Madridboy

I think one of the problems over here was that even people with perfect credit ratings that borrowed money couldn't always pay it back and it didn't help when many of those were foreigners who returned home without repaying all the loan. The banks are nervous but at least they're making a start.

Chiclanagir

Well we haven´t got 7k to freeze!

olivia

If you get a personal loan the interest will be high. Probably an arrangement fee. The repayment term short and it will be secured against your assets anyway. If you have the disposable income to service a small short term loan, why not just 'Save Up'

Chiclanagir

[QUOTE=olivia;8916112]If you get a personal loan the interest will be high. Probably an arrangement fee. The repayment term short and it will be secured against your assets anyway. If you have the disposable income to service a small short term loan, why not just 'Save Up'[/QUOTE

I think it would take quite a long time to save 5k! The money is needed urgently for repairs. Have looked at Sabadell and they are quoting 10.5% over three years which would be fine. Yes an arrangement fee of 125 euros.

dadbif

Had a loan from BBVA at the end of last year, no security other than proof of my income, interest was about 6 or 7%. Usual paperwork, NIE, padron etc

Chiclanagir

That is very good. Do you bank with them?

Chiclanagir

Just to let you know we saw our Bank Manager today and there seemed to be no problem for a loan but the rate was steep at 11% we also have to get certificado de pensions. I presume just the original confirmation that we get our pensions would be sufficient. Don´t know whether it is worth shopping around now to see if we can get a cheaper rate.

casa del sol

When you borrow money from any bank now you will require proof of income and a good credit history...you will have to prove affordability to show you can afford the monthly repayments after living costs. It does not matter how many properties you have, property costs money to maintain so it is a disadvantage and not a reason to give a loan...too many are asset rich and cash poor....too many have taken out non secured loans and then walked away from their commitments...once bitten twice shy.

Chiclanagir

Well that wasn´t a problem with us.

casa del sol

Glad to hear it.....but you will pay a premium, you will in other words be paying for the ones that do not repay... if you are fortunate enough to have surplus free income to afford loans, better to save for a rainy day in case you may need it in the future will save you a fortune.

Chiclanagir

The rainy day has arrived.