As a result of the economic recession that took place a few years ago, many users found themselves with the door closed for traditional banks to grant them liquidity due to the fact that they had a previous outstanding debt and still not satisfied.
Currently, there are many private credit institutions that allow us to enjoy urgent money despite the fact that the name of a client appears on lists as payday loan.
Conditions required to get loans online payday loan
The general requirements required for an application for this type of loan are the following:
– Residence in Spain . A photocopy of a National Identity Document, NIE or passport must be presented to prove this fact. The main reason is that companies that work with this type of instruments develop their activities subject to Spanish national regulation, according to the conditions of the Spanish market.
– Be of legal age . As an inescapable requirement, the applicant is required to be over 18 years of age to apply for an online loan payday loan. Some lenders may require an age bonus, such as 23 or 25 years, although this is not usually the case.
– Bank account in Spain . The client must justify that he is the holder of a Spanish bank account. In the aforementioned account, the amount lent will be entered once the corresponding request has been approved.
– Proof of income . The most usual way to justify the repayment of the loan will be the payroll. However, many companies admit other rewards, such as a pension. To apply for a loan while at payday loan without having to submit a payroll is no longer a fiction.
However, it will be necessary for the client to justify that he has regular and permanent income over time, that such income is sufficient to cover the payment of ordinary expenses along with the monthly repayment installments without reaching the over-indebtedness and, last, that these ends be certified by means of a document that guarantees the lender that it will be able to be reimbursed.
After fulfilling these requirements, the next step would be for the lender to examine our financial profile and let us know if it finally grants us the loan of the amount requested.
How much can we get with online loans payday loan?
There are two types of fundamental loans in this category: the so-called mini online loans for customers that are in payday loan and those in which you access to finance a greater amount. Within the first category would be included those loans whose amount is usually up to a maximum of € 1,000, in which the repayment periods range around one month.
In the event that the amount needed by the client is greater than that offered by the mini loans, the possible financing amounts to € 5,000 with a longer repayment term (from three months to three years).
Both types of financial instruments allow us to obtain the borrowed money in a matter of minutes . However, the price of one or the other differs. Small loans tend to have a price that fluctuates around 1.1% per day, compared to 6% per month for loans with a larger amount.
And if we need even more? We can obtain more liquidity with the so-called mortgage loans . For its formalization, the borrower is required to have a property that serves as a return guarantee. In the latter loans, opening commissions are usually required and their price is between 10% and 15% APR. The deadlines set for their return can reach 20 years.
What should I keep in mind if I want to apply for an online loan payday loan in a secure way?
Despite the reliability of most private entities that lend money to consumers in payday loan, we should not forget that some companies can provide their services in a not so legitimate way.
Even if we go to the loan to settle the debt, the lender will not eliminate our data from the file , but the creditor of the debt will erase the same once the payment has been made.
Another important piece of information to know is related to interest and opening fees in this type of case. We must be wary of the fact that they ask us for money ahead of time. It is true that the opening fees must be paid at the beginning, but after receiving the financing. As regards the interest on these loans, it is normal that they are paid together with the corresponding installments or at the end of the term in its entirety.
A useful tool to make sure of how a company really works in this sector is the loan comparison , which will offer us useful information contrasted by other users.