Frequently asked questions about Personal Loan

A personal loan is a type of loan that you can use to, for example, buy household appliances, buy a trip, pay university fees, etc.

You can apply for a personal loan anytime, anywhere via the app or website. If approved instantly, the contract is signed online and the amount is credited to your current account. It is valid for Customers with a risk profile suitable for the product. The decision is subject to credit analysis.

When applying for a personal loan, you may be asked to provide the following documents:

• Your last 3 payslips
• Your latest IRS declaration - taxpayer number of the subject A and the IRS validation code
• A valid identification document of all the parties involved if the application is submitted at a Millennium BCP branch.

There are multiple factors to take into account. For most applications up to €25,000, a decision is typically instant. However, in certain cases, the analysis process might require more time.

The minimum amount is €1,000 and the maximum is €75,000. If you apply online, in the app or on the website, the maximum amount is €25,000.

Before applying for a loan, you should:

• Assess the need for the expense you are going to have.
• Consider the amount of the new loan together with your household's monthly income and expenses and make sure that the loan will not compromise your budget.
• Obtain all the information you consider relevant to making an informed decision before signing the contract.
• Read the pre-contractual information and the contract carefully and pay attention to the particular conditions of the loan, namely the amount, term, installments and rates.

The terms vary between 18 and 48 months for amounts up to €3,000 and between 18 and 84 months for amounts over €3,000.

You can apply for a loan anywhere, at any time. In these cases, the loan application is analyzed online. If approved, the personal loan is taken out online and the amount requested will be credited to the current account. Valid for clients with a risk profile suitable for the product. Decision subject to credit analysis.

You have up to 14 days to change your mind (from the date of contracting), without having to invoke any reason, under the terms of article 17 of Decree-Law 133/2009 of June 2nd.

The contracting of credit operations is subject to prior assessment and decision in terms of credit risk and the possible constitution of guarantees that the Bank considers suitable, as well as verification of the data declared by the Client.

The granting of credit is subject to the macro-prudential rules of the Banco de Portugal.

To cancel, open the app and go to the "Assets" screen by swiping left. Then, select your personal loan, and at the bottom of the screen, you'll find the "Revoke" button.

Yes, early repayment can be arranged with a notice period of 30 days. There's a fee associated with early repayment, and it's calculated as outlined below:

Option a) - If the period between early repayment and the contract's stipulated expiry date is more than one year, the fee is 0.5% of the advanced capital amount.

Option b) - If the period between early repayment and the contract's stipulated expiry date is one year or less, the fee is 0.25% of the advanced capital amount.

Option c) - The fee under options (a) and (b) won't exceed the interest amount payable under the contract during the period from early repayment until the scheduled end of the contract's fixed-rate period, if applicable.