‘Fast’ loan in Spain illegal, says CourtSupreme Court

business debt spain

A judgment by the Spanish Supreme Court, of the 25th of November, 2015, has invalidated as ‘usurious’ a contract for ‘revolving credit’ offered by a finance company that provided access to a ‘fast loan’ in Spain with interest rates up to 24.6% APR (Annual Percentage Rate).

The appellant before the Supreme Court pleaded that their rights under the first paragraph of art. 1 of the Repression of Usury  Act 1908 ( still in force)  had been violated, The law states: “Any loan agreement that stipulates a significantly higher interest rate than normal and manifestly disproportionate to the specific  circumstances or with conditions that render the contract unfair, where there is reason to believe that such an agreement has been accepted by the borrower as a result of being in a desperate situation,through  their inexperience or their limited mental faculties.

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