Do you need a financial boost to buy a car or cover other needs of your home / business? The search for unsecured consumer loans is a very frequent topic of discussion for all of us who have increased expenses to cover.
So what should you do if you need a few thousand euros relatively quickly and with as little paperwork as possible? Read the tips we recommend to make consumer loans a little easier (or find another solution).
What should you know before applying for a loan?
Easy loans (in the sense that they will give you money without control and above your means), let alone consumer loans, do not exist.
But if you can convince with your income and assets that you don't need the loan, then everything becomes easier.
Before proceeding to request a consumer loan , note that:
✅ All kinds of loans are granted only if the financial-property criteria and any other conditions set by each bank are met.
✅ How "easy" a loan is also related to the procedures.
For example, a consumer loan to buy a car has less procedures and "hassle" compared to a mortgage. In the second case, an estimate by an engineer or an entrepreneur who wants a business plan is required.
✅ The car loan and microcredits are the easiest forms of loan that you will find out there.
📌Read also: Loan in 24 hours: How will you get it?
What are the easiest consumer loans?
Two examples of easy consumer loans (but not completely unsecured) are:
#1 EXPRESS – National Bank
With this loan, you can get from 300 to 2,000 euros. Let's take a brief look at the process:
- You complete the relevant application through the internet banking service "ibank" of Ethniki.
– Beneficiaries of the program are natural persons with permanent residence and individual income declared in Greece.
– The duration of the loan is up to 24 months for amounts below 1,000 euros and up to 48 months for amounts between 1,000 and 2,000 euros.
- The peculiarity of the "EXPRESS" loan is that you can get a consumer loan without collateral and without requiring the submission of supporting documents for the purchase of goods or services.
#2 e-loan – PIRAEUS BANK
– The application is made exclusively online through the bank's web banking services and is completed online, without visiting the bank.
– Through the winbank service you can plan the loan you want, choosing the amount, duration and installment.
– Then you confirm your details, attach the required supporting documents and register the application.
– The application is evaluated by the bank. If approved, you sign the contractual documents with an approved electronic signature and the money is credited to your account.
How do I get a consumer loan to buy a car?
i ️ Loan from Eurobank
Eurobank gives you the possibility to buy the car or machine you want by choosing a fixed or variable interest rate. For example, for new cars the interest rate is 9.50%.
For used cars the interest rate is 12% and for motorcycles 13.95%.
💡 What installment will I pay?
If, for example, you want a loan of 10,000 euros, the nominal interest rate is 10% and you choose repayment in 60 months, then your installment comes to 215.43 euros.
You can repay the loan in equal or unequal installments every 1, 2 or 3 months.
i ️ Loan from the National
National Bank charges an interest rate depending on the borrower's contribution. Let's see an example to understand what installment you will pay:
💡 What installment will I pay?
For example, for a loan amount of 15,000 euros and a 40% down payment from you for the purchase of a new car, the total interest rate is 3.60%.
In other words, you will pay 273.37 euros per month for 5 years. In comparison, if for the same amount the advance you will give is 20-30%, the interest rate rises to 4.55% and your installment to 279.70 euros, again for 5 years.
Why is it difficult to get a consumer loan without collateral?
During the great crisis that the Greek economy went through in the last decade, the criteria for granting loans became much stricter and the banks became much more reluctant to take on the risk of new openings.
For example, if someone wanted to get a consumer loan, they had to prove that they didn't need it (sure sounds weird).
Consumer loans as we knew them stopped being given, while even for a mortgage the banks asked for significant participation from the borrower.
But the needs of the market are great and the "small" loans are the ones that strengthen the liquidity in the system and move the gears of the real economy, with the car market being a typical example.
What is changing with microcredit?
In June 2020, the microcredit granting framework was approved. Through microcredits, natural persons and businesses will be able to draw up to 25,000 euros of liquidity with simple and quick procedures.
It is a trend that is widespread abroad and will certainly simplify the way we get a loan for small amounts.
This alternative form of financing will not only be offered by banks, but also by other organizations, such as e.g. payment companies and mobile service providers, who will receive the relevant license.
ℹ️ Who will be beneficiaries?
Beneficiaries of microcredits will be very small businesses, individuals who are running a business or are about to set up a very small business, people who want to be trained to enter the labor market or from vulnerable groups.
We hope to help you get a loan without collateral. Sure, easy consumer loans are few and far between, and banks don't make the process easier for any of us.
If you want to compare consumer loans , we are here. At insurancemarket.gr you can easily, quickly and 100% online compare the banking products that interest you, from the comfort of your sofa!
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