If a person needs money quickly due to an unforeseen event, it can be tempted by the different facilities offered by rapid credits, but you must understand what are the risks associated with this type of loans, their conditions and the interests that they usually have associated.
The Bank of Spain has warned about the “other face” of these rapid credits, which despite being allowed and completely legal. They can bring a lot of economic problems to their clients if they do not know all the details reflected in the contract. Following this, the Bank of Spain warns that most companies that usually grant this type of credits are not under their supervision. Since these are not limited to financial entities.
Notice from the Bank of Spain for rapid credits
In his warning, the Bank of Spain warns that “the great facilities when granting credit are compensated by more harmful conditions for the client regarding the return of the amounts, the payment of interests and commissions.” Also, although the client can get this type of credit easily. This income that can help could suppose short -term problems, these translated into high interest, hidden commissions and an upward tae.
For this, the Bank of Spain recommends to its customers to consult what payment period of the requested loan is. The different interest rates that will be charged when signing the loan. You should always know “what will be the amount that we are really going to arrange, the fee that we are going to pay and, above all, be aware of the price at which the money is lending us.
In addition to this, the agency also gives its users the ease of being able to access options that modify interest rates in certain time deadlines to evaluate the loan movement based on the amount of time that will be taken to pay. In addition to this also offers the citizen a tool that can be useful for users who are thinking of hiring a fast loan. This is the “Entities Registration” tool.
This is a tool that includes information from all activities carried out by businesses under their supervision. So you can know the level of trust that can be taken to the entity that will grant the fast loan.