The appearance of Movistar Money loans caused a revolution in the financial market for mini-credits, something logical due to the entry of a telephone line into the personal finance market. And it is that it offers pre-granted credits of up to 4000 euros that Telefonica offers its customers.
Movistar Money ( here ) pursues three objectives: First, to overtake Orange, which has already opened its bank in France.
Second, squeeze the data that the supplier has from its customers to do business.
Last but not least, take advantage of the opportunity of increased consumption to give Telefonica Consumer Finance (TFC) a boost.
An attractive sector also for large companies like this, since according to the West African Loan Group only last year it moved more than 27,535 million euros, the operating subsidiary having practically no market share as entities such as Vivus, Kredito24, Moneyman or Prestamer dominate the market. .
Movistar Money conditions
|Financing type||Fast loans, loans without payroll, loans without papers|
|Maximum and minimum quantity?||€ 1000 - € 4000|
|What is the maximum and minimum term?||24 - 42 months|
|Free first loan||Not|
|What interest do you charge?||16.47% NIR|
|Do you ask for guarantees?||Not|
|Loan calculator and simulator||Too|
|Can I defer payments?||Yes|
|And cancel in advance?||Yes|
|Where is it hired?||Online also phone|
|How long does it take||5 minutes but it depends|
|In what period does the money reach me||15 minutes, but it depends on the bank|
|What banks do you work with?||Consult|
|Web page||Official Web|
|Is my application rejected by the West African Loan Group?||Yes|
|Do I need to have a payroll?||No, but if income|
|Can I process with pension, self-employment or unemployment?||Yes|
|Age range||18 - 70 years|
|Can I verify my details with Instantor?||Yes|
What is Movistar Money
It is an innovative and recent company founded in 2014 at 50% between Caixabank Consumer Finance and Telefonica.
Its objective is to lend small amounts of money on the term with the idea of financing its clients and in part to capture this huge cake that has become fast online loans .
They make available their customer database (one of the largest) and their knowledge, and then use the experience to sign consumer loans.
Despite the fact that Movistar Money is still not well known, having a large number of Movistar clients makes it possible for its popularity to grow.
In fact, she is the one who is in charge of financing the Movistar terminals, something necessary since if you want to be able to request a loan you must have financed a terminal first with it.
Movistar Money conditions
After requesting the loan on its official website, in less than 48 hours we can have the money in the bank account, up to 4000 euros.
A loan whose repayment is made in comfortable monthly installments, that is, with sufficient repayment term instead of a single payment.
The TFC entity sends us a receipt to our checking account every month that will have to be paid corresponding to the capital plus interest.
In this way, if for example we ask for 2000 euros to be returned in 36 months, this means paying an interest rate of 16.47% and having to pay a monthly payment of 69.67 euros.
Consequently, the total to be paid amounts to 2508.12 euros, cheaper than other online credit companies.
Let's look at several more simulations:
For example, for a request of € 4000 you will have to pay:
24 installments € 194.61 per month, total due: € 4,670.64, 36 installments € 139.35 per month, total due € 5,016.60, 42 installments € 123.69 per month, total due: € 5,194.98
The Movistar Money interest rate, despite looking expensive, is much cheaper than the one seen in loans of similar characteristics such as Creditea or Monedo.
Only Younited Credit comes close in terms of the cost of formalizing an operation of this nature.
Requirements to request a loan at Movistar Money
Online loan services of up to € 4000 exclusively for Movistar clients. No paperwork or opening commission, so only ID, mobile phone and validation of personal data are required to later have the money in less than 48 hours.
Repay the loan
Complying with the payment terms agreed in the contract is essential if we want to avoid the collection of penalties and surcharges.
Because the interest rate in the general contracting conditions is indicated, additional costs may be charged in case of late payments.,
If there is a non-payment in the letters to be returned, they charge a penalty of 30 euros for each amount not paid in addition to the late payment interest.
As the contract shows, two points will have to be added to the remunerative interest rate, thus going to 17.35%.
By the way, although on some websites this is indicated as usury, we once again remember that it is about online personal loans, whose competition to provide with more expensive conditions.
If we want to cancel the loan in advance we can do it but with a commission of 3%.
It is also possible to make partial repayments with a minimum of two installments, being able to choose between reducing the capital and maintaining the installments (reduces the monthly installment to pay) or on the contrary, reducing the time during which we have to pay the loan.
For example, if our signed credit of € 2000, as of today we only have to pay € 1000 and we want to pay it, we will have to pay € 1030.
In the event that the debt is not settled, Telefonica reserves the right to cancel the loan, having to pay 100% in advance, in the same way, if you are a Caixabank customer, the bank may dispose of the funds, balances, deposits or shares that you have in your name for the refund of the non-payment.
Consequently, if you are a Caixabank customer and you do not pay the Telefonica loan, the money in your account, deposit or other product will be used to cancel the loan debt.
Contact details and customer service
To contact Movistar we use any of the contact channels that it provides to its clients, which is what we show below:
Movistar free phone: 900 100 357 from Monday to Saturday from 9am to 10pm, also send a message to your contact email or email, fill in the online form available on the web, frequently asked questions. Furthermore, the company behind it is Telefónica Consumer Finance EFCSA (C / Caleruega, 102, pt9, CP: 28033 - Madrid)
Movistar Money Spain customer area
Once registered in the portal, we can access online clients access being the client space that the financial company enables its users.
It is similar to what is seen in other Fintech companies where with the credentials you can enter the system and from there manage our affairs with the creditor.
Opinions about Movistar
In this section we are going to show the comments and opinions of Movistar, generally favorable and that demonstrate the trust that its customers place in the brand:
Carlos "I thought I was going to be denied, luckily they approved it and I had the money in 24-48 hours"
Nicolás "Movistar Consumer Finance offers me the liquidity I need when I need it most, good interest and a better term"
Marta "The renovation of my terminal was a problem for me but thanks to the financing from Telefonica I already have it financed, the latest model"
Lucia "Apply for the pre-granted loan Movistar, everything went very well, the process was fast and safe"
Andrés "It seems to me that it does not work, I do not know if they have changed something but I cannot apply for my personal credit"
Marina "Ask my friends, how is Movistar Money, they recommended it to me so I did not hesitate to try it, very happy"
Movistar Money Opinion - Conclusion
With everything seen, we think that this company lends with really attractive conditions, not only because of the interest rate but also because of the terms it grants.
However, it is only available to Movistar clients, being an important barrier that will undoubtedly decrease the number of requests.
But, if we are clients, getting a personal loan with Movistar of up to € 4000 to be repaid in months can be the perfect one.
It only competes with entities such as Cofidis or Bigbank since fast money companies are characterized by applying higher interests.
However, the speed is not the same, nor is a minimum level of requirements requested, nor is it enjoyed the same approval rate.
Currently TFC is exclusively dedicated to financing the terminals but not to lending money.
Even so, in the contracting conditions published on the web they speak of the possibility of signing a revolving credit card that at the moment does not seem to be available.
If the conditions are, so it is likely that they have in mind the issuance of this type of card.
Movistar Money also complies with data protection during the contracting of the loan, these will be transferred to different companies of the Telefonica Group and the Caixabank Group.
In the same way, our economic data used to analyze the risk and solvency profile will be transferred.
Movistar Money Forum
On the internet you can find multiple forums such as Forocoches and others where it is mentioned and people participate talking about the loans and credits of Movistar Money. If you are looking for a space to answer your doubts and questions about this brand, write your comment in the section below and participate in our community.