Personal loan comparator
What is the difference between TAE and TIN?
If you have read a loan contract, you have surely come across the terms APR or TIN. What do these terms mean? How is the APR calculated? In this article we will explain. The TIN refers to the fixed percentage agreed for the payment of the money that the entity lends you. That is, the TIN refers to the percentage that the financial institution obtains for making the loan. For its part, the APR is the interest rate that indicates what a financial product or service costs or really pays. Both concepts were established by the Bank of Spain, which means that they are official.
In general, the TIN is the one most used by banking institutions and it is the one that they communicate in loan contracts, or other types of financial product. This percentage shows the interest that the debtor has to pay for the loan. The TIN then refers to the effective cost of a financial product. This is the interest that has been agreed with the financial institution to carry out the transaction and does not take into account the expenses related to the operation or the additional services that may exist. The TIN is not calculated annually, while the APR is.
On the other hand, the APR can be calculated with an arithmetic formula that includes the nominal interest rate of the operation, the periodicity of the payments (semi-annual, bi-monthly, monthly, etc.), the additional commissions for liquidation or cancellation and the expenses of the operation. Likewise, there may be other commissions such as the initiation commission. In the case of loans, the APR does not take into account some costs such as notary fees, insurance, among other costs that may be related to the loan. According to Spanish banking law, financial institutions have the duty to inform their users about the APR in different parts, such as in the contract or in the information provided before signing it, or even in advertising campaigns or marketing.
Loans in 15 minutes
Therefore, although the TIN is an indicator that informs the client of the interest paid, in reality the APR is much more complete, taking into account that it covers more costs and more factors such as commissions, times to pay, etc. . In conclusion, the APR is a very useful indicator for clients to know if the loan offered by a financial institution is suitable or not, even those loans that are approved in 15 minutes.
Vacation personal loan offers
Loans to finance vacations
This summer season begins with a number of offers from financial institutions. Many of those offers are attractive, with good interest rates. The amounts vary according to each institution. According to a study recently carried out by American Express Spain, Spaniards will spend an average of 2,070 euros on summer holidays 2018. And it is that traveling has become a fundamental part of the life of the Spanish citizen. Few decide to decline a good vacation, even if this means having to take out a loan to do so. There are many financial entities with which we work that indicate that loan applications to finance vacations rebounded in June by around 39%. In fact, financing vacations is one of the services with the most demand today, even above the remodeling of the home or the money that goes to the car.
Some of the regions where financing is most requested for holidays are Andalusia, Catalonia, the Community of Madrid and the Valencian Community. According to a study carried out by Bigbank, which has offices in several European countries, including Spain, Spaniards do not plan their vacations in advance. According to the company, generally the Spanish citizen requests financing at the last minute. That is why online loan application peaks are recorded in the months of June and July and there is relative stability the rest of the year.
It is very important that you know exactly the conditions of the online loan that you are going to request, to avoid inconveniences in the future. We recommend you know exactly how much money you are going to request and how much you will have to pay for it. Although this sounds very simple, sometimes it is not so easy to know how much you really pay, for not doing the math. The most important thing is to be sure that it is possible to meet the obligation to settle it within the established deadlines.
The worst thing you could do is borrow more than you can, so you must be sure you can pay it off. On the other hand, once you have taken the credit online, it is usually best to pay it as soon as possible, or as soon as you can. However, there are some organizations that charge a commission for canceling the debt in advance, but that commission cannot exceed 1% of the loan by law.
It should be noted that according to the latest studies, it seems that Spaniards are requesting more financing from banking and non-banking institutions. For example, according to figures from the Bank of Spain, in the first semester of 2017 there was an increase of 4.8% in this type of operations, compared to the previous year. The months of 2017 in which there was the greatest increase in these operations were June, July and August, the summer months. This is clear evidence that vacation finance loans are back in Spain, a trend that had declined in the crisis years. Now there are many Spaniards who have decided that it is a good time to invest money in summer activities such as going on vacation, attending a marriage, etc.
Personal loan comparator
Personal loan comparators
Before there were several of the technological resources that now make our lives easier, the process of looking for a good lender used to be long and expensive, taking into account that it was necessary to search and compare between several financial institutions, whose data was not clear to everybody. But this digital age has brought many technological advances that can easily do the same task but with much greater effectiveness, due to the high standards of selection of the best providers that personal loan comparators have. All this you can do now without the need to leave the comfort of your home.
It is very easy to use the loan comparator and it will allow you to obtain information about all the loans that are available so that you can have a point of comparison and choose the best option. The first thing you should do, in general, is fill in some basic information such as:
- The amount you are going to ask
- The term in which you plan to repay the loan
- The purpose of the loan (some websites want to know if it is a loan for vacations, or to remodel the home, or for studies, etc.)
- Work scenario
- Income and expenses
- Marital status and number of children
- Type of home (rental, owner)
- Credit history (some organizations are interested in knowing if you are registered in a delinquency file such as ASNEF or RAI
- Contact information: phone or mobile number, email
Some advantages of loan comparators
Online loan comparison
In the online loan comparer you can decide how much is the amount you need, what is the term to pay it and whether or not there will be interest that you will have to pay. If an unforeseen economic event arises or you suddenly need money on hand, do not hesitate to find out about our services so that you can achieve your goals much faster. Through the loan calculator you will be able to know exactly what the monthly payment is, plus the respective interest. It is very easy to use, you just have to enter the total amount, then the interest rate and the settlement term.
Personal loans online
Many continue to have doubts about this issue of personal loans online, however, we are an institution monitored by the European System of Central Banks. Our portal is secure and we have high standards regarding the protection of your data. On the other hand, we only select the best suppliers and those that are best rated by their own clients.
Nowadays it is very easy to request loans instantly, but for that reason it is very convenient to first do the calculations and the corresponding analyzes, to carry out the optimal payment of the obligation. Our tools will help you to compare credits and decide suitable lines of action. So if what you are looking for are fast and secure personal loans that you can calculate and monitor with your own eyes, do not hesitate to write or call us. We will be fully willing to answer any questions you may have. You can also enter your personal data and create your own account on our portal.
One of the great advantages of loan comparators to find mini-credits, among other financial services, is the ability to filter information. There are so many offers on the market that it is very useful to filter the information, for example, establishing the loan amounts. There are some entities that offer higher amounts than others, so doing your search by implementing filters like that will make you not waste time in the wrong place.
Another of the characteristics that loan comparators have is that they find providers that offer their products online. Everything is done digitally without the need to go to any branch. On the other hand, many loan comparators also provide tools so that users can carry out a diagnosis of their financial situation and also an assessment of the services they plan to obtain. It's a great way to learn a little more about these financial topics that are important to maintaining good financial and economic health.
Requirements to apply for any loan
The conditions for you to apply for a loan online depend on the organization with which you hire the service. Each has its own standards. However, many companies have some basic requirements, these are:
Loan without endorsement
To request a loan without collateral you must be of legal age (18 years). Some companies increase the minimum age to 20 years or more. You generally can't be over a certain age either (over 65-70 years old). You need to reside in Spain, especially since the companies we work with operate in Spain. You must also have a valid identity document such as DNI / NIE, or passport.
You must have regular income in the account that comes from sources such as a payroll, pension, or any type of benefit. Said income must be sufficient to pay the agreed installments each period and to meet the basic needs of the online loan. You need to have a bank account in your name in Spain. This bank account must be active and must be able to receive bank transfers.
Loans with ASNEF
Some entities require that the possible debtor has a good credit history and is not reported in delinquency files such as ASNEF or RAI. However, there are also other entities that allow their clients to request agile loans, even if they are reported in those delinquency files as ASNEF. It is possible to request loans with Financial Credit Institutions, it all depends on the company with which you are interested in hiring these services, so you should read the terms and conditions carefully and be aware of these types of details. If you do not meet these conditions then you will not be able to obtain the loan you need.
Best personal loans
For these reasons it is very important that before applying for the best personal loans you are completely sure of being able to assume this obligation. You must do an analysis of the income you have but also of your expenses. In those accounts, your income should cover your basic expenses, plus the loan fee. Not paying the agreed installments within the established term or stopping paying the loan completely could mean that you have to bear higher costs. Most financial institutions establish penalties in the form of high interest for those clients who are late in paying their fees, so good planning beforehand could avoid these inconveniences.
Jerome P Allison
I am a freelance writer and consultant for companies and individuals, with a particular emphasis on fintech, technology, startups and online marketing. More information