Lee Mouncher

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EU Credit

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Tumbit Approved Partner

If I wanted a personal loan, why wouldn’t I go to a bank?

In today’s economic climate banks are reluctant to offer personal loans. Where they do, the many rates can be restrictively high, the paperwork regarding proof of income daunting and in many cases the banks insists you take a Payment Protection Plan. Whilst these plans can offer a degree of security, they are expensive and not always appropriate. EU Credit offer homeowners in Spain a simple way to raise finance with the minimum of paperwork and hassle.

What is a personal secured loan?

A personal secured loan is, as the name suggests, a loan where the client offers the lender security. As with a mortgage the security is in their property. Because the lender has security, the rate of interest can be considerably less than an unsecured loan or credit card. The term of the loan can be set to anything from 1 to 10 years.

What can I use the loan for?

The loan can be used for any purpose. Some of the most popular uses are car purchases, home improvements, holidays and business formation – we can also quote for short term bridging loans.

How much can I borrow?

The amount that you can borrow will depend upon the value of your property and any loan currently secured on it. The maximum you could borrow would be 50% of the property value, less any mortgage or loan currently secured on the property.

What if I want to repay the loan early?

You can repay the loan at any time. The cost would be 2% of the outstanding loan at that time, plus legal costs to cancel the loan at the Notary office.

Will the loan be registered by a Notary?

All loans are registered by a Notary as required by Spanish law. The loan is also registered at Land Registry and inscripted into the Escritura (Title Deed). You will need to sign the loan contract at your local Notaries office.

What about set up costs?

All associated costs such as Notaries fees etc… can be added to the loan – the amount that you require is the amount you receive.

How long does the loan process take and when do I receive the money?

Under normal circumstances we can approve the loan on the same day, process the application to completion in a week and will transfer the money to your account the same day as you sign the loan contract.

Can businesses apply for credit for their customers?

Absolutely, we can supply businesses with promotional material and a dedicated accounts manager to handle their clients application.

Are loan facilities available anywhere in Spain?

Yes, we can offer loans to any homeowner anywhere in Spain.

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