Spanish loans more expensive than Europeans

Spain is going through a structural economic crisis since 2008. A crisis linked, especially, to the housing bubble and some of its star products, such as mortgages. The ease with which banks granted loans a few years ago has led to strong adjustment measures, which have complicated the current access to credit. Luckily, fast loans still allow you to obtain financing.

A comparison with our European neighbors

We are going to base ourselves on the data of June facilitated by the Central bank in Euro: the Spanish credits to the consumption (to fixed type and with a duration of between 1 and 5 years or variable, and with a term of fixation of the initial type of more than 1 year and less than 5) were signed at an average rate of 8.72%. In this regard, we are far from the conditions of the countries that enjoy the most reduced: Finland and Belgium (3.7%) and France (3.78%). Among the 14 countries compared, we occupy the 9th position in the ranking. Ahead, we have Portugal (8.16%); and, behind, to Greece (11.2%). Latvia closes the classification with 18.33%. What are these differences between countries? Well, basically, the profile of the applicant. The most prosperous nations of Europe (Germany, France, etc.) can put consumer credits at a lower rate, since their contractors inspire greater confidence (high per capita income, low delinquency rates…). This financial product is the most related to risks, so in countries where the crisis has made the most dent (Spain or Greece, for example), high rates act as a barrier to less reliable customers. But this does not mean that the credit tap is turned off. In fact, the economic recovery is accompanied by a relaxation of the award criteria.

In search of the ideal credit

You should not falter in your search for the consumer credit that suits you. The types are not everything. Look also at the link and the commissions. In addition, you can resort to entities, alternatives to traditional banking, which lend money online. A microloan can be your solution, whenever you need an urgent amount of money and not very high (up to 500 euros, for example). Take these mini loans or quick loans as a payroll advance. It will compensate you, if you are able to return them in 30 days. No queues or paperwork and a click away.

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