Online loans for debtors

When you need money, getting it quickly and easily is nowadays more and more complicated.

Since usually the procedures become very cumbersome and can take several months, so it is very difficult to resolve an urgent situation , if you need a loan for it.

Fortunately every time you can find more alternatives to get loans quickly and without much bureaucracy, unlike what happened previously.

Thanks to advances in technology and the Internet, it is now possible to access various loan options that can be requested more easily, including online, which give you the opportunity to have them in your bank account in a matter of minutes once you have they have authorized it.

The requirements to get online loans are very few, it is almost always enough to be of legal age, prove your nationality, and present an official identification in force. In general, they do not request an endorsement, mortgage or other guarantees.

In case you require an immediate loan to resolve an emergency, it is not convenient for you to request it in a bank or loan box, since they are very demanding when granting a loan, since you must be sure that you will be able to pay them the capital they lent you and if it is not possible to do so, they need to have a guarantee or guarantee to answer for you, which is not very appropriate if you need to get the money urgently.

As for online loans, they are much simpler and require fewer requirements when taking into account your credit history, so they do not ask for any proof of income and it is very possible that they will grant it to you. Although it is convenient to mention that these financial institutions should take their precautions also to protect themselves, due to this their loans are really low at the beginning.

Fortunately, since they have verified that you are a client that complies with your payments on time and once you settle your debt, you may accumulate positive points, which will be useful if in the future you want to request a loan for more money.

Currently, there is the option of requesting Credits with online, something that previously was practically impossible, since applying for a loan while on a list of defaulters was a direct cause of definitive rejection and without exceptions, in addition to credits being requested to a bank office to fill out a loan application.

In spite of this, there are online companies where it is possible to request a loan with , for example, on the website of , due to the financial group that supports them and that is less strict at the time. to authorize a credit application.

The online credits of , range from € 50 to € 500, which is something you can get if you are a person of legal age and have basic income. So that their financing system can give the opportunity to access a credit, to those people who due to their characteristics of indebtedness or income, are not able to access traditional credit systems.

This is why this financing system is considered another opportunity to get a loan if it is not possible for you to do so with other financing options.

It is necessary to mention that in order for you to obtain a credit in this web portal, you must be free of financial debts, that is, in case you find yourself in the list of delinquent files due to an unpaid credit with another lender, you will not be able to access to obtain a credit online, so it is convenient that you are up to date on the payments of all the online loans that you have requested.

The requirements that can be requested in case you request an online credit with , are the following:

  • Do not have financial debts.
  • Be over 18 years of age when applying for the loan.
  • Be a legal resident of Spain.
  • Have a mobile phone number, an email and a bank account.

As I mentioned before, it is essential that you do not have an unpaid financial credit to be granted this type of credit, in terms of age it is an indispensable requirement to carry out any economic procedure. As for the telephone number and email, they are necessary since they are the means of communication that will be used to contact you and confirm your personal data.

It is very important that all your information is correct when filling out the application. It is necessary that the bank account that you provide is in your name, because it will be through this that the money will be charged, in case the credit is authorized.

The verification of the data you provide can be done through the online system Instantor, which is compatible with your Online Banking, but if you prefer, you can send the documentation electronically in digital format.

Remember that these types of credits are excellent in case you need quick money to solve an unexpected emergency, but you must take into account that they are recommended only to people who have a stable financial income, because the interest charged They are very high and the payment terms are less than a month, usually.

Because of this, do your accounts very well and do not rush to apply for a loan online if you do not have the security that you can easily pay for it, since, if you have doubts, you may not be able to comply and fall into delinquency.

A personal loan to follow the European Cup

Do you dream of being able to follow the European Cup live in France?

Thanks to the various loan offers available online, as well as from different financial institutions, your dream can become reality. However, the most economical solution is certainly to subscribe a personal loan from a bank that offers the best rate.

Focus on the offer

Being passionate about football, you do not want to miss the biggest event of the year: the World Cup in France. However, it is an expensive trip, not to mention the cost of the hotel and the number of tickets that must be booked. Fortunately, there are banks that think about everything, as was the case.

Belfius had indeed proposed at the end of 2013 a loan supposed to help the supporters of the Red Devils to go to the World Cup in Brazil. The bank was unfortunately forced to withdraw his girlfriend after his offer was deemed ethically unjustifiable by the consumer defense association Test-Achats. Belfius wanted to practice a very high rate of 10%, that is to say that for a loan of 3,500 euros for example, the refund requested would be 100 euros for 4 years …

How to get your hands on the ideal “Europe Cup” loan offer?

When it comes to personal loan, it is not the offers that are missing. The trick is to use the services of an online credit comparator, the objective being to highlight interesting credit offers, especially those at the best rate.

However, before simulating a “World Cup” online credit, you must first identify your real needs, namely the length of your stay, the matches you plan to attend, the required budget, etc. You also need to determine your borrower profile, which is exactly how much you can repay. It is according to these many criteria that you will have to make the choice of the loan that will finance your trip to Brazil.

Note :

The longer your loan lasts, the more it will cost you. In this regard, it should be noted that it is not worth taking a credit that lasts more than 42 months because the next World Cup will be held in exactly 4 years.

What are scam loans and how to avoid them

Unfortunately, it is quite common to have to face scam loans at some point.

And it is not surprising if we think that it is increasingly common to have to request money. The financial situation and the poor working conditions that exist today in our country force us to use credits on more than one occasion.

And the internet has become a minefield for unsuspecting customers who do not know how to distinguish fraud loans . For this reason from our company we want to help you learn what they are and how to avoid them. Would you like to know more about this topic? In that case, do not stop reading this post. Let’s start

The scam loans

Nowadays, fast loans have become a very used financial alternative to get out of an economic hurry immediately. The ease of procedures, the speed of concession and the fact that they operate through the Internet allow customers to get money easily. However there are also a lot of scammers trying to pass themselves off as legal companies. These ghost companies manage to catch their victims, get money from them and disappear forever. They are precisely what create the phantom loans.

How to avoid scam loans

Luckily there are several methods that we can apply to avoid being cheated with a quick credit. With these tips you will know how to easily differentiate legal companies from those that are not.

A legal credit company never requests money in advance

One of the reasons that should lead us to distrust a credit company is to ask us for money in advance . All expenses associated with a loan must be reflected by contract and also be paid within the agreed deadlines. Never before. Do not trust those companies that ask you to take on expenses or pay commissions before seeing the money .

Check if it is part of AEMIP

As a general rule, most financial companies that make loans online are part of the Spanish Association of Microloans or AEMIP. They are also responsible for complying with current legislation and are registered with the Ministry of Health and Consumer Affairs .

Make sure the web from which you operate is safe

To do this you must check that the url is preceded by the acronym https: and that there is a closed green padlock prior to the address in your browser . These elements guarantee the security of web pages. That is to say, that our keys and personal data will not end up filtered anywhere. The padlock, for example, is a sign that the connection used by the web is encrypted by means of SSL technology, which prevents anyone from observing what we are doing while browsing that web.

Go to organizations to help consumers if you still have any questions

Today we have at our fingertips countless organizations to help the consumer. These organizations are responsible for ensuring the safety of all citizens who consume any type of product. Without doubt two of the most famous are FACUA and the OCU . Do not hesitate to go to them for advice. If you want a more personalized treatment you can become a member of any of these two organizations. The annual expense is not excessively high.

And if they cheat you …

Get in touch with the police as soon as possible . It is likely that you are still in time to be helped. And if it is not possible at least you will prevent other users from running the same luck.

This is the difference between credit or loan

One of the recurring errors in the financial field by consumers is to equate the concepts of credit and loan, when in fact they are very different. 

The most important common point is that there is a financial institution that makes available a quantity of money for a client; however, the mechanics are totally different.

What is a credit?

When they grant us a loan, they open a line of capital for us to use when we need it. However, we are not obliged to make use of it. In addition, it is perfectly possible to have that possibility, but not to withdraw 100% of the money to which we would be entitled, using only the punctual amount we need.

Its duration and quantity is stipulated by agreement between both parties, although it can be extended and renewed.

What is a loan?

On the other hand, in loans the concession of the capital is complete and, from the first moment, the financial institution or the private lenders provide us in our account all the money that they have granted us. It is an ideal option for large disbursements.

Your refund is made by means of quotas during the time and as often as agreed. The banks, to carry out their inquiries, usually request the reason for which the loan is being requested and make a much more exhaustive study of the risks.

Which is more convenient?

It depends on our particularities. When choosing between credit or loan , we must take into account for what it is going to be used, the amount that is desired, the time of return …

Typically, credits contribute to a particular or company can cope with costs sustained over time, cyclical or more or less predictable.

Loans, on the other hand, are better designed to cover specific needs in the absence of liquidity, especially in the case of large amounts of money.

Private capital loans

Private lenders seek to obtain a return on their capital. Therefore, they can put it in the hands of professionals who offer the possibility of a certain amount of money to be repaid in a variable period of time.

With the crisis of 2008, commercial banks have tightened the requirements to access one of their loans: that is why they do not grant them in all cases and their risk study is very demanding.

Private loans follow another type of regulation, just as safe, but more flexible. In addition, private equity entities can grant loans independently of being indebted, or of difficult economic situations.

When to resort to a private loan

Therefore, there are several cases in which we can agree to resort to a private loan . The main reasons are the urgency of liquidity, being on a list of defaulters or that the bank does not grant us the financing.

Need for liquidity

This happens because it is relatively common that a traditional financial institution does not lend us the amount we need in the short term and, if it lends it, the procedures usually take a while.

Private equity lenders offer alternative financing that can respond to these problems and situations more quickly and flexibly.

It is possible that we need financing of these characteristics because we have to face an unexpected big expense and the opportunity cost of not doing it is frankly high. Therefore, it is good that we have this possibility to reduce this risk to the minimum expression; If we have the ability to pay and a mortgage guarantee, there will be no problem.

The bank does not give us the money

It is possible that the financial institution does not give us the money that we request. Unfortunately, it is not enough to be able to pay a loan to be granted and, in fact, it is usual for operations that would be viable to be denied.

This is a logical option for us to look for financing alternatives.

The Risk Information Center of the Bank of Spain collects all the loan operations of our country: this can make an entity verify how much funding we have requested and reject us as risky.

Private capital loans, on the other hand, do not take this condition into account nor, in turn, do they appear in CIRBE. This means that, even if they grant us a private loan, they would not appear in this plant and, therefore, would not add up to the rest of the financial entities.

What is the mortgage guarantee?

Private equity loans work with a mortgage guarantee. This means that, even if we are in a difficult economic situation, we can request a loan of this type if we have a property in our name.

The property, as well, acts as a guarantee of payment for the operation and will be sufficient to allow us to obtain the financing we need.

These products, therefore, are designed to cover the needs of all types of workers, such as temporary workers, pensioners, freelancers or employees … in any situation, since only one property is necessary to access them.

Know the market options to choose well

The financial market offers several options to individuals and companies and knowing them is very important to be able to make rational decisions that are useful for our interests.

In addition, we must take into account alternative financing possibilities that break with the monopoly of traditional financial institutions.

In this way, it is important to know that there are private loans beyond the circuits of traditional financial institutions, because this way we can make conscious decisions when we need liquidity.

And, of course, it is always convenient to have some financial education. For this reason, knowing the difference between credit and loan is fundamental for us to understand what is the functioning of the market and what option we can choose when we are in an adverse economic situation.

Termination of the loan entails a prepayment penalty

In addition to the special right of termination after ten years of loan repayment, there are also other situations in which one can prematurely terminate his contract.

For example in case of unemployment, a new job in another city or a divorce. In these cases, however, the lender usually requires a prepayment penalty for the lost profit, which can quickly amount to a sizeable sum in periods of low interest rates.

Missed interest payments justify the prepayment penalty

Several factors are included in the calculation of the interest damage caused by the early termination. First and foremost, it’s about the sum of lost interest payments. However, for this purpose, the lender may only charge the interest until the special right of termination after ten years, plus six months’ notice. In addition, most banks charge a processing fee of a few hundred euros.

Advantages of early termination of the loan for the bank are to be deducted

The resulting sum is, however, lowered by a few other factors. For example, the bank must calculate the prepayment penalty as if the customer had fully utilized its agreed special repayment right over the remainder of the repayment term. A future interest income through the reinvestment of the repayment amount – for example in mortgage – must be deducted from the amount of the loss. The higher the interest rate of the , the lower the prepayment penalty. In addition, the saved administrative costs – usually 100 to 150 euros a year – and the costs of the loan risk that has been eliminated – between 0.01 and 0.1 percent of the loan amount per year – have to be deducted. The cut-off date for the calculation is the day on which the remaining debt arrives in the bank’s account.

Example calculation prepayment penalty

For a loan of 150,000 euros, a term of 15 years, an interest rate of four and a repayment of three percent, the customer’s monthly installment is 875 euros. The remaining debt after seven years is around 114,000 euros. In the remaining period of three years and six months – until the customer has a special right of termination – the bank would have received just under EUR 14,500 in interest. However, interest income from reinvestment, for example in mortgage , and the cost advantages resulting from the saved administrative costs and the eliminated loan risk must be deducted from this. If one subtracts all these positions, there is a prepayment penalty of around 8,500 euros, which the customer must pay to the bank as a result of his early termination of the loan.