Gupo Kutxabank – born in 2012 from the merger of BBK, Kutxa and Vital, three banks in Spain’s Basque Country – has launched an online shop of goods and services for its customers, TradeSport reports.
Kutxabankstore, as the service is called, divides its offering into six sections: technology, mobility, household, Samsung, Dyson and sports/leisure. The sport/leisure section is itself divided into surf, paddle surf, surfskate, bicycles, sports watches and luggage.
For every product on sale, the website lists a monthly payment amount ahead of – and at a bigger point size than – the total price. Unlike most e-commerce sites, Kutxabankstore lays the emphasis on financing in the form of consumer loans.
These loans are advertised as being “without interest or commissions.” The FAQ, however, notes that “the installments include both the amount that the bank has given [loaned to] you and interest, which is the bank’s profit. In addition, certain consumer loans can include an opening commission, which you must pay when you take out the loan or else must finance.”
The bank reserves the right to refuse a loan on examination of the customer’s financial history. Customers may at any time pay the outstanding principal in whole or in part. If they pay in part, they may decide whether to lower the amount of future installments or shorten the loan’s term.
Customers may also make their purchase in a single payment through a Kutxabank card or through Bizum, a Spanish provider of mobile payments.
