What is a loan?

A loan is a financing product through which CaixaBank Payments & Consumer lends you an amount of money to make a specific purchase or carry out a personal project, which you then repay in agreed monthly instalments, in addition to the associated interest and costs, where applicable.
At CaixaBank Payments & Consumer, we offer a wide range of loans, so you can choose the one that best suits your financial needs.
Our loans are offered primarily through our collaborators/partners (appliance stores, furniture stores, dental clinics, bicycle shops, motorcycle dealerships, etc.) so that you can make purchases in their stores and/or on their websites. We also offer you the option of taking out a loan to purchase a vehicle, as well as personal loans for your everyday needs.
Please note that although most of these loans are taken out at the establishments/dealerships or websites (when this option is available) of our collaborators/partners, which are responsible for collecting the necessary data and documents from our customers for signing up, these loans are taken out with CaixaBank Payments & Consumer.
With a consumer loan, you pay for the purchase linked to the loan without using your bank account balance at the time of purchase, and CaixaBank Payments & Consumer pays the amount of this purchase directly to the supplier of the product purchased, which you then repay in monthly instalments until the agreed repayment date for the total amount borrowed.With the exception of special interest-free offers, you will also have to repay the contractually agreed interest every month.
Example 1: Sandra's heater breaks down in December, coinciding with her Christmas shopping and meal plans with friends and family. As it is the holiday season, she foresees an increase in expenses and, therefore, thinks that she needs to finance the purchase of a new boiler costing around €3,000. Sandra has found a local boiler installation company that offers the possibility of financing the purchase price of the boiler she is interested in and the installation with a special 24-month interest-free promotion offered by CaixaBank Payments & Consumer. Therefore, she applies for a loan with the boiler installation company, with a repayment period of 24 months. By choosing this offer, Sandra will have to pay €125 for 24 months without any interest.
Example 2: John wants to buy the latest computer to come out on the market, but it costs €1,500, so he would prefer to finance the payment. By taking advantage of a campaign launched by us, Juan can choose to pay for this purchase in instalments with the associated interest, choosing the period over which he wants to pay. John will pay the result of dividing the purchase price + the associated interest by the selected number of months for payment in instalments.
Furthermore, please note that CaixaBank Payments & Consumer offers you the possibility of taking out a personal loan directly with us, without any of our collaborators/partners/affiliated dealerships acting as intermediaries, so you can carry out your projects and fulfil your dreams (e.g. decorating a room, renovating a house, buying a scooter or going on a trip). Once you have taken out the loan, you will receive the amount granted in your bank account. Once you have taken out the loan, you will receive the amount granted in your bank account, which you will have to repay over 12, 18, or the number of months that we offer.This type of loan usually involves paying interest.
Still not clear? Take a look at this video:
The loans we offer are repaid in monthly instalments, the amount of which you can choose when taking out the loan. You will have to pay the price indicated in the Specific Terms and Conditions of your contract and, specifically, in the attached repayment schedule (contract), which will vary according to the period of instalments (12, 18, 24, or the number of instalments offered and selected).
The Specific Terms and Conditions of your contract and the attached repayment schedule (contract) indicate the amount you will be required to pay each month, broken down into principal and interest (provided it is not an interest-free offer), as well as the term over which you will finish repaying the loan.
In addition, we may charge you a fee for the financing service provided, together with the first instalment or on a financed basis (in this case, the fee will be included in the nominal amount of the loan). This fee will also be shown in the Specific Terms and Conditions of your contract.
IMPORTANT: The higher the monthly instalment selected, the sooner you will repay the loan granted and, therefore, the lower the cost of the credit, as you will pay interest for less time, and more of the monthly instalment will be used to repay the principal.
Example: If you buy a sofa, table and chairs worth €1,500 at any of the establishments with which CaixaBank Payments & Consumer collaborates, and you finance this purchase by taking out one of the loans offered by this company, with a repayment period of 12 months, taking into account that the annual interest rate is 9.95% NIR (APR 10.41%), you will have to pay back €1,582.06, in 11 instalments of €131.84 with a final instalment of €131.82.
Example: Sandra wants to buy a car and goes to a dealership with which CaixaBank Payments & Consumer collaborates and is interested in the financing offered by CaixaBank Payments & Consumer. Considering that the purchase price of the vehicle is €29,106, the price of the financing service is €1,106 (which is incorporated in the nominal amount to be financed), and the annual interest rate is 3.99% NIR (APR 5.08%), she will have to pay back €35,339.79 (of which €5,127.79 corresponds to interest), in 95 instalments of €368.12 each and a final instalment of €368.39.
Please note that you can repay the loan early, fully or partially, at any time by notifying us in writing. Partial repayments may not be less than the sum of two loan instalments. Under the Consumer Credit Contracts Act, as a consumer, you are entitled to a reduction in the total cost of the credit, including interest and costs, including those already paid, for the remaining duration of the contract. Since all our financing products are fixed-rate, we may charge you up to 1% of the amount of the principal repaid early if the period between the early repayment and the termination of the contract is more than one year. If this period is less than one year, the fee shall not exceed 0.5% of the amount of the principal repaid early. The specific fee to be paid shall be specified in the specific terms and conditions of your contract, where applicable.
The early repayment fee shall not exceed the amount of interest that you would have paid during the period of time between the early repayment and the agreed date of termination of the credit agreement.
In accordance with the provisions of articles 4 and 30 of the Consumer Credit Contracts Act, the provisions on early repayment fees shall not apply to loan agreements for amounts in excess of €75,000.
Please note that if you make a partial repayment at any time, you will receive your new repayment schedule free of charge so that you know exactly how much and for how long you have left to repay.
Furthermore, it is important to understand the consequences of failing to meet your repayment obligations.
If you fail to meet your payment obligation, CaixaBank Payments & Consumer will be obliged to allocate resources immediately to cover the unpaid debt, i.e. collection costs. 1) CaixaBank Payments & Consumer will contact you to make a claim: i) by telematic communications (e. g. SMS or similar means); ii) by email and/or notification sent by post and/or in the "PRIVATE CUSTOMER AREA" of the website www.caixabankpc.com, when you have agreed to these means of communication with CaixaBank Payments & Consumer; and iii) through one or more telephone calls to the telephone number provided by you and registered in CaixaBank Payments & Consumer's systems (the number and frequency will be adapted to the particular circumstances of each default and customer—at least two (2) attempts will always be made to make contact with you) or any other personalised method that enables CaixaBank Payments & Consumer to contact you. The fee for reasonable and appropriate collection costs is €35 or €15 (depending on whether the loan is for purchasing a vehicle or not, respectively) (although the estimated collection cost is €40, the amount will be charged in part, taking into account the average amount that remains unpaid for the type of product) unless another price is indicated in the specific terms and conditions (the price indicated in the specific terms and conditions prevails). 2) If the default of payment persists after 15 days, CaixaBank Payments & Consumer may additionally send a burofax or an equivalent means of communication with certification of content and receipt. The current postal cost of sending this document is €24. The 1st fee: i) will only accrue on debts equal to or greater than €60 or €20 (depending on whether the loan is for purchasing a vehicle or not, respectively); ii) only after the specific collection procedures described above have been carried out, and iii) the same non-payment may not generate more than one fee. The 2nd fee: i) will only accrue for debts of more than €300; ii) only after the effective sending of the certified fax due to persistent non-payment, and iii) the same non-payment may not generate more than one fee.
Collection costs and late payment interest are different concepts. The resources actually allocated to cover the unpaid debt are the collection costs; the profit that is no longer received as a result of non-payment is the late interest.
Late payment interest is generated when you default on the monetary obligations under the contract that are due and unpaid. In this case, interest will accrue in favour of CaixaBank Payments & Consumer at the rate calculated by adding two (2) percentage points to the contractually established nominal interest rate (NIR) from the date of default until its effective payment, regardless of the collection of the late payment fee mentioned in the preceding paragraph.

One more thing!
If you take out the voluntary credit protection insurance offered by CaixaBank Payments & Consumer, together with the monthly repayment amount, you will be charged the amount corresponding to the monthly premium for this insurance. The amount of the monthly premium will be calculated by multiplying the percentage indicated in the "Insurance premium cost" section of the Specific Terms and Conditions of your contract by the credit amount drawn down.
Please note that CaixaBank Payments & Consumer acts as a banking-insurance operator linked to VidaCaixa and SegurCaixa. It is entered in the Special Administrative Register of Insurance Brokers of the Directorate-General for Insurance and Pension Funds with number OV0077, as can be verified by consulting this body, whose registered address is Paseo de la Castellana, 44, (28046) Madrid, telephone +34 91 339 70 00 and email www.dgsfp.mineco.es.