Obtain a loan of 5000 euros

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If you need to obtain financing , in this text you will find the requirements that you will be asked by banks and financiers to grant you a loan of € 5000 , but I will also review the way you should calculate your ability to pay , since that is the best way to not get into debt over our resources.

Average interest rates

  Average interest rates

The interests will depend to a large extent on our financial profile and the security we give to the entity, regarding the repayment of the loan. This security can be increased by presenting a guarantor or a guarantor to support the operation.

Another aspect that can increase or reduce interest, is the repayment term. Loans paid in a shorter time, usually involve the payment of lower interest.

Currently we can find interest rates around 6% APR in banks, such as ING Direct and 5 to 18% in financial institutions.

Cofidis Project Credit
Amount: from € 4,000 to € 15,000
Minimum term: 12 months
Max term: 6 years
APR 6.12% Request it Quick Credit Currency Now

Amount: from € 750 to € 5,000
Minimum term: 12 months
Max term: 36 months
Without paperwork. No questions. Request it Bigbank Plan Loan
Amount: from € 500 to € 15,000
Minimum term: 6 months
Max term: 6 years
APR 7.04% Request it

Requirements that we will ask in banks and financial

 Requirements that we will ask in banks and financial

The Bank of Spain reflects year after year, as the demand for personal loans continues to rise. Many borrowers often have other loans or outstanding debts, such as a mortgage, deferred purchases with the credit card or financing of a product that we bought in installments.

  1. So one of the main requirements that you must pass, will be precisely that of not exceeding the level of indebtedness that the financial institution considers as safe (35-40%).
  2. There are restrictions regarding the borrower’s age , in most cases it is requested that he be over 21 and under 75.
  3. It is not necessary to have a payroll to get a loan, in many financial statements it is enough to present your unemployment subsidy, self-employed fees, pension or certification that we have regular income, for example from rents.
  4. When it comes to amounts like this, it is not possible to be granted if you appear in a delinquency list as ASNEF or RAI.
  5. You must have a bank account in Spain open, be the holder of a mobile phone contract and have access to an email.
  6. In personal loans you do not need to present an endorsement , but it is something that can greatly facilitate the operation if our
  7. level of indebtedness approaches the limits.

Calculate the ability to pay

To face the payment of a loan of five thousand euros plus possible expenses and interest, is something that we must take seriously, since depending on our financial situation and the interest applied by some lenders (Monedo and Cofidis), the final cost This operation can be increased to more than € 6,500 amortizing over a period of 3 years.

Taking these amounts into account, and accepting the fact that it is more than advisable not to spend more than 40% of our net monthly income to pay the installments of our debts . The operation that we should perform is very simple:

  • We earn € 1,600 net every month.

We need to pay:
€ 50 / month in credit card expenses
€ 375 / month of the mortgage
€ 100 / month of the car loan

 

– Dedicated to pay debts: € 525
– Maximum recommended to borrow: € 640
– For our loan of € 5000 we can pay a maximum fee of: € 115

If we get too close to that 40% debt, we will be endangering our financial situation before any unforeseen. So adjust the repayment period to reduce the installments or adjust the amount requested, but try never to exceed that limit of indebtedness.