Spain is the sixth European country where financing is more expensive
Spain is among those that offer more expensive financing if we compare them with the average interests of July of the other European countries. According to the statistics of the Euro Zone published by the European Central Bank (ECB), Spain is the sixth that offers more expensive loans with an average of 8.40%, while the European average in the same types of consumer loans is at 5.06%.
How are personal loans in Europe?
According to the data of the ECB, France is the country where it is cheaper to finance (3.58%) while Estonia is the most expensive in the euro zone, where the average interest of the financing offered is at 16.95. %. Spain is the sixth most expensive by position above Portugal (7.41%), Italy (6.83%) and Slovenia (5.80%) . Also, although the difference in figures between the French country and ours is much smaller than if we compare it with the figures from Estonia. Luckily, although the average cost of financing in our country is more expensive than in other countries, we have some offers below that average:
|ING Blue Loan||€ 60,000||5.95% TIN – 6.11% APR||
|Gofindis Project Credit||€ 15,000||From 4.95% TIN – 5.06% APR||
|Cetelem Personal Loan||€ 50,000||From 6.95% TIN – 7, 18% APR||
Among the cheapest countries to obtain financing, we find France in the first place, as we have already mentioned, Finland (3.65%), Belgium (4.06%), Austria (4.12%) and Germany (4.57%). %)
The difference in the cost of financing according to the country
As we have already seen, France is the cheapest country to get personal loans, Estonia the most expensive and Spain is halfway there. Interest is one of the most important factors when determining how much we will pay in total. To see it more clearly, in the following example we can see how much it would cost us to contract financing of 8,000 euros to pay for three years depending on the country where we requested it:
|country||Quantity||Term||Cost||Monthly fee||Total interests||Total|
|Estonia||€ 8,000||36 months||16.95%||€ 285||€ 2,262||€ 10,262|
|Spain||€ 8,000||36 months||8.40%||€ 252||€ 1,078||€ 9,078|
|France||€ 8,000||36 months||3.58%||€ 234||€ 449||€ 8.449|
As we can see, the difference in both the monthly fee that we would pay and the interest generated is abysmal. Although in Spain we do not have financing or as cheap as that offered by France, but not as expensive as that of Estonia, we can find financing below average and also allow us to obtain it without being clients with a certain age or even without changing of bank.