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The best personal loans for the last quarter of 2022

What personal loans to request at the end of 2022?

It’s no secret that interest rates are going up. And the predictions of financial experts suggest that this will continue to happen, at least in the short and medium term. Specifically, it is estimated that the upward trend will continue for at least the whole of 2023 and a good part of 2024.

Citizens who estimate that they will need a personal loan in a relatively short period of time, will do well to take advantage of the last quarter of 2022 to request it.

Thus, will benefit from considerably lower interest rates than those that will be offered by banks for years to come.

In addition, the last quarter of each year is usually an ideal time to apply for a loan. The reason is that many banking entities have not exhausted the annual surplus available for granting loans and tend to lower the required solvency requirements.

So we are going to analyze the 3 best options to obtain a personal loan before the end of the current year.

To include these loans on the podium of honor, we have taken into account the APR (Annual Equivalent Rate) of each of them, the maximum amounts granted, the ease of contracting and the speed of granting.

Fast Online Loan Without Documents (BBVA)

BBVA is an institution that boasts of having the operational network online most advanced and developed in the banking market.

A good example of this is this credit product in which the face-to-face application is not necessary, since this type of loan It is managed 100% online and without the need for any paperwork.

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In addition, the Quick Loan Online Without BBVA Documents is characterized because the maximum applicable percentage of interest is the lowest of all.

Specifically, the applicable rates are based on a minimum of 4.70% APR and can reach a maximum of 5.75% APR. In other words, in no case will we have loans with an Annual Equivalent Rate higher than this last figure.

The maximum amount to be granted is 20,000 euroswith a maximum term of return of 8 annuities.

No opening commissions, it is not necessary to provide a salary or open a bank account in BBVA.

Strong points of these loans:

  • The band in which your interest rates move is the lowest in the market
  • Management of the request and disposition of the money very fast

Orange Personal Loan (ING)

ING is a bank in the Netherlands that is characterized by operating with practically no offices open to the public. Thats why he ING Orange Personal Loan It is another alternative to take into account, if what we want is to make the request and provide the documentation electronically.

Although the minimum applicable interest rate is 4,06 % TAEthe downside is that the customer may receive financing offers whose APR rises to 11.01%.

The maximum amount to be granted is 60000 eurosa very respectable figure for fast loans and that can be repaid within a maximum period of 7 years.

It is neither subject to opening commissions nor is it necessary to provide payroll to request it and, as in the previous case, its processing is carried out in its entirety online.

Strong points of these loans:

  • The minimum type is very attractive
  • Very high maximum loan amount
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Cofidis Personal Loan

This financial institution specializing in personal loans, belonging to the French bank Crédit Mutuel, is on everyone’s lips due to the intensity and persistence of its ingenious and engaging advertising campaigns.

But, regardless of what the advertising says, the truth is that the Cofidis Personal Loan It also deserves to be included in the podium of honor of the best fast personal credits.

Your minimum interest is interesting (5.06% APR). However, the ceiling is set at an APR of 13.47%, undoubtedly the highest equivalent rate of the three loans analyzed.

As in the previous case, the maximum amount that can be financed is 60,000 euroswith the difference that the term to repay the credit is extended to 10 years.

Likewise, no opening commission is charged, direct debit payrolls are not required and it is not necessary to open an account, since this entity does not offer this service to its clients.

Finally, these personal loans must also be requested online.

Strengths of these loans

  • Solvency requirements are lower than in other financial entities
  • The amortization period is the longest of all

And which of these 3 loans is the best?

The answer to this question cannot be categorical or exhaustive and depends on the specific needs of those who need the money.

In this sense, if what we want is to pay little interest, BBVA’s offer is the safest bet. Its minimum and maximum interest rates are those that move in a tighter band and will never exceed 5.75% APR.

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On the contrary, loans from ING and Cofidis can reach an APR of up to 11.01% and 13.47%, respectively.

However, consumers who need a large amount of personal credit will have to decide on these last two financial institutions, since both raise the amount of the loan to 60,000 euros, against the 20,000 euros offered by BBVA.

Regarding loan repayment facilities, the three entities offer sufficiently long terms. The palm is taken by Cofidis (10 years), followed by BBVA (8 years) and ING (7 years).

On the other hand, low solvency customers have more likely to see your loan application approved in Cofidis. In return, interest rates will be higher.

Regarding the simplicity of contracting, we have already seen that the three loans can be requested via the internet.

And finally, in all of them, the applicant knows quickly (around one business day) if the loan has been approved. If so, the availability of the money is a matter of hours.

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