Mobile customers of Spain’s Movistar are now able to obtain loans of up to €3,000 in under 48 hours thanks to a new financial services offering launched this week.
Movistar Money enables the Telefónica subsidiary’s subscribers to sign up for loans of between €600 and €3000 online without the need to provide physical documentation.
Customers identify themselves with their Spanish tax ID number and mobile phone number before choosing how much they want to borrow and a timeframe for repayment of between 12 and 36 months.
The service is part of Telefónica Consumer Finance, a joint venture between Telefónica and CaixaBank Group set up in 2014 to provide customers with payment packages for handsets. It also offers insurance to protect devices.
Initially, Movistar Money will only be available to customers that have financed handset purchases through this JV.
Telefónica did not specify when the services would be available for all customers or whether the service would be launched outside of Spain.
The move comes ahead of the expected launch of Orange’s new banking service in Spain.
The France-based operator is launching Orange Bank in its home market next month, but has said it plans to take it other countries including Spain.Orange confirmed personal loans would be available “in a matter of months” after the launch in France, while mortgages and insurance offerings would arrive in 2018.