Do not hire payday loans without asking and reading these documents before
If we have learned anything from the crisis, it is not advisable to hire personal loans or any other financial product without first reading the entire “fine print” of the offer and asking for any aspect that is not understood. Therefore, if we request financing from a bank, we must demand that you give us all the documents that we have the right to consult before signing the contract and we have to check that the conditions that appear coincide with those explained to us by the person who manages our petition.
3 documents that the bank must give you when you ask for a consumer credit
Before going to a bank to borrow money, we must remember that the bank wants, above all, to sell us its product, so it is possible that it does not put much emphasis on the weak points of its loans (liaison expenses, commissions , etc). For this reason it is very important that we read carefully all the conditions of the credit, including the “small print”. In the following documents we will find the most relevant information:
- File with the European standardized information (INE) of the consumer credit . The bank is obliged to provide us with a document in which the conditions of the offered loan appear, ordered according to European guidelines: amount, interest rate, annual equivalent rate, commissions, linked products, etc.
- The binding offer . If the bank approves our request, we must ask you to make a binding offer to compare your credit with the personal loans of other entities. As established by Law 16/2011, the offer must remain in force for 14 calendar days.
- The personal loan contract . Finally, before signing the contract, we must read it carefully to ensure that the content of the clauses match those previously agreed with the entity.
If we do not know to which points we should pay attention to know if the credit they offer is attractive or not, we recommend downloading the free Cashieriol guide “How to ask for a personal loan to the bank in 25 questions” . In it we will find what to ask the bank when asking for financing and in what aspects we have to look to see if the offer is good, in addition to the rights we have as consumers of personal loans.
Personal loans online are the most transparent
Many banks do not communicate the terms of their loans until a formal request is processed, which makes it virtually impossible to compare their products with others from other financing providers. However, entities that operate exclusively through the Internet do usually publish all the characteristics of their credits , so we will not have to go to an office to get to know them. In the following table we can see two of the best offers of the moment:
|Big Bank Plan Loan||Up to € 15,000||From 6.95% APR||Apply for|
|Personal loan from Cetelem||Up to € 50,000||From 7,18% APR||Apply for|
These two personal loans have no commissions or linking costs and can be contracted without having to change banks . In addition, the concession process is very fast, so we can have the money in just 48 hours, a great advantage over conventional bank loans, which are usually not granted until several days or weeks later.