The Best Personal Loans in Portugal in Just One More Click
Compare the best options on the market and choose the one which best adapts to your day to day needs.
Further Below: Our Guide To Personal Loans in Portugal, Everything you need to know.
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Banco BPI Portugal
Our Rating: 9.5/10
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Novobanco
Our Rating: 8.9/10
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Banco Santander Totta S.A.
Take a quick 10-minutes-read to learn about personal loans in Portugal, including what factors to consider before contracting this type of credit and what’s different about Portuguese personal loans. At FUNDGECKO, we collect the most recent news about consumer credits and everything related to them.
Taking out a loan is an important financial decision that could affect your financial situation either positively or negatively. It’s, therefore, prudent to be on the safer side and work with only what’s beneficial. If thinking of a personal loan, there are a host of lenders, whose deals may all seem attractive. Hence, it’s good to know how you can best do the sorting as you narrow down to the loan option that best suits you.
The sorting process will require you to use parameters such as the amount of the loan, the interest rates, repayment period, commissions, cost of the links, and any other fees.
For example to buy credit offers and save 600 euros
In the following table, we can see how to compare online personal loan offers taking into account all factors.
Insert Table
By copying this table and performing different simulations according to the project we want to finance and the offer made by each entity, we will be able to know which one will be the best simply by comparing the total cost.
How to use FUNDGECKO to get personal loans
Getting an all-round knowledge about loans and how to get the best options in the market is one huge step that any borrower needs to make. At FUNDGECKO, we are passionate about helping our users through the whole process of acquiring loans including the application process, the required documentation, any policies governing the credit they’re requesting, and any other requirements.
You’ll follow the following steps at our site:
A personal loan is a good source of finance that could help you finish a pending project, make a big purchase, buy a smartphone, and go out for a retreat, among others. For whichever the purpose, it’s important to consult with your lender to determine whether there are loans that are specifically tailored for different purposes and whether they have better conditions than a personal loan.
Personal loans cover different purposes such as:
Generally, loans designed for a specific purpose tend to have better conditions than generic ones. They tend to provide bigger loans, fewer interest rates, and longer repayment periods than is the case with generic ones.
Generally, the process of applying for a personal loan is the same regardless of the entity you’re getting the funds from. However, it’s noteworthy that you may find a few nuances with some entities. For instance, an entity might require you to make a physical application while another may allow an online application.
What steps are you likely to follow with personal loans in Portugal?
Personal loan providers in Portugal have common requirements that every borrower will have to meet. It’s not enough to know how to apply for a loan – you have to meet all the requirements that the lender sets to reduce the chances of your application being rejected.
The following are the must-meet requirements:
Reading the contractual information will help you understand the terms and conditions of the loan in full. For instance, an entity may require you to hold the residence permit for more than 6 months while others may fund you regardless of how old the permit is.
Your entity will require documents that verify that you indeed qualify for the loan you’re taking out. The information in the documents and the application form must correspond to have a successful application.
Which documents must you have?
Contrary to what it was before the financial crisis in 2008, many non-bank lenders in Portugal got their way into the Portuguese financial market. While banks still hold a tight grip on the lending market in Portugal, many other lenders are catching up with the pace.
Entities that grant personal loans:
Loans through bank entities
A personal loan refers to a type of credit that you take out from a bank or a lending institution to pay back with its interest rates and in the agreed-upon monthly installments and over a set period. You may take it out when in need of completing a project, buying a car, buying a home, renovating your house, overhauling your kitchen, and financing your studies, among others.
Personal loans should be a quick form of financing. However, there are a variety of reasons why a lender will reject your loan application. Information in your documents, bank statements, and application form might be conflicting, you might have an unhealthy level of debt, or might not be earning enough salary.
Your lender will give you the Standard European Information (INE) form that contains all the details of the contract including the term of operation and loan conditions – amount, term, interest rate, commissions, and other fees.
If the entity grants us a binding offer, it grants us a minimum of 14 calendar days when we can compare other loan offers without losing the current offer. The lender gives you the binding offer, which is a document that contains the clauses and conditions of the loan, which you’re required to go through as you compare other options.
By the Portuguese Law on consumer credits, it’s legal to refund the loan in advance either in full or in part. In either of the cases, you’ll be required to repay the loan plus the accrued interests. Moreover, you’ll be required to notify the lender of your decision to repay the loan beforehand. Depending on the entity, you’ll be required to make an early repayment fee.
The Portuguese Law allows credit consumers to withdraw their loan applications. This only happens during the first 14 days, after which the borrower may face penalties.
Failure to repay a loan is rejecting your responsibility, which has consequences. This starts by hurting your credit history (you’re registered as a poor borrower at the Central Credit Register) and may end you in jail if your lender chooses to file your case. By affecting your credit history, you’ll not be able to access any loans in the future. Hence, it’s advisable to take out a loan that you’ll be sure to repay.
A personal loan comes in handy when you’re looking to finance a project but don’t mind waiting or taking it out from a new entity. The above-mentioned entities offer the best personal loans whose websites accommodate English-speaking clients.
Portugal is well-known for granting loans to expats. The application process is seamless, as long as the borrowers meet all the requirements.
A fast loan is a type of credit that provides financing during economic emergencies. You may want to clear a medical bill, consolidate debts, or any other instant needs.
However, fast loans can lure you to over-indebtedness because of their easy and fast application process, and their less strict eligibility criteria.
About this page: we are out to help you to get the best financial product that’s consistent with your financial situation. We, therefore, marshal the best available information about consumer credits and what factors to consider as you compare the options so you may end up with the most attractive product at the moment.
Source: the information regarding the main characteristics of loans in Portugal and their current regulation comes from the Banco de Portugal, the Portuguese Consumer Credit Act, among other reference portals.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About Us: FUNDGECKO is an online comparator website that helps borrowers who are indecisive about consumer loans and what option to hire. We help our users compare the options like pros by providing all the information they need about consumer credits and how to end up with an option that best addresses their situation.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.