Global Money Week: personal loan

22/03/2022

Let’s begin the second day of Global Money Week! Today's post is dedicated to credit.

It is becoming more and more common that, when paying in a shop, we are offered the possibility of deferring payment for our purchases. In principle, this is advantageous for us, especially if we do not have enough money at the time, but have you ever stopped to think about the costs you assume every time you defer a payment?

This service, just like a personal loan granted by a financial institution, entails a series of costs that we need to know all about before accepting any type of financing.

But what costs can our bank charge us when it grants us a personal loan?

The main cost will be the interest rate, as well as various fees, such as the study fee, arrangement fee, etc. Remember that all these costs are included in the APR of the transaction, which:

• Must appear prominently in advertising and in the pre-contractual information that the bank must provide you with before signing a financing contract.
• Is used to compare products. In the case of a financing transaction (debt), the higher the APR, the higher the cost for you.

Do you think you are ready to take out a personal loan? Find out here by answering the following questionnaire (in Spanish):