An SMS, a message in the ATM or a notification in online banking alerts the customer that, if he wants, he can get up to 20,000 euros that same day and in a few steps, with no more paperwork than to sign digitally. With the information they store about customers, such as income, savings or fixed expenses, they analyze each profile to grant an amount with an interest adapted to the user.
Yes OK known as pre-granted loans are the answer of the bank To compete against fast loans, the truth is that now their offer has dropped 30 percentage points compared to the prepandemic era, according to a market analysis carried out by the credit comparator HelpMyCash.com.
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How are pre-granted loans currently?
The economic uncertainty caused by the coronavirus, the banks’ fear of a possible increase in delinquencies and the less stable employment situation of clients (ERTE, layoffs, businesses with restrictions …) have made the offer of this type of credit increase has reduced considerably.
Specifically, from 90% of customers with one approved in 2018, it has gone to 60% in February 2021, according to HelpMyCash.com.
In addition to the reduction in offers, these are limited to premium customers. Although this does not mean that they are only granted to users with the highest income. Clients with more seniority, without other credits to pay, whose work sector has not been so affected by the pandemic or who have a healthy income-expense ratio are the favorites. In addition, the better profile you have, the better conditions you can achieve.
Clients in an entity, in a stock image
The pre-granted loans, according to the analysis of HelpMyCash.com, can offer from 500 to 90,000 euros with an average interest of 9.8% APR, more expensive than the current average of consumer loans (7.52% according to the Bank of Spain ). Although it should be clarified that the offers can change radically with each profile, since the same bank can offer up to 3,000 euros at 9% to one client and up to 60,000 euros at 5% to another, depending on the financial profile of each one.
In order to get a pre-granted loan, it is necessary to be a client with at least three months old and have a payroll account with direct debit income or savings.
Profiles
What about the rest of the customers?
Despite the significant drop in pre-approved loan offers, this does not imply that users cannot obtain consumer loans with the bank. There are many reasons why the bank does not offer them to certain clients or has even stopped offering them to those who had one at some point.
Economic uncertainty and the changing employment situation of many clients are two of the main reasons for this drop in supply. Faced with this situation, banks need a more detailed and updated analysis of the profile of each client to know the current circumstances at the time the financing is requested. However, this does not imply that, if a loan is requested from the bank, the request will be denied.
Two clients at an ATM of an entity
Whether you are looking for financing without having a pre-granted or if you want a greater amount than that offered with the pre-approved credit, you can make a funding request for the entity to analyze.
Nowadays, thanks to technological advances, waiting times have been reduced and although the request will not be resolved as quickly as with a pre-granted loan, it may not take long.
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