Loans or credits are a common mechanism between consumers and users when acquiring products or services, and allow the financing of the acquisition of products or services such as travel, dental treatments, computer or electronic devices, cars, courses , etc. It must be taken into account that the granting of a loan or credit implies the indebtedness of the consumer and user, as they have money that they did not have. And it also means, in short, paying more than the product or service would cost in cash, due to the surcharges inherent to said loan.
From the General Directorate of Consumption of the Ministry of Health and Families, it is reported that there are various types of loans and credit agreements. On the one hand, it has the consumer credit contracts that have their own regulation and that are granted by a financial institution to a consumer for a specific purpose. On the other hand, there are so-called microcredits or reduced loans, normally granted for the start-up of a project or business; subsidized loans or loans, at interest normally lower than that of the market, granted to finance a certain activity or project; and fast loans or credits.
However, Consumption pays special attention to one of the personal loan modalities, the so-called quick loans or credits that, at present, have an abundant online presence, with an aggressive advertising on many occasions and with attractive messages to attract customers. , always appealing to the immediacy in its granting and the simplicity of the procedures necessary to obtain them, with a minimum contribution of documents.
Consumption wants to emphasize that these fast loans involve risks for consumers and users who hire them, mainly due to the high interest rates that their hiring entails.
Quick loans are loans of small amounts, characterized by the speed with which they are granted and at prices that are usually much higher than conventional loans. Consumption recalls that these fast loans are not regulated by any rule – as is the case with consumer credit contracts. They are characterized by the fact that the lender simplifies the procedures required for their concession, and normally it is enough for the user to provide the DNI and fill out a form, and sometimes payroll is not even requested.
This immediacy, for which it is common for these credits to be marketed via telephone and online, has a counterpart, the high interest rate that their formalization entails, the high commissions, a soaring APR, as well as the excessive promptness with which that money must be returned. In addition, in these products it is common for the contracting person to be obliged to subscribe a non-payment risk insurance in certain cases.
It should be taken into account that, in many cases, fast loans are offered by companies and entities that are not supervised by the Bank of Spain.
The General Directorate of Consumption recommends that the consumer who decides on this type of product to compare the conditions of other offers, to be informed of the interest and expenses to be paid, as well as to read the conditions of the contract very carefully before to give consent, advising, where appropriate, to consider other loan options that may be more advantageous and that are granted by financial entities supervised by the Bank of Spain. In addition, you must always be aware of your personal financial situation to know if it will be possible to deal with the debt generated during the life of the credit agreement or fast loan.
Consumption Responds
For any questions or queries regarding consumption, the public can contact Consumo Responde, a free information and advice service for consumers and users, promoted by the Ministry of Health and Families of the Junta de Andalucía. It is a multichannel service, which can be accessed continuously through the telephone number 900 21 50 80, on the page www.consumoresponde.es, from the mail This email address is being protected against spam bots. You need JavaScript enabled to view it.; and Twitter profiles (@consumptionresponse) and Facebook (www.facebook.com/consumoresponde).
Advice can also be received in the Provincial Consumer Services of the territorial delegations of Health and Families present in all the provincial capitals, as well as in the Municipal Consumer Information Offices (OMIC), and in consumer and user organizations .
– .
