Telefonica has announced the launch of an online consumer credit service designed to provide Spanish customers with loans of up to EUR 3,000 in less than 48 hours. The pre-approved loans service, dubbed ‘Movistar Money’, will give customers access to immediate loans without needing to submit further documentation and without charging any opening or assessment fees, said Telefonica. Initially, the service is available only to customers who have signed up to handset financing plans under the Telefonica Consumer Finance joint venture set up with Spanish financial services provider CaixaBank.
The company added that the pre-approved loans of between EUR 600 and EUR 3,000 can be requested online in just three steps via the money.movistar.es website. Customers simply have to choose whether to pay the loan back over 12, 24 or 36 months, paying a 0.5 percent commission on total or partial repayment within 12 months and 1.0 percent if over 12 months. Applicants will be asked to prove their identity via their ID card and mobile number before receiving the money in their account within 48 hours of approval.
