BBVA Paycheck Advance Loan

Applying for the BBVA Salary Advance Loan is that easy:

1. Click on "Apply."
2. Choose the amount of the loan and the number of account holders.
3. Fill in your personal and financial details.
4. If everything is correct and at BBVA we approve the Salary Advance Loan, all you will have to do is sign it.
5. And 24 business hours after signing, you will receive the money in your account.

Remember that you have the right to withdraw from the loan contract without incurring a cancellation fee for a period of 14 calendar days from the date you sign. We will refund the commitment fee to you, and you will only have to pay for the interest generated during those days.

• To apply for the BBVA Salary Advance Loan, you need to be a BBVA customer and have your salary or pension paid into your account.
• You can receive an advance from €600 until 3 paychecks with a maximum of €3,000. You will just have to pay a commitment fee of 1.5% of the requested amount.
• Pay it back over 3 to 6 months.

In this example, €3,000 is being requested through three paychecks of €1,000. The period chosen to repay the Salary Loan is 6 months:

• Commitment fee: €45 (1.5%).
• Interest rate: 0% NIR 5.83% APR.
• Total amount: €3,049.20.
• Constant monthly payment: €500.

The APR was calculated taking into account postage expenses: €0.70 monthly.

If you need to open a checking account exclusively for managing this loan, and if the conditions for having no maintenance fees on said account are not met, the fee will be €60 twice per year. Therefore, the APR of the loan would be 13.59%, with a total cost of €3,109.20.