Although traditional credit institutions use this mechanism in all services, an investigation has been carried out that reveals the operation in private loans especially dedicated to the study grant.
Banks will analyze credit products
This statement has arisen from an investigation carried out by the Department of Studies and Publications of Adicae that set out to analyze the credit products offered by traditional banks in order to be able to recommend other services to the consumer while defending their interests..
One of the most outstanding results of this research is that those banks apply up to 26% interest on loans that are intended for students. Considering that in most traditional banking services this rate is exceeded, the research entity differentiates it as an abusive figure with respect to the fair interests for the consumer. In this sense, it is also compared with financial institutions that offer similar services of all kinds and that even impose less exclusive conditions for their potential clients.
Banks offer Private credits
Banks apply high interest rates to private loans, which are not very useful and recommended for clients who need money quickly. So much so that in most cases, clients and students end up returning three times more than what they have asked for in the application and this is unjustified. Especially when there are alternative financial entities offering similar private credit services with simple requirements for their easy obtaining.
Since the crisis is installed, this is the current path for traditional banks, but year after year there has been a notable increase in interest and it does not stop. On the other hand, an official claim has been applied to traditional banks so that they can reverse this high interest that is damaging to the economy and, clearly, to customers in Spain, but even so, entities of this type do not admit that the aliquots are unfair or make a move to change them.