Cheap personal loans
Did you know that you can get cheap personal loans online easily and quickly?
In Bankate we have selected the cheapest personal loans so you can settle that payment that worries you so much.
The main objective of this page is to show you how to use our loan list to compare the different options and show you how to find the most profitable financing options in the market.
How can I find the cheapest personal loans in the Spanish market?
We recognize that it is difficult to answer this question, because finding the cheapest personal loans in Spain will depend on several factors.
There are many companies advertising daily, launching different offers at each moment, so that the one that is cheaper today, may not be tomorrow.
The most profitable loans will always be the ones that best suit your personal situation, the amount you need and the term in which you can return the money.
This is because, however cheap an offer may be, if it does not adapt to your needs, it may end up being very expensive. A very clear example is to hire a very cheap loan to repay in 3 months, if you know that you do not have the ability to repay it within 6 months.
In this case, you must hire an extension of the term or an extension of the payment and you will be charged late payment interest. In this way, the loan will be much more expensive than a better adapted loan in terms of duration.
That is why the best way to find the most profitable loan for your situation will always be to compare the different options, taking into account not only the interests, but also their characteristics, requirements and advantages.
How can Bankate help me find the cheapest loans?
Bankate works as a loan comparator that provides you with a fully updated list of financial products, detailing their interests, characteristics, requirements and advantages.
In this way, using the Bankate service can help you to better understand the characteristics of the different products and thus make a decision regarding those that best suit your needs and are more profitable for your situation.
In addition, through Bankate you can find offers that are active for a limited time, as there are always offers worth mentioning for all types of profiles and users, such as interest-free loans.
Once you have found the perfect loan for you, all you have to do is click on the ‘apply now’ button in green, and fill out a simple form with your personal data.
Our service is non-binding and completely free. This means that nobody will charge you anything to make use of our list, nor will the loan you choose be more expensive by requesting it through our page. Our mission is to help our users.
In fact, Bankate is currently present in 9 countries, and this is only due to the satisfaction of our users with the service we provide.
If you want to know more about our service, you can read more to know more about us.
Frequently asked questions about cheap personal loans
What are cheap personal loans or loans?
Cheap personal loans or loans are financial aids granted by a bank to solve economic problems.
Where are the cheapest personal loans?
The cheapest personal loans can be found online. Bankate brings you a list with the best personal loan offers.
Which bank gives the cheapest personal loans?
There is no specific bank that has the cheapest personal loan since it varies according to the needs of the people: amount, repayment time, etc.
Can I request a cheap personal loan without requirements?
All banks will ask you for minimum requirements such as your identity document. It depends on the amount and the bank will have to deliver more or less paperwork.
How to apply for a cheap personal loan online
Time needed: 20 minutes.
To apply for a cheap personal loan online you can read the following steps, which will facilitate the application process:
- Check out our loan list
Go to the list of loans and select the one that best suits your situation.
- Complete the application
Fill in the necessary information so that the bank can study your case.
- Acceptance or rejection of your credit
You will receive a response from the bank, depending on the amount request may take up to 48 hours.
- Loan Receipt
In the event that your personal loan has been approved, you will receive the requested money in your bank account.
Cheap and fast personal loans: is it possible?
If you are looking for cheap personal loans you will most likely need the money with some urgency. Quite simply, people do not seek financing until they need it and almost all payments are always linked to a deadline.
You will be happy to know that if it is possible to find a loan that is profitable as well as fast, as online entities have been able to develop an efficient application process that allows an immediate response to the request.
In our list of loans you will find several entities that are characterized by offering cheap personal loans, in addition to offering an immediate response on your loan, so you should not wait weeks to have an answer.
Most of them can give you an answer in just seconds and, once you have approved the offer they send you and have reviewed your contract, they will transfer the money to you the same day.
How do these loans work to get such a quick approval process?
Many users often wonder what the trick is for an entity to offer an immediate response to their loan application.
Before, it was necessary to go to the bank to explain what the purpose of your loan money was, after what they told you the documentation they needed to check if they would finally accept your request.
So, you went home, gathered the documentation and returned with a large folder of papers, waiting for them to do their checks and call you. Today this is nonsense!
Therefore, financial institutions have emerged mainly from private capital, which are capable of managing the entire online process. All you have to do is provide your data through a form on their website and wait for an answer, which will take just a few minutes.
But again: how do they process the information to offer an immediate response? They simply take advantage of the possibilities offered by certain computer systems.
The immediate response is possible thanks to the use of systems that have automatic verification, such as Instantor, which only using your online banking data, is able to verify your identity and determine your economic capacity to deal with the loan.
Cheap personal loans with credit institutions
Do traditional lenders automatically reject you because you are listed in credit institutions?
With an online loan, this does not have to be that way. Today there are lenders who grant loans with credit institutions as long as they consider that you can pay your loan.
In fact, in our loan list you will find a large number of entities that will study your application even if you are in credit institutions.
However, having a lender study the option of granting cheap personal loans with credit institutions does not mean that it will accept your application automatically.
To be granted a loan with credit institutions, the lender must be sure that you have the financial capacity to repay the loan at the end of its term. Therefore, the vast majority of entities will require you to have regular income.
Of course, a default would affect both of you negatively, so you better avoid them. Granting you a loan that probably ends up in default would not solve your problem, but would only defer and aggravate it, as it could lead to more debt.
In addition, a fairly common requirement to grant loans with credit institutions is that the debt does not exceed a limit amount, which varies by entity.
Whether your loan is approved also depends on what type of debt it is. Your loan is more likely to be accepted if the reason you have been registered with credit institutions is for a telephone, gas or electric company debt, than if you are listed for a bank debt.
Remember that the loan application is completely free, and it only takes a few minutes.
If you are not sure that your loan is going to be granted, or you want to try several options, you can apply in more than one entity. Also, if you are not interested then, you can simply decline the offer, without any commitment.
The cheapest personal bank loans
If you go to a traditional bank trying to find the cheapest personal loans you are likely to find options with very interesting interest rates… but that involve hiring insurance, direct debit of your payroll, or other types of additional financial products.
If you are evaluating which bank offers the cheapest personal loans, when you make your comparison, you should take into account the costs and paperwork of all these additional services that you need to hire:
- Change your bank payroll
- Hire associated insurance
- Hire a credit card
- Hire a pension plan
- Become a shareholder of the bank
These are just some examples of what banks can put you as a requirement to take advantage of lower interest.
However, the truth is that there are also several companies that are characterized by offering loans similar to bank loans but always with good conditions, so it is not risky to include them among the cheapest bank loans available.
Remember that, in many cases, the cheapest loan is not the one offered by the entity that takes the longest to evaluate your history and your profile. Fast should not be synonymous with expensive, and therefore most online entities allow you to have your money the same day without charging a fortune for it.
Cheaper personal loans without bonding
In many cases, the request for a loan is associated with the hiring of extra products, a requirement of the entities to grant the loan.
If you want to find cheap personal loans without extra conditions or obligation to hire additional services, check out our list of lenders.
In Bankate you will find different options, all of them characterized by their transparency: we will always inform you in case you must hire additional products.
In this way, you will avoid the classic problem associated with the banks of having to worry in the future about fulfilling the conditions of a checking account or a credit card that you have been forced to hire and that you never really use.
The advantages of the loans that you will find in Bankate are many and varied:
- It will not be necessary to hire extra products
- You will not have to open a new bank account
- You will not have to visit the bank office in person
- They will not require a guarantee for your loan to be approved
- You can use the money without giving explanations
How can I know if the loan that contract is safe?
If you want to know if the best cheap personal loans are safe, we can help you. We have compiled a comprehensive list of reliable lenders that comply with Spanish and European regulations regarding financing services.
At Bankate we strive daily to keep our databases updated and always provide you with the most accurate information possible.
In this way, you can be sure that the loans collected on our website are totally reliable and will use your data only for what they have been collected.
If you decide to investigate on your own and in your search you find something too good to be true, offered by a totally unknown company, make sure it is a legal company that will respect your rights before providing your data.
If you choose one of our proposals, it will be much easier to compare the different options, and you can make sure that all of them are safe, as they comply with European regulations and standards.
In addition, from Bankate we recommend never paying anything in advance, and require a contract detailing the services provided by the entity, the amount provided, interest and the total to be returned.
Tips for hiring a cheap personal loan
- Order only the amount you need, do not ask just in case.
- Compare the APR: This rate includes the interest you must pay added to any commission generated, so it will tell you if they are cheap personal loans in relative terms.
- Do not ask for a loan to pay another, especially if the second has more interest than the first.
- Make sure you can return the money within the deadline.
- Don’t limit yourself to your bank, compare more options.
If you think that you are going to have problems to return your loan, you should assess whether it is worthwhile to contract a loan in which you have to pay less in the monthly amounts, but in a longer term, since in this way the debt will last longer and It will be more expensive.
The advantage is that you will have less risk of default because the amount to be paid each month will be smaller.
Keep in mind that a loan with relatively low interest over a very long term may be more expensive than a loan with higher interest but for a shorter term.
Cost of cheap personal loans
To choose between cheap personal loans you need to understand their costs, so let’s take a look at the most common ones:
- Opening commission: Some lenders charge you a commission for contracting the loan. It is typical in mortgages and personal loans of large amounts. Most of our lenders do not charge this type of commission.
- Interest: It is the benefit that the lender will obtain for lending you money.
- Early return fee : If you repay the loan before, the lender will not have the capital you intended to obtain, so you will be charged a fee. However, some of our loans have free early repayment.
- Rate for deferment of payment: You will be given the option to pay later without paying the always high interest for late payment.
- Non- payment notices fee : If you do not pay within the term, the lender will send you a notice and will charge you a fee for it. Generally does not exceed $ 20 per notice.
- Delay interest: With payment delays you must pay an interest for each day of delay and can be a fairly high percentage.
As you can see, expenses multiply when you don’t pay on time and cheap personal loans lose their meaning. But if you fulfill your obligations regarding the terms, with the lenders that you will find on our list you will usually only have to pay the interest.
Make sure you read the loan contract well. In it they are obliged to inform you clearly of all the costs associated with the loan and with an understandable language. This way you will avoid surprises.
To calculate the cost of your loan, pay special attention to the APR. The APR (Annual Equivalent Rate) represents the interest in percentage points that you would have to pay for that loan if you had one year. In this way, you can compare loans with different terms.
One of the most interesting things about the APR is that the calculation includes the expenses associated with the loan, making it one of the easiest and most transparent ways to compare the different cheap personal loans.
In the following table you can see an example of MonedoNow:
|Credit Line Amount||$ 3,000|
|Initial Return Term||24 months|
|Minimum and maximum interest rate||TIN: 21.72%
|Monthly fee to pay||$ 155.22|
|Total amount to pay||$ 3,728.63|
Requirements to obtain cheap loans
The basic requirements to obtain cheap personal loans are the following:
- Be of legal age and have the capacity to act
- Have a valid ID or NIE
- Have a bank account in your name
- Have demonstrable regular income
- Have a mobile phone in your name
- Have an email address to send you the contract and your loan information
Fulfilling these six requirements, the entities that grant cheap personal loans will study your application.
As we have already explained, this does not assure you that they will accept it. However, you will know the result soon as many of them have immediate response.
When it comes to finding cheap personal loans, the best strategy will always be to compare the different options available.
Remember that the most profitable loan is the one that best suits your personal situation and your needs, that is, that meets your requirements in terms of quantity, duration, advantages…
As you have seen, there are many possibilities to get cheap personal loans. All you needed was a loan comparator that was kept up to date at all times and here you have it!
In addition, the entire process of applying for an online loan is free and without obligation, so you can request several of them to be sure of receiving financing. If when you receive the offer does not convince you, just let it pass and nobody will charge you anything.