The characteristics of a perfect personal loan

The characteristics of a perfect personal loan ...

The characteristics of a perfect personal loan

On this website we compare the different products and alternatives on the market in terms of various categories of loans: fast , with ASNEF, microcredits and a long etcetera. One of the star products, however, is personal loans . Today we want to dig a little deeper and evaluate what makes a perfect loan ideal and what to look for to detect it among the wide range of current offers.


An ideal loan would be one that does not have commissions or interest, at 0% APR. However, this is not usually the case for personal loans of medium or high amounts. That said, there are many entities that lower interest and offer competitive loans , through promotions, specific offers at different times of the year or discounts.

Since interest represents the main cost of the financing that we are going to contract, we want it to be as low as possible. The market average oscillates between a TIN of 5% to 8%, also depending on financial trends and Bank of Spain guidelines.

The commissions

Many online personal loans do not include commissions, because their application without paperwork makes them easy to process and at a very low cost for the entity. Other banks, however, charge an opening or study fee, which is usually a small percentage of the total amount (approximately 1% to 2%).

The commissions that we are interested in knowing are also those of payment or early cancellation : we have talked on other occasions about the advantages of canceling loans in advance even if there is a cost in the form of a commission. Many entities allow you to pay off the loan before the term expires at no cost, you just have to find them.

Additional services

For example, some banks reduce a 1% percentage if the client, in addition to taking out a loan, opens an account. The best personal loans are characterized by simplicity , since sometimes the cost of these associated products ends up being higher than the savings that they apparently promise in exchange for hiring them. This also applies to insurance, a classic of loans and credits, which is neither mandatory nor, in many cases, recommended.

In addition, hiring additional services also implies one or more extra bureaucratic procedures, with the corresponding delays in the contract and receiving the money that is needed.

In conclusion

Who meets these requirements? What entities offer low or competitive interest loans, with hardly any commissions, and without the obligation to hire additional products?

The answer is good news: a lot ! Once you know your profile and the type of personal loan you need, compare and resort to a financial alternative that perfectly suits you and makes you feel as if you have chosen the perfect personal loan.

The characteristics of a perfect personal loan : 4.2 / 5 of 21 votes
Roger molins Jerome P Allison ( LinkedIn )
I am a freelance writer and consultant for companies and individuals, with a particular emphasis on fintech, technology, startups and online marketing. More information ...