Although talk of it began in 2017, it was in April 2019 when, within Telefónica’s business diversification strategy, Movistar Money was born as a consumer loan service for operator customers.
Little by little, this service has been improving its conditions and now allows you to request a loan of up to 10,000 euros. Now, Movistar Money introduces two important novelties: it lowers the minimum amount to 1,000 euros and extends the service to non-customers.
The minimum amount drops to 1,000 euros
Movistar Money, Movistar’s consumer loan service, just updated your terms with two important novelties: the possibility of requesting from a minimum of 1,000 euros (before it was 2,000) and the availability of the loan also for non-Movistar customers.
That means that anyone interested, Whether or not you are a Movistar customeryou can now request a loan from 1,000 to 10,000 euros with an interest rate from 6.14% TIN (it adapts to the customer’s credit profile).
According to Movistar, this expansion of the public is caused by the good reception that this financing formula has had among its clients. Refering to reduction of the minimum loan to 1,000 eurosassures that it intends to respond “to a growing demand for low-value consumer loans”.
The loan application is made 100% online and the response is obtained in less than 48 hours. In addition, Movistar Money allows take out payment protection insurance that covers the loan installments or the balance pending repayment in the event of temporary disability, unemployment, hospitalization, disability or death.
These two innovations are added to those incorporated last year, when raised from 7,000 to 10,000 euros the maximum amount of the loan. This caused Movistar Money to reach 60 million euros of loaned capital in 2022, multiplying by three the amount of 2021.
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