0% loans to pay Hacienda can be costly.
This type of financing at 0% refers to Nominal Interest Rate (TIN), ie, interest will be generated depending on the amount of money requested during the repayment period. However, these loans have additional fees or links that make funding is not free.
A loan at 0%, but with a fee of 3%, a study commission of 2% and hiring a payment protection insurance worth 100 euros may be more expensive than a personal loan to 8.77 % (average APR on consumer credit in February 2016 by the BDE) no commissions or related products.
For example, a loan of $ 3,000 with a repayment period of 12 months will not generate interests, but will have a fee of 90 euros for opening, a study commission of 60 euros and a cost of 100 euros for the insurance, a total of 250 euros for funding. A loan with the same conditions (3,000 euros to 12 months), but with an interest rate of 8.77% and no fee or cost linkages generate a total of 144.41 euros, representing more than 100 euros difference between the two .
If at the same conditions at 0% loans are more expensive, why you should apply? The truth is that in these cases the term is a very influential variable cost. If the repayment period is doubled in the example above to 24 months, the cost of borrowing at 0% would remain at 250 euros, while the cost of the loan at 8.77% would rise to 282 euros.
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