That our data appear in a record of defaulters may be easier than we think. Luckily, today we can resort to quick loans with which we can get the extra money we need without problems. Next, we present the best fast loans of the market- PaydayNow main page.
Everything necessary for immediate credits
Fast loans companies usually do not require us, especially if we compare them with the rest of personal loans, whose conditions are much more extensive. However, with these mini loans, we must also comply with a short list of conditions. In addition, they usually vary depending on the company that provides them, but these are the most general for accessing fast online credits :
- Be of legal age There is a minimum age to apply for quick credits and it is usually between 18 and 25 years, although each company can set the limit that it considers appropriate.
- Live in Spain All of the urgent loans that appear in this comparator are marketed in Spain and are subject to the legislation of this country. Therefore, we must reside permanently in national territory to be granted.
- Enjoy a regular income. Although it may sound strange, it will not have to be a payroll. They will also validate a pension, an unemployment benefit or any type of monthly remuneration that is sufficient to meet the payment of fast loans.
- Have an operational bank account. We must provide an account of which we are owners so that you know where to make the loan income.
If we do not comply with each and every one of the aforementioned requirements, we will not be able to access these loans, even if we are not enrolled in any delinquency list. In addition, in the case of mini-loans, we must also provide the company with a telephone number and a personal email, which will be used to check our debts in the delinquency files.
Requirements for contracting fast loans
First of all, it should be clear that there are no stipulations that we must comply with by law to access financing being on a delinquency list, but that each fast-payer company will ask us to comply with certain conditions. In general, several coincide, which we will explain below, but it will always be advisable to request information from the company to which we are going.
- That the debt does not exceed the limit established by the entity. Although each company sets a maximum figure, it usually moves between 2,000 and 200 euros.
- That the debt is not related to a bank. We will not accept a debt that is related to a bank loan, an overdraft account or a credit card, to give several examples.
If we do not meet any of these two specific requirements to apply for fast loans we will not be able to access them and the only way to get the financing we need will be through home equity loans (if we have a home ownership).
What is the price of mini-credits?
Many believe that personal loans are more expensive to allow people with higher risk profiles to access the financing you need, however, it is not. Fast loans online do not have a higher cost than other loans, they simply allow access to people registered in these files as an advantage and not as a special condition.
The average price of quick loans is around 1.1% daily. If we want to know if we are facing a quick mini-loan with cheap or expensive, the best thing is that we compare how much it costs to contract 100 euros to return in 30 days and, if we find a product with a price lower than 133 euros, we could say that it is cheap. In addition, thanks to this formula we can compare the prices of the different mini loans.
In the case of loans with mortgage guarantee, the APR is lower than in the personal loans but higher than in the mortgage loans, in addition, we must count on the additional expenses such as the valuation of the guarantee or the signature before a notary. In addition, the purpose of these products is to get large amounts of money to deal with an investment project or carry out a reunification of debts.
When do you enter the quick credits?
New technologies have made it possible for quick credits to be requested and transferred to our account in a few minutes, which allows us to get the money we need the same day we made the request. However, there are circumstances that can cause us to take up to 48 hours to receive the money. These are the factors that most influence the speed of quick credits:
- The documentation An expired DNI, an illegible photocopy or an outdated bank statement could cause us to throw our request back and have to start over from the whole process. This is why it is important to make sure that all the necessary documentation is in good condition and updated before requesting fast money.
- The hours of customer service. Although the request of the mini loans can be made any day at any time through the Internet, if we do it outside the hours of customer service, we must wait for the approval of the credit until a specialist of the entity is put in contact us
- Banks with which the entity in question works. It is the most determining factor in the speed with which the transfer of quick credits will be made. Bank transfers between accounts of the same entity will be made immediately, even on weekends, but those between different entities can take up to 2 business days, depending on which banks are made.
Are fast loans safe?
Yes, although we must be cautious. Unfortunately, along with the proliferation of private fast loans, several private equity companies have appeared that are fraudulent and try to deceive the consumers of these products with suspiciously attractive offers. For this reason, it is important that, before requesting financing from one of these companies, we can differentiate the legal lenders from the illegitimate ones. Let’s see, next, what are the aspects that we must take into account to know if the quick money credits of a company are safe :
- Quick credits will NOT ask us for money in advance: no mini-credit entity will charge us before transferring us to the money. The vast majority of entities offer a simulator on their platform so that we know before requesting them how much we will pay at the end of the term. Also, they do not have additional commissions.
- Beware of recovery companies: if in the event of default, the quick loans entity decides to transfer our debt to a recovery company, they must inform us before doing so. We must doubt any company that contacts us and always verify it with the lender before reimbursing the credit to one entity or the other.
- Read the contract: all contracting conditions will be detailed in the contract. We must carefully read the entire contract before signing it to confirm that the conditions we are hiring are the ones we want.
- Check online security: fast credits are requested mostly through the Internet where we will have to put all our personal and banking information. For this reason, it is important to know how to identify that the website is safe. For this we must look at these two factors:
- A small green padlock appears on the address bar.
- That the URL of the web page starts with https://, this will indicate that the Online Data Transfer Protocol is activated.
- They may not accept our request: if our situation is too complicated and we do not meet all the requirements to access the quick credits, we must accept that our request will be rejected and we should be wary of those entities that offer us funding despite our situation.
In case of any doubt, it is best to pause the request and make sure that we are facing a legitimate and safe entity. If we are not sure, it is best to go to a well-known lender with whom many users have already counted and we can do so by looking at the opinions of other users, for example.
How are fast loans reimbursed?
The entities of mini credits offer us different methods to reimburse the fast money requested. We must bear in mind that these credits are returned in a single payment consisting of capital plus interest at the end of the term, that is, if we request 100 euros for 30 days (with an interest of 1% per day) we will have to pay after one month 130 euros in total. So if we are not completely sure that we can reimburse fast loans without problems, we should not request them. There are different ways to reimburse fast loans:
- Bank transfer: it is the most common option to reimburse the mini credits. Simply we must choose the account number that the entity has given us and transfer the money quickly from our bank account through the Internet. Normally the lenders put at our disposal different accounts in different entities so that we choose the one that best suits our needs.
- Payment in cash: with this option, we simply have to go to an office of the entity where the fast credit lenders have the account and make a cash deposit to the indicated account. Specifying in the concept our identifying data so that they know that our credit has been repaid without problems.
- Payroll Domiciliation: this option is more common in larger personal loans. It is about automating the fast credit payment. We will simply indicate our current account number and the day of the end of the term the entity will automatically charge us for the payment.
- Payment by card: we can also reimburse the fast loans as if it were an online purchase. On the same credit platform, we can make this return simply by indicating our identifying data and entering our card details just as we would in an online purchase.
According to our personal situation, we can choose the payment method that best suits our needs. The quick credit entities usually give the option to choose it when they transfer the money quickly or, some, even change the option before reimbursing it.