The month of January is, together with September, the most delicate in financial terms for families. According to the National Institute of Statistics (INE), just over 37% of households do not have the capacity to face unforeseen expenses and 9.3% arrive at the end of the month with "much difficulty". Thus, after the Christmas excesses, it is possible that there is a lack of liquidity and it is required financing to face the dreaded January cost.
According to a study by iAhorro, the lack of planning triggers the debt in January and 79.31% of respondents believe that the first month of the year is even more complicated economically than the 'back to school'. "Citizens show more interest in financing in January than in September," says the director of loans and cards of the portal, Eduardo Zafra, who adds that not only increase the requests for loans but "the amounts financed have increased by 3% in this January. "
In this context, the bank gives visibility during these dates to its offer of personal loans and also takes advantage of offering, through telephone or email, personalized and more advantageous conditions to its customers.
Currently, the most economical offer is that of Bankinter, where you can apply between 3,000 and 90,000 euros between 12 and 96 months with an APR from 5.06% to 29.25% maximum. A commission of opening of a maximum of 3% on the loan limit is applied.
Around 6% APR are the loans of Ibercaja and ING. Both entities, together with Liberbank, Openbank and EVO They do not charge opening commission. ING does not ask for linkage and Openbank reserves the best conditions according to the profile and for those who direct the payroll. Liberbank, with one of the longest terms, up to ten years, requires having the payroll domiciled and contracting life insurance. At Ibercaja, the product is exclusive for customers of the Online Banking Service.
In the case of Sabadell, the nominal interest rate is 0%, but there is a fixed opening commission that ranges between 20 euros and 100 euros depending on the term chosen, so that the minimum APR amounts to 8.36% and the maximum 33.47%, the latter in the case of a requested amount of 1,000 euros to be repaid in six months. It has no study commission.
Santander Bank allows you to request up to 90,000 euros to return up to eight years to 6.95% TIN and 8,20% APR fulfilling conditions, which pass through the payroll, three receipts and use the card. The opening expense is 2.25%. In BBVA, the online loan has an APR of 7.91% if the payroll is equal to or greater than 1,000 euros and 8.99% without linkage.
In Abanca, the loan for amounts between 6,000 euros to 60,000 euros is reduced and the APR can go down from 9,743% to 9,442% if the client links with the entity by paying the payroll and hiring life insurance and payment protection insurance. The cost of the opening commission is 1.50%. There is the option to order from 500 to 6,000 euros with the Visa Clip card.
On the other hand, Bankia, CaixaBank Y KutxaBank They advertise their loans in their respective websites, although without detailing the price of them. Bankia specifies that the interest can be fixed or variable.
According to data from Deloitte, at Christmas, gifts, meals and the lottery suppose for the Spaniards an extra expense of 600 euros per person. From iAhorro they emphasize that the lack of planning and leaving everything to the last minute are two aspects that mean that January is a greater effort compared to other times of the year. That is why in the first month of the year there is more tendency to request financing for general expenses, while in other periods it is more preferred to ask for credit for cars or vacations.
However, personal finance advisors remember that the debt should not exceed 33% of monthly income and warn that in short-term loans, which are more expensive, you should not sign what can not be returned in less three months
Another study on "Personal loans at Christmas and the January cost" of Monedo Now explains that financial habits change throughout the year and credits between 1,000 and 2,000 euros are, by far, the most popular from January to August, while as Christmas approaches, users tend to borrow more money.
The Credit cards or the Payroll Advances they can also help the economic troubles of the beginning of the year. The cards offer the opportunity to finance any purchase and usually have advantages such as making monthly payments more flexible and postponing payments, as well as discounts, but pay attention to issuance and maintenance fees and the minimum payments required. The Visa Clip of Abanca has one of the lowest APRs of 16%, while the Classic Evo Finance Visa, the After BBVA Card or the ING Gold Visa are around 20%.