Spain is experiencing one of its historical moments of greatest uncertainty at the political level, after almost a year without the formation of an official government due to the lack of agreements between the different parties that choose the country’s Presidency. This situation is affecting to a certain extent the functioning of the economy in general and the sector of the loans does not escape from this imbroglio. The surveys periodically carried out by the Bank of Spain allow us to intuit a slight decrease in the demand for loans and loans by households and companies to large banks. However, this drop in demand is also favoring that the conditions of access to personal loans are softening somewhat compared to previous periods, precisely because of the emerging competition in the sector.
Spain, in recent decades, has stood out among its European neighbors for
Personal loans for your home
Its rate of debt was quite high, where most of the personal loans of households were destined to the acquisition of a home. Although the real estate sector seems to start to rebound, since the end of 2014 mortgage loans have been experiencing a continuous, albeit slight, decline. It seems that the forecast for next 2017 of reactivation of the sale of homes will make private individuals again need to apply for personal loans to be eligible for financing their home.
Regarding the cost of acquiring credits and loans in Spain, the current rate applied by banks is around 9-9.5%, which is somewhat above the average of our European neighbors. Apart from traditional banking, the opportunities for obtaining loans in our country also include other types of entities that operate mainly through the internet and that are increasingly more booming. Although the interest rate for loans and loans offered by these companies may vary from one to the other and also from that offered by banks, the quick credit facilities they offer can offset the cost. In this way, with just one phone call, virtually any individual can apply for a quick credit for small amounts, since the limit is usually set at around € 3,000, bypassing the tedious bureaucracy of the big banks.
In short, the current situation of loans in Spain is marked by a reduction in demand for them, both by households and companies, especially by the political uncertainty of the moment. However, the conditions for access to loans and credits in our country are being looser and the outlook for the housing sector to bounce back next year will also increase the demand in the loan sector thanks in part to the increase of mortgages. An alternative way to obtain fast loans and with less demands is offered by credit companies that operate mainly through the internet and that are increasing at a time.
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