Personal loans and credit facilities

There are two types of loans. 

• Personal loans: are used to finance a customer's specific needs over a certain period of time.
• Mortgage loans: are intended to finance the purchase of a house and, sometimes, to help set up a business.

When requesting a loan, you must consider: 

• The principal or money you request. 
• The interest you pay on the money or what the bank charges you for lending it.
• The repayment period or time you have to repay it. 

In addition, you must also bear in mind the standard associated fees. The most common are: 

• Arrangement: a small percentage of the total loan amount paid at the start.
• Full or partial early cancellation fee: a percentage of the capital outstanding at the time the loan is cancelled.

The typical requirements for taking out a loan are as follows:

•  Being legally of age. 
• Creditworthiness and stable income, or, in other words, evidence of having the ability to pay back the money loaned.

It depends on the loan requested: 

• Online Personal Loan: From a minimum of €3,000 to a maximum of €75,000.
• Express Online Loan: from a minimum of €3,000 to a maximum of €20,000.
• Home Remodeling Loan: from a minimum of €3,000 to a maximum of €20,000.
• BBVA Coche Online Loan: From a minimum of €3,000 to a maximum of €75,000.
• BBVA Eco-Car Loan: From a minimum of €3,000 to a maximum of €75,000.
• BBVA Paycheck Advance Loan: up to €3,000.

The BBVA personal loan application process is simple: 

• Fill out the application form. 
• Send the requested documentation. 
• If everything checks out, the money will be deposited into your account. 

For the BBVA Fast Online Loan, the process is quick and easy: 

• Calculate your monthly payment.
• Select how to apply: WITH or WITHOUT documents.
• Receive a response and start using your Fast Online Credit (in approximately 8 business hours in your selected account).

There are two interest rates that apply to your personal loan: 

NIR (Nominal Interest Rate) is what you pay a bank in exchange for receiving a loan. The APR (Annual Percentage Rate) indicates the cost of a financial product and includes both the interest rate and the various associated expenses and fees.

There are several differences between a loan and credit:

• A loan provides access to all the requested money at once (when the loan is granted). However, credit lets you request the money according to your needs.
• With a loan, you pay interest on all the amount borrowed from the bank, whereas with a credit, you only pay interest on the money you use (rather than on the total amount the bank makes available to you).
• Once the entire loan principal has been repaid, the transaction is concluded, and you will not be able to access more money (unless you take out a new loan). The credit is renewed every year, allowing you to use this line of financing as needed.