Taking out a loan

What points should you consider before taking out a personal loan?

  •  The amount borrowed and the total cost, including interest, fees and expenses
  •  The term or duration of the loan
  •  The instalments or repayments
  •  Conditions the bank may require in exchange for certain discounts or benefits.

The first thing is to read the advertising material closely. The bank should also give you: 

A standardised general information sheet form FIPRE (In Spanish)Abre en ventana nueva

This is the standard form required by the transparency legislation in which the lender has to describe the general and specific terms of the loan being offered. This information must be given free of charge.

Before granting the loan, the lender:

  • Will assess our ability to meet the loan obligations. 
  • Will assess your borrowing needs, financial situation and references, and provide you, free of charge, with a personalised information sheet (In Spanish)Abre en ventana nueva (FIPER) giving detailed information about the loan conditions, so that you can decide whether it suits you or not.
  • Will be required to give you extra protection if you are taking out consumer credit.


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