Since the new online credit companies began to operate under the supervision of the Bank of Spain, more and more Spaniards prefer this alternative to traditional banks since the processes are faster, paperwork is reduced to a minimum and can even be Ask for free mini-loans or even if you are in a file of defaulters like Financial Credit Institutions. Now, do you know how to calculate a loan?
Do not worry, as you are not the first to ask this question, we have decided to help you by explaining the two options that you have at your disposal so that you can choose the financial product that best suits your personal needs: calculate a loan manually and calculate a loan automatically.
The first thing you should do is know what the TIN and the APR are. The Nominal Interest Rate (TIN) refers to the percentage of the amount of the mini-credit that the online loan company will charge you for the money borrowed. In Spain this index is usually between 5% and 10%, but the good news is that currently there are a good number of companies that offer a TIN of 6.95%; which is not bad at all if we compare it with what was being demanded until recently.
As for the Annual Equivalent Rate (APR), it refers to additional expenses that companies may or may not include in a financial product together with the TIN. It usually includes:
With all the technology you have on your computer or mobile phone, why not use a free online tool to help you calculate your loan? Currently there are different simulators or loan comparators in which you only have to specify the money you need and the time you want your loan and all the legal companies that meet your expectations will appear instantly. You won't even have to explain why you need the money!
Once you review the TIN and APR, you will simply have to select the option that suits you best and start your online loan application process. This procedure is done quickly and if you comply with the financial risk profile of the selected company, in less than 24 hours you will be able to have your credit online.
Normally the only papers that will be required will be an official document (ID, Passport) and a bank statement with the latest expenses and income. Remember that in addition to having a phone number and bank account, as the entire process is done online you will also need to have a valid email address
One of the advantages of using an online loan simulator is that you can also find free loans of up to 300 euros or more (without interest) and that you can receive more additional information such as if you can request microloans with ASNEF, without payroll, without endorsement, etc.