BBVA Paycheck Advance Loan
A couple of examples will make it clear
Here are several examples of what it would be like if you receive your paycheck in advance:
- Suppose you receive an advance on your salary of €3,000, which you plan to pay back in 3 months.
You would pay €1,008.34 a month for the next 3 months (and €0.78/month in postage). In total, you would pay €3,027.37.
In this example, the commitment fee is 0%, the NIR is 5% and the APR is 5.60% (the APR is calculated taking into account postage expenses: €0.78 per month). Calculations based on the loan being signed on the last day of the month.
- Suppose you receive an advance on your salary of €1,000, which you plan to pay back in 6 months.
You would pay €169.11 a month for the next 6 months (and €0.78/month in postage). In total, you would pay €1,019.32.
In this example, the commitment fee is 0%, the NIR is 5% and the APR is 6.80% (the APR is calculated taking into account postage expenses: €0.78 per month). Calculations based on the loan being signed on the last day of the month.
How do I open one?
Applying for the BBVA Salary Advance Loan is that easy:
- Click on "Apply."
- Choose the amount of the loan and the number of account holders.
- Fill in your personal and financial details.
- If everything is correct and at BBVA we approve the Salary Advance Loan, all you will have to do is sign it.
- 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.
This is how it works
- 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 €1,000 until 2 paychecks with a maximum of €3,000.
- Pay it back over 3 to 6 months.
Would you like more information?
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