IEC Credit provides online consumer loans via the website and online application platform www.ieccredit.es. IEC Credit offers €1,000 and €2,000 loans with a 2-year term in Spain.
IEC Credit operates in the €12 billion annual market for consumer loans in Spain, with significant demand for its IEC Credit loans due to a differentiated business model of affordable fixed installment loans strategically positioned between Spanish banks and high-interest short term lenders.
IEC Credit consumer loans feature fully amortizing monthly repayments of €97.7 for a €1,000 loan and €195.13 for a 2,000 loan over 24 months at a high yield of 99.9% interest rate and 135% APR. These high-yielding loans for IEC are still an affordable alternative for consumers in comparison to other online lending companies in Spain who provide short-term online loans at rates of 1,000%-3,000% APR.
Since launching IEC Credit in mid-January 2021 until 31 March 2022, IEC Credit has provided loans to 875 customers in Spain for a total of €1,173,000 cumulative loan volume.