments, but, in addition, they could ask for more requirements that bind the user, although this usually implies a discount on the final cost.
Behind Wanna is Openbank, which also penalizes the cancellation of the loan, and part of an interest of 4.95%. For its part, ING does not charge extra commissions and, in addition, lends up to 60,000 euros. Its minimum TIN is 5.49%. On the other hand, Carrefour financial services do charge the opening commission and early cancellation and its interest is the last one that remains below 6.00%, at 5.90 %. Finally, the products of Younited Credit, Laboral Kutxa and Abanca stand out, we obtain loans ranging from 6.14%, through 6.25%, to 6.35%. The first entity can charge up to 12% as an opening commission and the second chooses to penalize early cancellation with 0.50%. For its part, Abanca also makes an ‘extra charge’ at the opening, specifically, 1.50%.
A product for every purpose
Some entities offer specific loans depending on where the client’s money is directed. In this way, if the user needs the cash to finance studies, the purchase of a house or a reform, he can opt for much cheaper products. In addition, from Kelisto they remember that if the loan is intended for the rehabilitation of a house to increase its energy efficiency, the client will be able to remember the new aid for housing rehabilitation approved in 2022, making the meaning cheaper operationally.
