WiZink enters the personal loan business

The digital bank WiZink advance in your diversification strategy and throw a new line of business for personal loans. This is a key milestone in its three-year strategic plan to become the leading digital bank for consumer finance in the Iberian Peninsula.

WiZink is now marketing four new loans to individuals, which represent an easy, flexible and competitive solution to cover different financing needs. WiZink personal loans have no study, opening or cancellation fees, or additional costs, it is not necessary for the customer to change banks and their hiring is agile and 100% digital.

In this way, the entity enters a segment that represents 65% of the total consumer finance market in Spain and that has a total volume of close to 60,000 million euros. WiZink aspires to be the leader in the digital personal loan market in three years.

As pointed out Miguel Angel Rodriguez Sola, CEO of WiZink: “Launching personal loans is a clear growth opportunity for WiZink and a milestone in our diversification strategy to lead the consumer credit market in the Iberian Peninsula in the digital field. We are going to take advantage of the reactivation of consumption in Spain by entering the segment with the largest market volume and leveraging our competitive advantages, with a 100% digital proposal, without any type of commission, easy to manage and contract and at very competitive prices ”.

The entity plans to enter the personal loan business in Portugal before the end of the year.

The new WiZink personal loans

WZ Eco Loan: Build a Better Future

  • To help finance the greenest and most sustainable projects.
  • Up to 30,000 euros with a TIN of 4.50% and an APR of 4.59%.

WZ Training Loan: Bet on you

  • To help finance personal training projects, to start new studies or continue training.
  • Up to 30,000 euros with a TIN of 6.00% and an APR of 6.17%.

WZ Reforma loan: Rediscover your space

  • To help finance a home renovation or renovation.
  • Up to 30,000 euros with a TIN of 6.75% and an APR of 6.96%.
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WZ Personal Loan: Live what you set out to do

  • To help fund any other personal projects for which funding is needed.
  • Up to 30,000 euros with a TIN of 8.00% and an APR of 8.30%.

All new WiZink loans offer the same common benefits:

  • No commissions. There are no initial commissions, neither for study of the application, nor opening. Neither are final commissions charged, nor for partial or total early cancellation.
  • Flexibility:
  • Choose the amount to request and the monthly fee (with several options for terms from 12 to 96 months),
  • No additional costs for making modifications at any time if the client considers it necessary.
  • Choose when to pay the receipt: if on the 5th or the last day of each month.
  • 100% online operation, to guarantee agility, transparency and security. The response on the loan application occurs in less than 48 hours, taking advantage of the opportunities offered by PSD2.
  • No need to change banks.
  • Optional payment protection insurance in the event of unforeseen events such as temporary disability, hospitalization and unemployment.

WiZink’s diversification strategy

The launch of personal loans is part of its strategic plan to become the leading digital bank in consumer finance on the Iberian Peninsula.

The bank’s strategy is based on three pillars: diversify towards new financing solutions, accelerate the growth of its financing solution at the online point of sale and in stores (its fintech Aplazame) and transform and digitize its credit card business. All this while it continues to evolve its distribution channels so that its customers can carry out all their operations mainly through mobile phones.

WiZink, since the beginning of the year launched its new strategy for the next three years, has reached the following milestones.

  • Continue to grow your business in digital point of sale, Aplazame, which has reached a total of 1,591 active businesses in the first half of 2021.

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