What types of quick credits exist
With the popularization of express financing, different types of quick loans have emerged with different characteristics and advantages that will adapt more or less to our situation. These are the different types of quick loans that we can find in the market:
Minicréditos: they are the fast credits par excellence. With them, we can get up to € 900 in a few minutes in our account. Their repayment periods usually do not exceed 30 days and their interest is around 1% per day. All your application process is done online.
Personal loans: these are loans that we can request both in private financial entities and in banks. With these loans we can get amounts from € 3,000 and with repayment terms that can be from a few months to several years, depending on the amount we request. Their interests are between 5% and 12% APR.
Payroll Advances are loans granted by our bank. They will allow us to access one or several times the amount of our payroll in a matter of minutes. In order to apply for this type of quick loans, we must have the payroll registered in the entity and a minimum of seniority.
Consumer loans: loans granted by non-financial companies such as department stores or telephone companies so that we can finance their goods and services. Normally they will allow us to access at most the total price of the product that we want to finance or a percentage of this. As its final objective is the sale of the product we can find offers with very attractive interests.
Depending on the purpose that we want to give to the quick money we will agree to request a type of credits or another. For example, if what we want is to get money urgently to pay the tuition of the university, the best option is to request fast personal loans. However, if we want to pay a fine before the deadline, it is best to go to the quick mini-credits.
Why can quick credits take longer?
Although fast loans are known to be able to get the money in our account in a matter of minutes, there are cases where quick money can take several days to reach our account. This is due to three different factors:
Schedule: despite the fact that the vast majority of minicréditos work 24/7 thanks to the whole process is automated, not all the fast credits will approve our request a weekend or a holiday.
Documentation: an expired DNI, an outdated bank statement or an illegible photocopy can cause us to back off our request and have to start the whole process over again.
Transfers between entities: it is the most influential factor. Transfers between the same entities are made immediately, while transfers between other entities can take up to 2 business days. This is why it is important to look for a fast credit institution that works with the entity where we have our bank account.
Requirements that we must meet to get mini-credits
Although the mini-credits granted by private financial institutions hardly require any requirements, it is necessary to meet certain conditions in order to access the financing we need. These are the requirements we must meet to get mini-credits :
- Be of legal age: we must be at least 18 years old, although some entities require us to be over 21 or 25 years old.
- Reside in Spain permanently
- Have monthly and sufficient income to cope with the reimbursement of the mini-credits. It does not necessarily have to be a payroll, since any type of income such as a pension or unemployment benefit.
- Have an active current account of which we are holders so that they carry out the money transfer.
- Not be registered in a file of defaulters: if we are in Asnef it will be difficult to get the fast money we need, although we can find in the market fast loans with Asnef that will allow us to access the financing we are looking for. In order to access this type of quick credits we must meet two additional requirements:
- That the debt does not come from a bank, that is, it can not come from a credit card or a bank account, for example.
- That the amount owed does not exceed € 1,000, although we can find some entities that set their limit above or below.
Meeting these simple requirements we will not have any problem in getting the quick money we are looking for. In order for the financial institution to know if we fulfill the required conditions, we must complete an online form with our personal and economic data and send some documents to complement the information in the online form.
Documents to request quick loans
Unlike larger personal loans, quick loans require little documentation to access them. Although they will require that we send, through an email or by enclosing it in the application form, some documents to verify that we will not have problems in reimbursing them. These are the documents that we will need in order to request quick mini-credits:
- Identity document: DNI, NIE or similar to verify that we are of legal age and resident in Spain.
- Bank statement: for the entity to analyze our monthly income and expenses
- Proof of income: a photocopy of the payroll, pension, unemployment benefit or our monthly income.
- Bank account number to make the transfer of money fast.
It is important that all documents are up-to-date and legible since these documents will be necessary to carry out the analyzes prior to granting the loan. Otherwise, the entity will ask us to send back all the updated documentation to get the urgent money we need.