All about loans in 15 minutes to solve unforeseen events, with a 100% online application, without paperwork and without changing banks.
These financial products are usually aimed at those people who try to cover urgent capital needs and, in general, the usual amount granted by online mini-loans is between 300 and 500 euros.
The mini credits landed in Spain during 2008 . Their growing demand addresses the fact that anyone can benefit, whatever their situation, from those who do not have a job to those who appear on a list of defaulters, such as ASNEF or RAI. Its function is to provide extra solvency to those people who do not have savings or do not want to resort to them to quickly face a payment they did not have planned.
One of the highlights of these loans is the speed with which we can get the money (15 minutes and even less) and its hiring process, which has been greatly simplified compared to traditional bank loans. The reimbursement period for mini-credits is usually a maximum of 30 days , although there are some entities that allow you to return the money in a longer period without imposing commissions on clients.
However, there are certain aspects of these loans that must be taken into account and that require them to be requested in a more responsible manner than other loans.
In what situation is it advisable to request a quick mini-credit?
The mini loans are products designed specifically to solve a situation that requires urgent action, given that we are granted the money in a matter of 10-15 minutes. If we do not have the solvency to face an unforeseen payment but we can amortize the mini-credit payment in the next 30 days, these mini-loans will be a very useful financial tool. It is important to bear in mind that these products are a source of sporadic financing and that they should not be used periodically.
On the contrary, it is not advisable to ask for a mini-credit if we are not sure that we can reimburse it within the agreed term with the lender (a maximum of 30 days in most cases). In addition to its short repayment period, mini-credits have a very high cost of around 1.1% per day, so it is important to resort to them knowing that it is a one-time situation, since using them as a usual means of financing can cause us to end up in a debt spiral.
In short, whenever we resort to a mini-credit in a timely manner, in order to get an extra money for an unexpected event and with the assurance that we can return it within a month, the utility of these products will be high.
No obligation to provide guarantees
The process to request quick credits is simple and easy. Simply, just complete an online form with the amount you want to borrow, choose the payment time and click on send or request.
When dealing with online microcredits, the process can be carried out 24 hours a day, that is, it is not necessary to wait until the day after the bank opens. The great advantage of online microcredit in relation to ordinary bank loans is that the customer is not obliged to provide a guarantee to apply for the loan. This allows fast loans to be requested without having to endorse real estate or other assets, nor is it necessary to do so many paperwork or submit a large number of documents.
Microloans are perfect if you need financing here and now and want to avoid complications with a long payment period. It is an excellent solution if we do not want to provide a large amount of documents or answer questions about our private economy and the purpose of the online loan.
Also keep in mind that the maturity is not the same for all loan providers, which can vary from 3 to 12 months to 1 to 10 years.
In the event that an unforeseen event prevents us from paying the loan within the period agreed with the mini-loan entity, we will have several options to manage the refund. The main thing is to contact the lender and inform them that we will not be able to meet the payment on the date indicated in the contract, which will make us negotiate an adapted payment method with them.
Most companies are open to this type of deal and one of the most offered options by private equity companies is an extension to give us an extra time . Asking for an extension of a mini-credit basically means extending the repayment term for a series of days or weeks so that we can rebalance our economy and repay the loan. The extension of the deadline has to be requested before the expiration of the mini credit, so that we can set the terms of the contract before falling into a default will be an additional cost.