Get a loan using your salary

We explain how to access loans with the help of your salary.
There are all kinds of reasons for requesting a loan: renovating a home, buying a car, paying for a vacation, etc. In all these cases, the need for a specific amount of money can be satisfied by applying for a loan. BBVA may represent a good option for financing any of these needs. Here you will find all the information you may need in relation to these loans, and you can analyze your own numbers with no commitment by using our simulator.
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A loan application is the first step in establishing an agreement between a lender and a borrower. First, the lender (the institution providing the loan) analyzes and studies the ability of the borrower or customer (the one requesting the money) to pay the loan back. The borrower or customer will have to comply with the loan obligations (to pay back the loan along with the interest and bank fees) by using all of the assets he or she possesses, in the present as well as in the future. This is why the bank will typically analyze the risks involved in the operation before agreeing to grant the loan, by requesting documents including those demonstrating a source of income, such as a salary.

The risk of the operation is determined based on several aspects, such as previously acquired assets, available capital, banking history, etc., but above all the applicant's sources of income.

Factors to take into account

Before the loan documents are signed, the terms for repayment of the principal loaned and the interest that will accrue must be agreed upon with the bank. There are three key factors in this calculation: the borrowed capital, the interest rate (NIR and APR), and the repayment term.

Any bank will perform a detailed study of the customer's ability to pay back the loan. Then, depending on the specific conditions in each case, the bank will establish a price for the borrowed money (i.e., the interest rate), which is calculated by applying a percentage to the loan requested by the customer. Finally, the bank sets a longer or shorter repayment period based on the risk of the operation.

Before taking out a loan, you must know the applicable Annual Percentage Rate (APR). The APR is an indicator that includes the "all-in" cost of the loan, since it includes the interest rate as well as all other applicable fees and costs. This means that it can be used to compare offers for a similar loan product from other institutions.

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Advantages of a loan using a salary

Having a salary is not a prerequisite for a loan application to be approved. In fact, at BBVA you can get a certain amount of money as a loan quickly and without a salary, although the terms and conditions for a loan obtained using a directly deposited salary tend to be better.

The easiest way to learn about a loan is with the BBVA loan simulator. This tool guides you through the loan application process step-by-step. You can select the loan amount, repayment term, repayment amount, and interest, depending on whether your salary is paid directly into your BBVA account.

When applying for a loan to meet a significant financial challenge, it is advantageous to have your salary paid directly into your BBVA account for the duration of the loan term as a discount will be applied to your interest rate.

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