Need a small loan? Don’t want complications and decide to look on the Internet?
Beware. Any company can advertise and grant quick loans on the Internet, barely without asking for paperwork from the applicants, who are usually under pressure, forced to choose this type of product because they do not have the funds or guarantees needed to apply for a bank loan.
A loan so easily granted may prove more expensive in the end:
With a short repayment period, a very high interest rate and high fees, you’ll be looking at an astronomical APR, a true reflection of the high cost you’ve paid for the loan.
Or even worse, it may be a fraud and you may be asked to send money as a guarantee before the contract is signed. Don’t do so. Ever.
Most of the firms that offer loans of this kind are not supervised by the Banco de España, as lending is not an activity reserved only for banks.
To check whether the company making the offer, or with which you are interested in arranging a loan, is supervised by the Banco de España, you can consult the Credit Institutions Register Abre en ventana nueva(“Registro de Entidades”) and its agentsAbre en ventana nueva.