The best personal loans (September 2022)

Younited Credit, ING and Bank inter Consumer Finance offer the best personal loans for the month of September, three offers with which you can obtain financing for any purpose in exchange for interest that does not exceed 4.5%. In our monthly ranking we tell you what are (and how to find) the most attractive financing products on the market.
In this article you can learn about:

What are the best personal loans? (September 2022)
Personal loans: news of September 2022
How can I find cheap personal loans?
What is the difference between personal loans and credits?
How can I find the cheapest credits?
What does the interest on a personal loan mean?
What is needed to request a personal loan?
Online personal loans: tips to find the best ones
Personal loans with Asnef: how can you get them?
Personal loans from La Caixa, Santander and BBVA: are they interesting?
ING loan: is it the only one without commissions?
Conclusion: what are the best personal loans for September 2022?
Criteria for making the rankings

Younited Credit , ING and Bankinter Consumer Finance debut the month of September at the top of our ranking of the best personal loans on the market, with offers that charge interest below 4.45% TIN (Nominal Interest Rate). Now, although their interest makes them good options for those who need to get quick money , the conditions that apply in aspects such as linkage or commissions are very different: that is why at Kelisto we help you understand their fine print so that You can decide which offer best suits your needs.

To offer you the best proposals from banks, every month we update our classification of the best personal loans based on objective criteria such as the minimum interest of each offer (expressed in the form of TIN), opening commissions, study and partial or total cancellation , and the relationship that the bank requires the client.

In any case, remember that you can always compare the characteristics of all the offers on the market and contract the one that most interests you through our personal loan comparator .

What are the best personal loans? (September 2022)

The Younited Credit Loan from Younited Credit is once again positioned in September as the best personal loan on the market , with a TIN starting at 2.15%. However, you have to keep in mind that it is a minimum: depending on the analysis of the request made by the entity, the TIN could rise to 15.37%. In addition, this loan has an opening commission that, again, ranges between 0% and 12%, depending on the profile.

For the rest, this loan will allow you to request between 1,000 and 50,000 euros , to be repaid within a period between 24 months and seven years.

Personal loans: news of September 2022

The rise in interest rates made on July 21 by the European Central Bank continues to be felt in the supply of personal loans. The interest in this type of product continues to rise : on average it stands at 6.59% NIR, 12% more than the figure at the beginning of the year (5.8% NIR), according to data from Kelisto. In addition, in the last two months, record numbers have been recorded in terms of the changes that banks and finance companies have made to their offers: in total, 35 modifications have been made to the commercial offers available on the market, of which 34% corresponds to increases in the TIN of the offers. This figure far exceeds the usual rhythm of the market (it is normal for an average of 15 changes to be registered per month) and the figures that are normally registered in a month like September (last year, for example, only six changes were detected in offers). The last time such a number of modifications were made was August of this year (with 46 movements), already under the influence of the rate hike; in January 2022 there were 48 changes, something usual for the change of year.

Below, we summarize the main changes that banks and finance companies have made to their offer of personal loans:

Younited Credit has lowered the minimum TIN from 5.07% to 2.15% and has increased the minimum repayment term of its product, the Younited Credit Loan; It goes from eight to 24 months.
BBVA has lowered the price of several of its products, with the Quick Loan without Documents as the most attractive offer: its TIN, for customers who keep their payroll in another entity, has gone from 5.95% to 5.45%.
Banco Santander has increased the maximum amount to be requested from its Winning Loan, from 80,000 to 90,000 euros.
Cofidis enters the top 10 best personal loans in September with its personal loan, with a very competitive TIN of 4.95%.
Targobank has raised the TIN of its personal loan from 4.35% to 7.35%.

How can I find cheap personal loans?

To find cheap personal loans, the first thing you should check is the TIN of each offer since, the lower this figure is, the less interest you will have to pay to the bank or finance company to which you have requested financing. However, you cannot forget about other additional costs -such as commissions- or certain requirements that could also generate an extra expense, such as the required link.

The interest (TIN) : to know if you are facing the cheapest personal loan for your profile, it is essential that you start by analyzing the interest that the bank charges you for offering you financing . Although this is only one of the elements that influence the real cost, analyzing it and comparing it with the rest of the offers on the market will help you discover if you are facing a good alternative to obtain financing.
The commissions : along with the interest, the commissions are what will help you know if you are facing a cheap personal loan. When you know the TIN applied by your bank, find out what extra costs you will have to pay and, with all this information, calculate the APR (the Annual Equivalent Rate, which is the variable that will indicate the real cost of the operation). For example, the Wanna Loan occupies the third position in our ranking due to its TIN of 4.65%, but it does not charge commissions, so if you request financing from the entity, the APR could be lower than that of other offers that precede it in the top 10 and that, although they charge lower interest, they do have commissions.
The connection: most banks will require you to open an account to spend the installments of the personal loan that you are going to request, or even that you meet several additional requirements to obtain financing. Although this does not have a direct relationship with the possibility of obtaining cheap bank loans, remember that there are products that do not require you to tie yourself to an entity in any way and that this can offer you, not only flexibility, but an extra possibility of saving.
The purpose of the financing : depending on the purpose for which you want to allocate the money you request from an entity, you will see that the cheapest loan on the market may be one or the other. For example, there are cheaper student loans on the market than most traditional personal loans on the market. In the same way, if you request a loan to rehabilitate your house and increase its energy efficiency, you will be able to benefit from the new aid for housing rehabilitation approved in 2022, significantly lowering the final cost of the operation.

What is the difference between loans and personal credit?

Credits and bank loans differ fundamentally in the way in which they grant financing to the client : with the former, the bank or finance company will give you the money you need at once, while with the latter, the entity will simply put a certain amount at your disposal for you to use as you see fit. In addition, with the loans, the bank will charge you interest and will begin to claim your debt from the first month of the product’s life. With a credit (sometimes also called ‘personal credit’, although this terminology is not the most appropriate), on the other hand, you will only pay a fee to your entity at the time you decide to make use of the funds that it has put to your disposal:

A personal loan is an operation in which a financial institution delivers money to the client, who has the obligation to repay the amount borrowed, together with the interest and the rest of the expenses derived from the operation (such as commissions), in a certain time. . For example, any of the offers you will see in our monthly ranking are personal loans.
On the contrary, a personal credit is an amount of money that a financial institution makes available to the client for a period of time. This amount is not given to the client at the beginning of the operation, but rather he will be able to dispose of it according to his needs, using an account or a credit card. In this case, only interest is paid for the amount that has finally been drawn down. It is common for a credit or personal credit to also charge a commission on the unused balance.

How can I find the cheapest credits?

As would happen if you want to request a personal loan, there are three essential issues that you must take into account to find the cheapest personal loans or credits on the market: interest, commissions and linkage . Although the first is the factor that has the most weight in determining whether an offer is expensive or cheap, you cannot ignore the others if you want to know the real cost of requesting financing.

The interest (TIN) : it is the main indicator to understand if you are facing one of the cheapest personal loans on the market. This concept refers to what the bank charges you for offering you financing and will allow you to compare the offer that interests you with those of the rest of the market.
The commissions : knowing the commissions that the bank will charge you for granting you a loan (or personal credit) is essential to understand the real cost of one of these products. In fact, the TIN and the commissions are the two variables that will help you calculate the APR , which is the indicator that really takes into account all the costs that a credit will have for you.
The link : some banks will ask you to contract certain extra products or services (such as a payroll account) to access their cheaper personal loans. These will not always have a cost for you, but they can limit your flexibility to change banks and, for example, take advantage of promotions that give you cash for direct debiting your salary.

What does the interest on a personal loan mean?

The interest on a personal loan, in essence, the ‘price’ of the loan , that is, what you will have to pay the bank or finance company in exchange for being granted financing. Of course, this price does not have to reflect the real cost of a financing operation. Other issues, such as commissions or related products (and their cost) will also be decisive when calculating the real interest of any personal loan.

Next, we show you some keys that it is important that you take into account to understand what the interest of a personal loan means and how you should analyze it to know if you are facing an interesting offer:

When requesting a personal loan, a bank or specialized company gives you a certain amount of money, which you will have to repay within the agreed period, together with an addition that is equivalent to the interest on bank loans : that is, what an entity pays you to be charged for the risk involved in the operation.
The interest of a personal loan is usually set by each entity in its standard offers, but it can also be conditioned by the result of the risk assessment that they carry out. If you are a solvent client, with a high level of income and without debt, your chances of getting the interest on the bank loans you want to contract are reduced significantly increase.
Low interest does not necessarily equate to a cheap loan . If you are interested in applying for a low-cost loan, it is important that you take into account other factors beyond what interest rate applies to a personal loan. We detail them in the following section.

What is needed to request a personal loan?

When it comes to obtaining financing, it is important that you are clear about what is needed to request a personal loan : fundamentally, you will need to prove your identity and your income, and provide proof that you have not incurred defaults in the past, that is, that you are a solvent customer

You must be of legal age , have a valid identity document and reside legally in the country .
You must present proof of income and prove your solvency : this will help the bank or finance company to verify that you have the necessary economic capacity to repay your debt. Depending on your profile and the type of loan you request, you may have to submit additional documents, such as a copy of your employment contract or your personal income tax return.
You cannot be part of defaulter files such as Asnef or RAI: the most common is that, if you have incurred defaults in the past, no bank is willing to grant you financing. In the same way, if you have outstanding debts , you may find it difficult to request a personal loan -even if you are up to date with your payments- if the entity estimates that you have reached your maximum borrowing capacity.

Online personal loans: tips for hiring the best

Today it is not necessary for you to go to a bank office to be able to get one of the best personal loans on the market. There are tools, such as our loan comparators, with which you can take out personal loans online quickly and easily.

Now, it is possible that the idea of getting money quickly and without having contact with a bank branch generates some mistrust or, at least, doubts about how the whole process will be carried out. In this sense, you should bear in mind that the processing of online personal loans is practically the same as what you would do when you visit an office in search of one of the best personal loans, but everything is done digitally and via messenger:

First of all, you will have to send the documentation required by the entity from which you are going to request money.
With all the documentation – which will arrive via the Internet or by courier – the bank will analyze your profile and decide, based on your income and debts, whether it can grant you an online loan or not. If you want to apply for a loan with a low payroll, your chances will be reduced, but your application could prosper if you have no debts and you are a good client of the entity from which you request financing.
If so, the entity will contact you to inform you that you can dispose of that money and will ask you to sign several documents. This last step to take out personal loans online can be done at the bank offices of the corresponding entity or even online.

Which banks grant online personal loans?

Almost all banking entities – large and small – market their products through their web pages, facilitating the request for personal loans online for those who do not have time to travel to the branches and speeding up the granting procedures. In fact, there are companies, such as Bank Norwegian and Oney , that are specialized in granting this type of product.
Now, if requesting a personal loan online scares you a bit, at Kelisto we want to reassure you: online financing offers have the same guarantees as traditional ones. In addition, its processing is practically the same as the one you would carry out in a visit to an office.

Personal loans with Asnef: how can you get them?

If you want to contract personal loans with Asnef (or while you are part of any other delinquent file, such as the Registry of Unpaid Acceptances or RAI), you should know that traditional entities will automatically discard your application if you have incurred defaults in the past. The reason? The risk analysis they carry out when evaluating your profile will show them that you are not a good candidate to grant financing.

However, this does not mean that you do not have any option when asking for money from an entity. In the market there are companies specialized in granting microcredits that usually advertise that they accept Asnef as a hook for potential clients who would have difficulties obtaining financing if they requested a traditional personal loan.

For example, in our monthly ranking of the best microcredits you will find the 10 most attractive offers available today to get between 50 and 1,000 euros, immediately and, with a return period of 30 to 50 days. None of the entities included in the ranking will automatically rule out your application for being in Asnef. Of course, remember that microcredits grant less money than traditional loans, that their repayment term is shorter and that their fees can significantly increase the real cost of the operation.

Personal loans from La Caixa, Santander and BBVA: are they interesting?

When looking for the cheapest loan, perhaps your first impulse is to consult the catalogs of the three largest banks in the country, that is, look for personal loans from La Caixa, Santander or BBVA. However, you will only find offers from the last two in our monthly ranking. The reason? There is no standardized information on personal loans from La Caixa : the entity does not offer information on its web pages about the interest it applies to its financing products, which prevents us from taking them into account for our ranking of the best personal loans. Of course, if you are interested in personal loans from La Caixa, all you have to do is go to your nearest office and request information.

In the case of BBVA , the entity does offer standard information about its offers, and this month, its Quick Loan Without Documents occupies the ninth position of our top 10 after lowering its interest from 5.95% to 5.45%, in the case of not direct debiting the payroll. This offer is also very interesting for those looking for loans without changing banks , which allows it to be part of our ranking of the best loans without payroll .

Regarding Banco Santander’s personal loans , its Winning Loan is left out of our monthly ranking of the best personal loans, after maintaining the increase made in August in the NIR (6.25%).

ING loan: is it the only one without commissions?

ING’s business strategy has meant that, over time, the bank of Dutch origin has become a benchmark in commission-free banking , both in terms of its bank accounts and in terms of its banking products. financing. Now, that does not mean that the ING Loan is the only one on the market that does not charge commissions or that it is the cheapest loan you can take out today.

In fact, in our top 10 of the best loans there are a total of seven proposals that, for example, will not charge you anything for the opening , so it is convenient that you compare their conditions -compared to those of the ING Loan- to find out which one of all suits you best.

Another issue that you should pay attention to is the early repayment commission , which is the one that is paid if you want to repay your debt (or part of it) ahead of time. In this aspect, the ING Loan also comes out ahead, since it does not charge anything for this concept. In this way, if you contract it and want to finalize the operation in advance, you will be able to do so without incurring any cost.
Conclusion: what are the best personal loans for September 2022?
In the table above we show you the main characteristics of the best personal loans for the month of September. As you will see, among the best offers on the market you will find from offers at 2.04% TIN to others that will apply 5.95% for lending you money.