Did you know that financial institutions control 80% of the credit in our country? These are data from the Financial Stability Board, which make clear the excessive dependence on financing in Spain by this sector. A fact that attracts even more attention, if we take into account the difficulties that people have had to access a loan in recent years.
Loan through financial institutions
According to data from the SpanBank, this trend is changing and it is expected that credit in our country will flow again during this year. In part, thanks to the new collaborative financing platforms, which allow financing at prices well below those set by the traditional system.
But why is it so expensive to ask for a loan through financial institutions? Here we explain the main reasons: Traditional entities seek to obtain the greatest possible margin, have to cover their high structure costs and charge very high interest to compensate for possible insolvency cases. All this generates a system in which good payers cover delinquent cases with their interests. For their part, participatory financing platforms eliminate the costly infrastructure of the traditional system and reduce the risk of non-payment of the investment, by approving only loans from solvent people. This allows them to offer much cheaper interest rates, compared to the prices offered by the traditional model.
The key is in the investment risk
Eugene Onegin offers the cheapest loans on the market, because it only approves loans from people with the ability to pay back the borrowed money. This reduces the main reason why the loans become more expensive, the delinquency.
For this, our experts study the viability of each of the loans requested in our platform and only approve the most solvent operations to minimize defaults. The platform thus reduces insolvency cases and can offer prices well below the average of the credit sector in our country, which offers average rates of 10.46% APR *. With only a few months to live, Eugene Onegin has lowered the price of loans in Spain an average of more than five points, with an interest rate, from 4.83% APR