The new credit channels: who can we ask for money in 2012? – Personal Loan

Televisions, profitability of 4.50% APR, a romantic night with the banker’s mother … Ok, that is a joke, but the banks offer almost anything to attract new customers and their money. Now, when it comes to lending it, all they offer is impediments. Is it still possible to get a loan? Where? And at what price?

Mortgages: less, more expensive and better online

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Getting financing to buy a home has become really hard. The banks scuffled with so much subprime and, as a consequence, to ask for money now you have to prove enormous solvency, to the point of reaching the paradox that the less you need it, the easier it is to lend it to you .

In case of getting the mortgage, interest and commissions are higher than ever; for example, the “floor” and the opening at 1% are back in fashion . The number of compulsory insurance and related products grows day by day. And there are only two ways to find better deals: buy a bank floor or apply for a mortgage online .

These 2 options do not provide mortgages in ideal conditions but they do much better than the direct route. In the first case, we are doing the bank a favor by removing a floor from it, so they will offer us 100% financing and various payment facilities. In the second case, online management saves many costs and these types of banks only select prime profiles, so they can also afford to lower their guard.

However, there is good news: as reflected in the latest edition of the bank loan survey prepared by the GFI, European banks are confident that during the third quarter of the year the tightening of mortgage concession restrictions will moderate to households, in line with what was observed during the second quarter.

Credits: goodbye banks, hello entities not regulated by the Bank

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If we need to make a purchase and at this time we do not have money, there are different options: credit cards (between 14% and 26%) , payroll advance (may be free) , personal loans (between 8% and 13% ) , consumer loans (can go free) , mini credits (between 10% and 45%) … The first 2 can be provided by the bank but, in general, only when we are clients with a certain age, the minimum so that the Bank know our financial profile and repayment capacity. That is, it is not worth reaching a new bank and asking.

As for personal loans in banks, it happens a bit as with mortgages: they are less and less expensive. And that’s where organizations like via SMS, destined to occupy that niche market but with 2 main drawbacks appear: they are not regulated by the Bank of Spain and their fees can reach up to 45% of the loan . [+ Info: What interest do mini loans charge? ]

In addition, many banks have stopped providing other services such as factoring and confirming (collect invoices before their due date), another clear example of what to do yes but take out, nanay.

One of the few options that the consumer still maintains is the purchase facilities of department stores, dealers and travel agencies that, to maintain the volume of sales in times of crisis, offer free deferred payments or with very low interest.

Getting a mortgage is easier online

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In summary: in 2012 (1) getting a mortgage is easier online or buying a home from the same bank that leaves us the money, (2) buying in installments is still as easy as ever and (3) getting liquidity is riskier than ever . Bad times for credit. Touch to be realistic about what we have and what we don’t.