The current credit offer involves offering financing channels that are not excessively high, which is materialized by the granting of a wide variety of credits. Developed under different commercial strategies in terms of their amounts, but in any case they are available to almost all bank users, including you. But what happens when financing needs are more demanding and it requires much higher amounts.
The scenario changed significantly, and the proposals offered by banks are greatly restricted in their amounts, limiting the proposals. And to this is added the toughening in the contracting conditions. It may no longer be enough to provide any payroll, but even the presence of a guarantor is necessary, and you may even have to present a very healthy checking account. Either way, the requirements will be more demanding, and you probably won't be able to meet them in many of the proposals.
You may get a specific situation in which you need a higher amount than usual. For different reasons, to attend to an emergency that arises at any time, or when you need to face an operation of a certain importance. The loans that grant 5.000, 10.000 or even 20.000 euros will not work for you. You will need higher amounts, between 50.000 and 100.000 euros. Your first reaction will be to see how the bank offer is significantly reduced, more than you might believe at first.
Amounts up to 100.000 euros
Now you will only find a couple of proposals, not many if your demand is developed under these margins of demand. They are developed under concessions that have a maximum limit of 100.000 euros. It is true that you will not have much to choose from, but at least you will have a few lines of credit with these characteristics.
Another thing that will catch your attention is the hardening of conditions. They will be very strong, with several requirements for them to accept the application. It will certainly become the main obstacle to awarding the highest amounts.
This class of larger loans is marketed under very clear commercial constants. Not all plaintiffs will be able to achieve their goal, and in many cases they will have no choice but to look for other alternative solutions (family members, loans between individuals, payroll advances, etc.). Although it is most likely that in the end they will not be able to meet this demanding demand. Unless - of course - you are a preferential loan and you have a free pass to this kind of financing.
The first uncertainty that you will harbor from the beginning is whether you can access these loans. For which you must provide several requirements in your application. As a consequence, you should know in advance what the bank will ask you to do to formalize the operation. If you meet them, congratulations, because you will have the doors open to one of the most exclusive credits that financial institutions present at this precise moment.
What will banks ask of you?
First you must be clear that conditions are currently much more demanding than a few years ago, after the economic crisis that began in 2008. Not surprisingly, banks do not want an increase in the number of defaulters, and must be sure that you can meet their repayment. No more no less. If you do not meet the requirements, you must say goodbye to your concession for sure.
First They will demand a payroll of some relevance, generally from 2.000 euros. If possible from a permanent or indefinite employment contract. But it will not be the only condition, you must present an impeccable banking history, and of course that you are not included in any list of defaulters (RAI, ASNEF, etc.).
If you have contracted other credits, even if they are in other banking entities, it will also be a determining factor for their granting. Being a priority that you are free of these charges. Another aspect of vital importance in the process will come from the products subscribed with the entity, since a greater link will help you in the process of granting the loan.
And finally, they even require the presence of a guarantor to support the banking operation. Usually it will come from your closest family environment, or at least from your closest circle of friends. Since the signing of the contract will affect both parties, hence the precaution that the other party must take. Not surprisingly, a lot of money is at stake, maybe up to 100.000 euros.
What credits can you access?
Of course, you will not have it easy at all, since bank proposals will be seriously limited by the high limit imposed. Facing you credit lines ranging from 60.000 to 100.000 euros. And that they are marketed under some signs of identity common to all of them, being unmistakable in any glass.
They move, yes, with very flexible return terms, which range from only 6 months to a maximum of 8 years. Even with the possibility of formalizing it comfortably from home through its online formats, and you can save a few tenth bills in the interest rates in the subscribed operation.
Finally, the crucial moment will come to check the interest rate that the banks will apply to you when they grant it to you. You will have an average of around 9% or 11%, and to which you can add the possible commissions that you incorporate into the credit. The most common are those that refer to the opening, study and compensation of early repayment, which will represent between 0,50% and 2% of the amount demanded.
The best lines of credit
Based on these characteristics, you will only need to select the most suitable model for your personal financing needs. The most generous, without a doubt, is the one currently offered by Banco Pichincha. Offers up to 100.000 euros in each claim, with a very competitive interest rate of 7,50%, and a maximum repayment term of 8 years. However, you will have to provide your payroll for the application to be accepted. If not, rates will rise substantially.
Another alternative that you have to reach these large amounts is the one developed by Bankinter under its Personal Loan. Grant up to 90.000 euros, with a return from 6 months. Banco Santander, for its part, also operates with these commercial margins, with a credit line stipulated at 60.000 euros. And with a longer repayment period, which rises up to 8 years.
Finally, Bankia has made another similar proposal for these very special cases, which has materialized in the appearance of the so-called Super Credit. It provides similar amounts with respect to the previous proposals, although as a novelty it provides the uniqueness that its formalization is exclusively in online format. Giving greater agility to the operation,
Characteristics of these loans
As these are more expansive financing channels They have commercial features that differ from other less demanding proposals. And that you should take into account when you formalize the contract for any of these banking products.
Trying, at all times, to achieve greater savings in their hiring through the most competitive model, but also eliminating the largest number of expenses. And that will basically focus on the following lines of action that we expose you below.
- You should look for that financing design that is made under the most competitive interest rate, and that through the offers presented by the banks you can significantly lower it below the 10% barrier through certain proposals.
- You will have very favorable promotions for your interests, but surely in exchange for direct debit of your payroll or regular income. It will be the most demanding requirement that you must address to face the application process, and in any case above others.
- To eliminate more expenses, you will have no choice but to lean towards the credits that are exempt from any kind of commission and expenses in its management. Not in vain, you will save a lot of euros in the operation, which will help you keep your checking account more liquid.
- The best way to adapt to your particular needs is to choose the model that includes the period of more flexible amortization. You will be able to amortize it quickly, but if you cannot afford very high monthly payments, as an alternative you will opt for longer terms.
- It will be absolutely essential that demand the amounts you really need, neither more nor less, and never above your real financing needs. Not surprisingly, it may lead to an excessive increase in the level of debt, which you may not be able to assume.
- Unlike other proposals in loans developed by financial entities, they do not offer grace periods, that can help you to face this process in better positions your return, especially at the beginning.
- Surely you have a proposal that is linked to the contracting of other banking products (pension plans, insurance, investment funds, etc.), as a formula to lower the interest rates that will apply to your credit. It can even go up to two percentage points over the initial approach.
- The lack of proposals in this kind of financing will surely prevent you from getting a more beneficial design for your interests, and with improvements in its marketing. The offers developed by banks they move under similar commercial approaches.
- And finally, it won't hurt to keep in mind that the requirements will be much more demanding, and you probably won't be able to meet them. And as a consequence, you have to give up - to your misfortune - this special line of credit.