With some online loans we are given the possibility of accessing other products offered by the entity in exchange for receiving a reduction in interest on the loan. The linked products are diverse, but they are usually:
The main aspect that we have to take into account when they offer these products is that none of them are mandatory contracts to approve the loans (it is only mandatory to take out home insurance with mortgages). However, we must bear in mind that, in many cases, if we do not agree to take these linked products, the bank will not approve the fast online loans , because it has the right to reject our application for the reason it deems appropriate.
What online loans without links can I find?
The main drawback of these links is that sometimes they entail a cost that in the end does not compensate the reduction of interest for extra hiring. However, the high competition in the credit market has led to the appearance of online loans without links with which we will not have to contract anything, and we will not even have to change banks.
As we can see in the tables above, we have different loans online without changing banks . Depending on the amount that we want to request, we can resort to loans of small amounts of money, fast loans of up to 5,000 euros and personal loans of up to 50,000 euros.
How do I know if my online loan has links?
All we can find on this page are online loans without links, but if we are interested in others, we must bear in mind that when we are offered a reduction in interest for the contracting of any product, we are facing links. At the time of receiving the contract, in the document that includes the European Standard Information on Consumer Credits, we should look for the specific section that says “It is mandatory to obtain the credit itself, or under the conditions offered”, this is where they are contemplated the links. Some real examples are:
In this last case, we have the entity asking us to open a current account for the income of the loan money. We must determine if this account would have future costs, although as a general rule, they are usually free. However, there are other entities, such as the first two images that, because they are not banking entities, do not contemplate this possibility and will deposit the money in the account that we decide.
Should I link in exchange for reducing the TIN?
It will depend on the total calculation that we get out of the loan, that is, we must calculate the total amount of the loan online without links and with them. Therefore, if with the hiring of the links we get cheaper, it will be a good offer. Instead, we have to be careful if the cost of the linked products will be greater than what we save with the reduction of interest. In the following video our expert explains:
Therefore, the way to make sure that the best choice is online loans without links or with them, we must stop to do the calculations. It is the only way we will have to really know how much the online loans will cost us on the spot .
Why is a connection requested when requesting an online loan?
Mainly, the immediate online loans of the market have links because they entail an economic and operative scope of obligatory fulfillment. Therefore, in case of breach of these linked products, the entity is a benefit in the form of economic penalties.
However, these links usually have an expiration date, so we can be alert to the time limit to notify the entity that we do not want to renew those contracts. If, for example, we have payment insurance during the first three years of the loan, when this time ends, we can cancel this contract and stop paying the fees for said insurance.