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Personal loans are one of the most requested financing products. Although the banks today do not give credits if it is not with a solvent guarantee, a small loan can help us with a concrete and unforeseen expense. And for personal loans the requirements that banks require are lower than for other types of loans.



The relationship with the bank

If we already have a previous relationship with the bank, it will be easier for us to be granted credit . Some accounts, such as the Expansion Account of Banco Sabadell, have a pre-agreed loan. This is also the case of the Pre-granted Credit of the Open Bank Open Payroll Account. This is a great advantage for two main reasons. The first is that we will save certain procedures; The bank already knows our profile and our finances so you do not need to ask us for much more information. The second reason is that because they are already clients of the entity, the loan conditions can be more advantageous.

Interests and commissions

When deciding to ask for personal credit, we should not only look at the interest rate we will pay (in general, between 10 and 15%). Expenses and commissions vary from one entity to another, and in some cases can be decisive:

  • Opening commission
  • Study commission
  • Penalty in case of early repayment of the loan (around 1.50%)
  • Hiring related products, such as life insurance

Other important factors

After assessing all the commissions, there are other factors that we must think about before signing the personal credit:

  • Need for immediate money: if the expense can wait for us to save, we must wait . Asking for a loan should be the solution for when there are no other alternatives.
  • Payment of installments: coping with the payment of a loan requires certain stability and job security . The consequences of not paying will incur more expenses and commissions. In addition to entering lists of defaulters as ASNEF, which would make it more difficult to get a loan in the future.
  • A good practice to get the loan that best suits us is to request it in more than one entity. If a bank says no, we will have other options, and if several approve our request we can compare and choose the one that has better conditions . As we have already said, if we have the payroll domiciled in a bank, it is very likely that this entity will offer us the best option, but it might not be so.
  • Another recommendation we make from HelpMyCash.com is to read the contract in depth . Before signing it is important to be clear about all the points of the same: the amount loaned, the repayment terms, the installments, the interest, the commissions, everything. If you have any questions, do not hesitate to resolve it with the bank.

One of the functions of the State is to ensure that all its citizens, at the time of retirement or if they are in a situation of economic emergency for different reasons, receive income that allows them to meet the minimum economic commitments to live . In order to carry out this, different types of pensions are provided. The amount and duration of this aid is determined by the circumstances that cause the need and by the Social Security contribution period of the beneficiary or, in case of orphanhood, of the parent. Now, what happens to people who, for whatever reason, have not been able to quote the minimum to receive a benefit? So that these also do not face situations of need, there is a non-contributory pension .

In addition to monetary compensation, the non-contributory pension also guarantees for its beneficiaries free medical-pharmaceutical assistance and complementary social services. Considering the cause that causes the situation of necessity, two types of non-contributory pensions are differentiated: disability and retirement .

Non-contributory pensions are relatively recent in Spain. Law 26/1990, of December 20, which establishes non-contributory benefits for citizens in need in the Social Security, even if they had never paid into the System, or had not done so long enough to cause the right to contributory pensions, it was included in the current consolidated text of the General Social Security Law of 1994, and has only undergone specific modifications, to make the full receipt of the pension compatible with the possession of certain personal income, in order to make the receipt of the invalidity pension, with income derived from work, or so that the recognition of dependency benefits did not interfere in the amount to be received for these pensions.

The management and recognition of the right to receive one of the two non-contributory pensions is the responsibility of the autonomous communities , since the functions and services of the Institute for the Elderly and Social Services ( Imserso ) are transferred to them. If the beneficiary resides in Ceuta or Melilla, the person in charge of studying the application to receive the benefit will be Imserso himself. However, although they are of autonomous competence, the amounts to be collected are regulated by law and are the same throughout the national territory, since they are financed with charges to the State budget through transfers to the Social Security budget.

Pensión no contributiva - BBVA

Requirements to be a beneficiary of a non-contributory pension

In order to receive a non-contributory pension, whether due to disability or retirement, there is a basic, fundamental and general requirement: lack of sufficient income . It is understood that there is an economic gap, in 2017, when the annual income or income is less than € 5,164.60 .

However, if the annual rent is lower than the aforementioned figure, but there is a coexistence in the same home with a family member, only a non-contributory pension can be received if the sum of all the annual income of all members of the Economic Unit of Coexistence is lower than the following amounts:

  • If you live with your second degree spouse and / or blood relatives:
  • Two cohabitants: € 8,779.82 .
  • Three cohabitants: € 12,395.04 .
  • Four cohabitants onwards: € 16,010.26 .
  • If between the consanguineous relatives with whom one lives is one of the parents or the children :
  • Two cohabitants: € 21,949.55 .
  • Three cohabitants: € 30,987.60 .
  • Four cohabitants in future: € 40,025.65 .
  • In addition to the requirement based on income, there is a series of specific and different requests depending on whether a non-contributory retirement pension or a non-contributory disability pension is requested.
  • Requirements to receive a non-contributory retirement pension :
  • Be over 65 years of age at the time of application.
  • Reside in Spanish territory at the time of application and also have done it for 10 years in the period between the age of 16 and the date of accrual of the pension. Of those 10 years, two must be consecutive and immediately prior to the date of application for the pension.
  • Requirements for receiving a non-contributory disability pension:
  • Between 18 and 65 years s at the time of application.
  • Reside in Spanish territory at the time of application and have done so for a period of five years, of which two must be consecutive and immediately prior to the date of application.
  • Have a degree of disability equal to or greater than 65% .

Amount of the non-contributory pension

The monetary amount received for any of the two non-contributory pensions is calculated based on personal income or those of the Economic Coexistence Unit. But always between a range of € 5,164.60 per year maximum to € 1,291.15 (25% of the maximum limit) annual minimum. In this way, the basic amount of the full non-contributory pension means an income of € 368.90 per month , while if the level of income corresponds only to the minimum pension, the basic amount will be € 92.23 per month.

In addition, non-contributory disability pensioners who have a degree of disability equal to or greater than 75%, and prove the need for another person to develop the essential activities of their day-to-day, will receive a 50% supplement of the basic pension maximum. In this way, the basic amount would be € 7,746.90 per year and € 553.35 per month.

Now, if two or more beneficiaries of a non-contributory pension coexist within the same family, the maximum amount that each one may receive decreases in the following way:

  • Two beneficiaries : € 4,389.91 per year and € 313.57 per month.
  • Three beneficiaries : € 4,131.68 per year and € 295.12 per month.
  • Four beneficiaries : € 4,002.57 per year and € 285.90 per month.

Find the pension plan that best suits your savings needs: access the BBVA catalog

Guarantee your economic viability with a BBVA Pension Plan

One of your big concerns is not having paid enough when the time comes for your retirement to receive a Social Security pension? Do you think that only with the contribution of a non-contributory pension could you not maintain your standard of living? Then you can resort to a BBVA Pension Plan .

Entering bbva.es you will be able to inform you about the most suitable pension plan for you based on your age range and your profile as an investor. BBVA has a wide catalog of pension plans; among them you will surely find one that suits your characteristics and needs. In a very short time you will be able to request an instrument with the guarantee of BBVA and with which you will ensure your retirement pension.

Furthermore, since one of the reasons contemplated by the law for rescuing the fund from a pension plan is the contingency of work disability, a BBVA Pension Plan also assumes, as a non-contributory pension, a source of income in this case of necessity .