Santander launches an Amazon-style website in Portugal to boost its personal loans
This is an automated machine translation of an article published by Business Insider in a different language. Machine translations can generate errors or inaccuracies; we will continue the work to improve these translations. You can find the original version here.
Santander has launched an Amazon-style website in Portugal to sell products as diverse as motorcycles, suitcases, jewelry, and watches. The difference with the US giant is that sales are for 6, 12, or 24 months for smaller consumer products and up to 96 months for cars.
The variety of products offered by the website is wide and ranges from technology products such as smartphones, televisions, and computers to cars and motorcycles, as well as jewelry, watches, household appliances, suitcases, and treadmills.
To carry out this platform, Santander has signed agreements with Portuguese companies that are in charge of sales while the bank is responsible for financing, according to Expansión.
This graph shows how the commissions of the big banks have fallen due to COVID: the pandemic has hit the income of the entities and now the question is what they will be able to do to recover.
Thus, the bank explains on its own website that an example of the personal loans granted by the bank would have an APR (annual percentage rate) of 9.8%. Thus, for a personal loan of 5,500 euros for 60 months, the annual interest rate would be a fixed 7%, so that the monthly payment would be around 109.63 euros.
In this case, the APR would include the formalization fee (82.5 euros) and the tax on the use of the credit (145.2 euros) In total, the amount charged to the consumer would be 6,871 euros, according to the example the bank uses on its website.
The bank explains that the credit offered on this website is exclusively for the purchase of the products offered in Boutique Santander and that the granting of this depends on the “case-by-case assessment and the lack of default or delinquency that the bank has”.
This initiative of the bank in Portugal has no plans to expand for the moment to Spain, according to the economic daily newspaper quoting sources of the entity.
Source: Read Full Article