Get a loan using your salary

There are all kinds of reasons for requesting a loan: renovating a home, buying a car, paying for a vacation, etc. In all of these cases, the need for the specific amount of money can be satisfied by applying for a loan- read more here. BBVA may represent a good option for financing any of these needs. Here you will find all the information you may need in relation to these loans, and you can analyze your own numbers with no commitment by using our simulator.

The initial step in establishing an agreement between the lender and the borrower is the loan application. First, the lender (the institution providing the loan) analyzes and studies the ability of the borrower or customer (the one requesting the money) to pay the loan back. The borrower or customer will have to comply with the loan obligations (to pay back the loan along with the interest and bank fees) by using all of the assets he or she possesses, in the present as well as in the future. This is why the bank will typically analyze the risks involved in the operation before agreeing to grant the loan, by requesting documents including those demonstrating a source of income, such as a salary.

The risk of the operation can be determined using aspects such as assets the customer has previously acquired, the capital available, banking history, etc., but above all the applicant’s sources of income.

Factors to take into account

Before the loan documents are signed, the terms for repayment of the principal loaned and the interest that will accrue must be agreed upon with the bank. In this calculation, there are three essential factors that play a central role: the principal loaned, the interest rate (NIR and APR), and the repayment term.

Any bank will perform a detailed study of the customer’s ability to pay back the loan, and depending on the conditions in each case, it will establish a price for the money being loaned. This is the interest rate, which is calculated by applying a percentage to the principal requested by the customer, then agreeing upon a repayment period that may be more or less demanding based on the risk of the operation.

Before signing for the loan, you must be aware of the Annual Percentage Rate (APR) that will apply to it. The APR is an indicator that includes the “all-in” cost of the loan since it includes the interest rate as well as all other applicable fees and costs. This means that it can be used to compare offers for a similar loan product from other institutions.

Advantages of a loan using a salary

Advantages of a loan using a salary

Having a salary is not an essential condition for getting the loan you apply for approved. In fact, at BBVA you can get a certain amount of money as a loan quickly and without a salary, although the terms and conditions for a loan obtained using a directly deposited salary tend to be better.

The easiest way to find out the details regarding a loan is to use the loan simulator tool made available by BBVA, which provides step-by-step guidance for customers through the estimation process for their loans. It helps them select the amount they need and the repayment period, and they can also calculate the monthly payments and interest on the loan, depending on whether or not they have a salary directly deposited at BBVA.

When facing any significant economic challenge that requires an application for a loan, having a salary directly deposited during the entire life of the loan will provide a subsidy for the interest being charged, which will make this rate lower.

The best offers of loans for retirees

Image result for retiree

In the current financial market there are several entities that offer retired people the possibility of obtaining loans , although in most cases there will always be some limitation related to age. Next, we show what are the best loans for retirees in the market and who can grant them.

 

ALL YOU NEED TO KNOW:

  • The 3 conditions to obtain loans for retirees
  • The maximum age to request credits for retirees is …
  • Discover 3 types of credits for different needs
  • When will I receive the quick loans for retirees?
  • Can I request mini-credits for pensioners with ASNEF?
  •  

The 3 conditions to obtain loans for retirees

Image result for threeThe requirements that must be fulfilled to be able to access the loans for retirees are the same that are required to contract any other credit, although, as is logical, the entities take into account the age of the applicant. Normally, they will ask us that our age does not exceed 75 years at the end of the term of the loan that we request and, in case of exceeding this limit, that we have a guarantor to support us.

As for the other conditions, one of them will, of course, have a sufficiently high pension to be able to meet the loan installments requested. To prove it, the following documents must be submitted:

  • National identity document that certifies our age (usually as a requirement we are asked to be under 70 years of age at the time of credit reimbursement) and that we live permanently in Spain.

  • Document certifying the entry of a pension.

  • Receipt from the bank in reference to the last month although according to the entity the receipt will not always be necessary.

With these documents, the entity that offers loans for pensioners can certify that we received the benefit and that we are sufficiently solvent to repay the loans without problems, within the term and without over-indebtedness, and to comply with the rest of the conditions established in the contract.

The maximum age to request credits for retirees is …

The maximum age to request credits for retirees is ...

Before granting a loan, financial institutions analyze the economic profile of the applicant and calculate their level of risk to assess whether or not to pay the loan. Obviously, age is one of the aspects that are taken into account, since credits for retirees in old age present a high risk of default when they are not backed by life insurance or by a guarantor. Therefore, the possibilities of accessing a loan will also depend on the age category to which we belong:

  • The early retirees: They will not have problem in contracting a loan if they in turn hire a life or amortization insurance. In the first case, it covers up to 65 years and in the other up to 70 years. It is important that the interested party’s age does not exceed these coverages at the end of the term of the credit for retirees. So, if we decide to request a personal loan with a long repayment period, we must calculate the maximum age that we will have when we finish repaying it.

  • Retirees under the age of 75 can apply for loans by taking out insurance and as long as they do not exceed 75 years of age at the end of the loan term.

  • Lastly, we find retirees over 75 years of age . In this case they must have a guarantor who is committed to deal with the debt in case of default or a default insurance because there are very few credits that will allow us to obtain a higher age.

When we talk about the maximum age, we refer to the age we have at the end of the term of the credit. In this way, the entity can calculate based on the term in which we will return the money, whether they grant us the capital or not.

Discover 3 types of credits for different needs

Being retired does not mean that we can only access a certain type of financing. Nowadays we can go to different ways of financing our needs. Each of these types of loans for retirees will have different characteristics that will make them more or less adapted to our financial needs:

  1. Mini loans for incidentals : up to 1,200 EUROS or 750 if we are new clients and can be entered into account up to 15 minutes thanks to the application of new technologies in the contracting and granting process. Its maximum term does not usually exceed 30 days and will be reimbursed in a single installment at the end of it.

  2. Personal loans for larger projects such as renovating a house or buying a car. These credits are granted from the 3,000 EUROS, have an average interest of 8% APR and its term will vary between a few months and several years depending on the amount requested.

  3. Reverse Mortgage : an option to increase income through a loan with housing as collateral. In other words, it is about converting the value of the house into a monthly rent. The access requirements are to have a home in property and be over 65 years old or suffer from a severe dependency.

In short, both for banks and lenders, being retired or being employed is usually valued in a similar way, provided that the user requesting a credit can demonstrate a regular income account and that exceed the limit that the entity has established.

When will I receive the quick loans for retirees?

Image result for when old personAs with any quick credit, those granted to people who receive a pension have a concession time of a few minutes. However, there are three factors that can interfere in that period and cause us to receive the money in up to 48 hours from your request:

  • The day we make the request , since some lenders do not work holidays.

  • The banks that the lender that we have gone to work with, that is, if they do not cooperate with a bank of which we are clients, the transfer could take up to 48 hours

  • That the documentation and paperwork are in good condition . It is essential that all the documentation we send is perfectly legible and up-to-date or the lender could reverse our request.

If we take into account these factors, in principle, there should be no problem in having the money in 10 or 15 minutes at most. In any case, if we want to obtain more information about it, we can always download the free guide in which we explain all this in a much clearer way and with all the necessary information to put an end to any doubt, ” When will the money come from your mini-credit? “

Can I request mini-credits for pensioners with ASNEF?

We have already commented before that among the 3 types of loans that we can request if we are retired, one of them is mini-credits. However, it is important to know if being retired, we can request these products, even if we appear in ASNEF or any other file of defaults.

However, it is recommended that before making a request for a mini loan with ASNEF being retired, let us inform ourselves, on the one hand, if the private equity lender accepts the profile of a person who receives a pension and, secondly, if grants quick credits, even if we are inside ASNEF .

In any case, if we are registered in a list of defaulters, we can always consult the free guide prepared by our experts “What rights I have if I am in ASNEF” . With this useful tool we can know everything about the lists of defaulters.

 

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The Eurogroup asks Greece to apply for another loan after the rescue

 
 
The Eurogroup asks Greece to apply for another loan after the rescueBrussels (EFECOM). – The Eurogroup considered today that Greece should request a line of credit with reinforced conditions to its partners of the eurozone after concluding the European part of the rescue and that the International Monetary Fund (IMF) also participates in some way in that third package of aid to the Mediterranean country.

The Greek Minister of Finance, Gikas Jardúvelis, explained to his colleagues “what the government thinks” to do after the end of the European macroeconomic adjustment program on January 1, according to the president of the Eurogroup, Jeroen Dijsselbloem.

After his presentation, the ministers concluded that “our positions are clearly converging,” Dijsselbloem explained at the press conference following the meeting of the Eighth Ministers of Economy and Finance.

“Taking into account the still fragile situation of the markets and the many reform challenges that still lie ahead, there is broad support for a preventive credit line in the form of a credit line with reinforced conditions”, of the European Mechanism of Stability (ESM), said the president of the Eurogroup.

Dijsselbloem said that today there has been only a preliminary preliminary conversation on this issue and that now “we will discover and work more on the conditions that will be linked” to this line of credit with reinforced conditions, he explained.

The Dutch finance minister also said that, in addition, there is a “broad understanding” in the Eurogroup that the “International Monetary Fund (IMF) must be involved”.

“More discussions are needed on the exact involvement” of the IMF, he said, whose part of the Greek bailout ends, in principle, at the end of the first quarter of 2016.

The amount of the credit line “will have to be designed based on the final analysis of the current” second rescue, which, added to the first, has meant 172,600 million euros, as well as the number of conditions that Greece would have to comply with.

Greece would be subject to supervision, as it is now, by the troika. The European Commissioner for Economic and Financial Affairs, Pierre Moscovi, said that “we are looking for solutions to allow the Greeks to approve the necessary reforms and contribute to the integrity of the eurozone and in that Greece should participate.” “We are willing to consider a line of credit,” said the former French minister.

“Everyone agrees that we should stop managing Greece in detail (…) but at the same time will need help from the European Union (EU) and the EU will be ready to help,” he said.

Dijsselbloem stressed that, while working on the technical details of the credit line for Greece as of January 1, 2015, it is crucial that the current rescue review mission carried out by the triad of international creditors – the EC, the ECB and the IMF- be finalized.
Greece has presented the troika with a “package of additional measures”, but “while this is an important progress, more is needed”, explained the president of the Eurogroup.

The troika wants to resume the fifth review mission “as soon as possible”, he stressed, in order to close the pending issues soon.

“Closing the current mission is of course an important precondition for talks on any subsequent settlement” to the Greek rescue from January, he stressed.

For Dijsselbloem “it is crucial that there is a signal that we can support Greece” and that “it is important that there is no gap there” between the end of the program and the solution agreed upon, he insisted.

Moscovici explained that the idea is that the triad of international creditors “return before the end of next week” to Athens to prepare the decisions that have to be made before December 8.
The European Commissioner will visit before that day Athens and also Nicosia on his first official trip, he stressed.

Precisely, the Eurogroup today approved a new disbursement of the rescue to Cyprus worth 350 million euros, but conditioned the payment to the country does not postpone the implementation of legislation on foreclosures.

In a credit line with reinforced conditions Greece will be forced to take corrective measures with the aim of facing weaknesses and avoiding any future problems regarding its access to market financing.

The weaknesses refer to the inability of the country to maintain its public debt sustainable or to respect the commitments assumed in an excessive deficit procedure, according to an ESM document.

Also if it does not maintain a “good track record” on its ability to access markets or a sustainable external position, as well as if it is unable to avoid bank solvency problems that “could pose a systemic risk to the stability of the financial system of the euro area. “

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The Regulation of the new Agency for Innovation and Business Financing will be approved within 6 months

The Minister of Economy and Employment, Tomás Villanueva, announced this Friday a new line of zero-rate express loans www.wholefoodsmagazineonline.com/columns/vitamin-connection/getting-tax-assist-from-the-irs-when-you-cannot-pay-your-taxes-arrive-tax-day for SMEs, self-employed workers, and entrepreneurs who set up businesses in rural areas of Castilla y León or in areas severely affected by the crisis as a formula of individual self-employment and tool to fix population.

This has been one of the main commitments made by Villanueva in his appearance this Friday in the Committee of Economy and Employment of the Cortes where he has detailed the lines of work of the department for the next four years of the legislature with employment and generation of activity economic as basic objectives.

Villanueva, who has acknowledged the need for companies to obtain sufficient financing for their investment projects and credit restrictions due to the crisis, has also committed to maintaining the non-refundable subsidies until the system’s review in December 2013 focused on projects of regional and strategic business investment, R & D & I projects that are strategic for the industrial and business development of the Region, companies that initiate research processes or generate technological positions and investments of self-employed and micro-SMEs that involve competitive improvement.

The Minister of Economy has also advocated to support the European authorities in the new regime of state aid that is approved for 2014 to maintain the possibility of giving subsidies in the form of lost funds to business R & D & I projects and to defend the permanence of “de mínimis” grants for SMEs, micro-enterprises and self-employed workers in competitive improvement investments.

Finally, it has ensured that the Board will continue to reduce the financial costs of the loans of SMEs and the self-employed of Castilla y León and ensure their realization through Interval, as well as developing a set of public-private venture capital funds for being “a good instrument to leverage foreign financing and professionalize the management of companies.

Reimbursable aid in 2014

Tomás Villanueva recalled that this legislature will be “decisive” in the process of transforming public aid to companies and the culmination of the transition from traditional subsidies to the reimbursable aid system in 2014.

Strengthen the capabilities of the society of business interests in the Region, ADE Capital Sodical, “especially the measures aimed at promoting participatory loans”; broadening the agreements with the European Investment Bank and promoting that companies obtain financing from other agents beyond the most traditional financial institutions are other objectives that Villanueva has set for the table today.

The director has also announced a new information service and fundraising private investment and venture capital funds for companies in the region, supporting them in the preparation, presentation, and negotiation of projects.

Finally, it has committed to signing agreements with credit institutions and, especially, savings banks, to find more effective ways for the development of Castilla y León serves to meet and finance the investment projects of the families and Castilian-Leonese entrepreneurs.

Business support agents

Business support agents

Tomás Villanueva has also explained that the Board will launch on the basis of the current Investment and Services Agency and its group of companies the new ‘Agency for Innovation and Financing’ that will be chaired by a new form of work organization that will make use of business support agents to provide companies with “direct and personal attention”.

“To this end,” the counselor explained, “we will approve the organizational regulations of the new Agency that will contemplate a new structuring, new working formulas and new resources for companies within a maximum period of six months.”

In addition, the Ministry plans to approve within a maximum period of one year the Portfolio of Services to companies to provide specific business solutions and coordinate all possible supports and instruments that a company may need.

As already defended by the chairman of the Board, Juan Vicente Herrera, in his Investiture Speech, Villanueva has been convinced that companies should have a preferential focus as levers for the recovery of growth and job creation for what has been ratified the presentation in the first six months of the Legislature of the Bill to Stimulate the Creation of Companies focused especially on SMEs and self-employed.

For the Minister of Economy, one of the ways to advance in the change of the productive model of Spain is to promote the creation of new companies in the region, especially by young people who are currently studying in universities or in the FP

As he has admitted, changing this pattern of behavior will not be easy and will demand “high doses of imagination” in the design of public and private mechanisms that encourage the emergence of business vocations “and, above all, exercise leadership to coordinate in the regional scope the set of institutions, plans and instruments that affect the creation of companies “.

Finally, it has announced the start-up of an Integral Support System for the Entrepreneur, a Specific Support Plan for Autonomous Workers and a new boost to the Social Economy with the challenge of increasing its weight in regional GDP by 20 percent. through the Specific Social Economy Plan. The counselor has informed that in this mandate a Framework Plan of Corporate Social Responsibility will be drawn up that will prioritize the business attitudes of social, labor, environmental and intergenerational commitment through the stimulus, training and dissemination measures.

In innovation, the challenge has been set to increase the number of innovative companies in Castilla y León and private sector spending in R & D + I with the goal of adding 25 percent of more innovative companies in the region by the end of 2015 – At the moment the Community has more than 1,800 companies of 10 or more workers who are considered innovative, according to the information provided by the counselor.

It is also committed to promoting a program of internships for technologists to train 120 additional managers and a new training program on innovation management for technical staff of companies in the region to train 300 technicians.