Monthly Archives: April 2019

The cheapest loans, without banks


Requirements to apply for your loan

Requirements to apply for your loan

One of the main things that you would probably like to know before considering a loan platform is the necessary requirements to apply for a loan.

loan providers as a completely serious company focused on its objective of offering good loans to its clients, evidently has unappealable conditions for its loans, which exist only to ensure that its clients manage to return the loan they have requested, and when requesting the loan. loan will not get into a financial bind.

Having said this, the applicant must cover four conditions to obtain a loan , which are the following:

  1. Have an age between 18 and 70 years (both included)
  2. Reside in Spain
  3. Not appear in any file of defaulters
  4. Can justify stable income

In addition, of course, a solvency study is added to these conditions, which is customized for each of the applicants, to ensure that the client has an adequate financial situation so that a loan is granted.

Interest rates 

The interest rates (TAE) offered on this platform are very varied, and depend on the amount of the amount you request and the term to pay with which you request your loan.

Even so, the interest rates that you will find are much lower than you would find in any type of bank or conventional loan providers entities, and this is due to 3 simple reasons.

  • Investors entrust their savings: Since the loans of this platform work thanks to the investment of different companies that are linked to the loan providers to finance the loans requested on the page, the rates are much less greedy for this same reason . Because when loan providers offers you a loan at 6% of APR, investors receive an approximate remuneration of 4.5%, this corresponds to a high remuneration, but lower than the profitability that banks and loan providers institutions expect when they grant a loan . And this is one of the main reasons why the rate is so low, at the next point you will know why.
  • They are a young and modern company: By making the most of new technologies and the Internet so that the loan process is fast and agile, does not need a luxurious office or banking agencies to maintain around the country. On the other hand, all its staff, which is located in Spain, can assist you by phone if you wish.
  • Its activity consists exclusively in granting loans and raising the investment to finance them: They do not carry out any type of separate financial activity that is complex or expensive. Therefore, operating expenses are vastly inferior to those of the competition.

To give you an example of how low are the interest rates in loan providers we will give you some examples using the loan simulator that you can find directly on the loan providers website , and with which you can give you an extremely accurate estimate of how many will be the interest that you will have to pay, depending on the amount and the term that you are thinking of paying.

Example No.1, Project: New car (€ 10,000)

  • Term: 24 months
  • Monthly fee: € 439.50
  • APR: 7.40%
  • Nominal interest (TIN): 5.18%
  • Total cost of the loan: € 548.00 (Interest on investors) + € 200.00 (Management fee) = € 748.00

Example No.2, Project: Furniture and appliances (€ 5,000)

  • Term: 24 months
  • Monthly fee: € 219.75
  • APR: 9.05%
  • Nominal interest (TIN): 5.18%
  • Total cost of the loan: € 274.00 (Interest on investors) + € 175.00 (Management fee) = € 748.00

Example No.3, Project: Wedding / Celebration (€ 15,000)

  • Term: 36 months
  • Monthly fee: € 453.96
  • APR: 6.87%
  • Nominal interest (TIN): 5.65%
  • Total cost of the loan: € 1,345.00 (Interest on investors) + € 225.00 (Management fee) = € 1,567.56

Example No.4, Project: Reforms (€ 20,000)

  • Term: 48 months
  • Monthly fee: € 470.85
  • APR: 6.99%
  • Nominal interest (TIN): 6.13%
  • Total cost of the loan: € 2,600.80 (Interest on investors) + € 250.00 (Management fee) = € 2,850.80

With these case examples of loan applications you could give an idea of ​​the interest rates that are charged in loan providers, and even one of the things that stand out is the amount of money they use as investment expenses, being very minimal the amount that the company keeps of your interests (around 200 euros in most cases) and the greater amount of interest goes to the investors. With this you can be clear about the importance of loan providers in being a company that offers attractive and fair interests for all its clients.



All about the loans – what you need to do

When we need money in a fast way for an unforeseen event, or when we have difficult financing from banks and other financial institutions, the immediate loan is a very important option to consider.

We must bear in mind that this financier works in a similar way to other loan companies, so we must make a comparison of which is the best based on their conditions.

How to request an instant loanTherefore, to request a loan you must follow the following steps:

It has a simulator that informs you of the conditions of the loan, and then fill out a form with which the pertinent checks will be made on whether you can receive the money.

Therefore, to request a loan you must follow the following steps:

Select the amount you need to receive. This can range from 50 to 600 euros, although the first loan can only be up to 300 euros. After returning the first loan, they offer you the possibility of having a greater amount of money, since you are considered a recurring customer.

Select the return period. You can choose a period of between 7 and 30 days. In addition, if you can not return the credit at the time of repayment, you can make an extension of this to extend the term and avoid default interest.

Once you have chosen the amount of the loan and how much time you will return it, you will have to fill in a form with your personal information. In addition, you will be asked to enter the data of your online banking , to verify that you are the owner of the bank account where the deposit is to be made and, therefore, the account where any charge will also be made. It is a completely secure process, but if you prefer you can send this information by email.

When you have completed all the data, almost instantaneously you will receive an SMS to your mobile and an email to your email informing you if you have been granted the money. In the event that the concession is positive, a verification code will be included that must be entered on the website (in the user area) to activate the credit and receive the money in your bank account.

Normally, the requested money will be received instantaneously, although some banks delay approving it between 24 and 48 hours.

How to return the loan

Once the expiration date of the immediate loan has arrived , the return of the total loan plus the corresponding interest must be made. This figure is completely clear at the time of agreeing the loan.

To return the credit we just have to make a bank transfer to one of the account numbers that are on your website. In the concept of income, so that there are no problems, “PAYMENT + DNI” of the applicant must appear. In this way know that this payment corresponds to your loan.

In the event that you can not return the credit within the established period, you can request an extension.

Requirements to have a loan

The requirements to have an immediate loan have nothing to do with those that you can ask in any bank, since we talk about another type of financing.

To get a credit you must meet the following requirements:

  • Have your residence in Spain.
  • Have an age between 21 and 70 years.
  • Outstanding debts must not exceed 1000 euros.
  • You must show that you get regular income to be able to face a possible credit.

Usually fulfilling these requirements the granting of credit is immediate, although you must pass a small internal risk analysis to be effective.

Interest of loans

The interest to pay for the quick microloans is clearly seen when you perform the loan simulation. Keep in mind that these types of loans are perfect for when we can not access a bank loan or do not have sufficient time and we need cash immediately. Otherwise, the conditions offered by banks are more favorable than those that can be given by any loan company, either or any other.

In any case, if you finally decide to apply for a loan , the interest rate that is applied is different depending on the amount requested and the return period. This interest ranges from 3752.37% APR, in the case of the credit of 600 euros to 30 days, to 7636.44% APR if we ask for 50 euros at 8 days for the return period.

In any case it is best to make a comparison in the simulator between the money that you are going to lend and the money that you will finally have to repay on the due date.