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Main features of mini personal loans
It is the private equity companies that grant the personal mini-credits, with which we can request limited amounts to obtain them in a matter of minutes. With these financial products, we will have the possibility of enjoying an injection of extra money to solve any urgent unforeseen situation in which we are involved.
Up to 1,000 euros, we will be able to request online personal mini-credit companies completely online. If we are new clients, the maximum amount of the application will be reduced to 300 euros, but the repayment period will be maintained within 30 days. The requirements that we have to meet for this type of financial products are generally simpler to comply with than those of conventional banking entities.
All the procedures required by merchant cash advance can be fully online- browse here. From any device with Internet access, we will be able to borrow without problems. In addition, many lenders allow us to use services to streamline the application process such as Instantor or Pich with which we will validate our personal and economic data automatically.
We can take advantage of these mini personal credits, but we should not lose the north. They are very specific financial products that we only have to request for really extreme situations in which we find ourselves. It will never be advisable to ask for them as substitutes for regular income, due above all to their high cost.
When we use the term personal credit we refer to the guarantee that comes with it. This guarantee of the quick mini-credits is not a property as it can happen in the mortgages or another concrete good like a car or a motorcycle, but simply means that when applying for a loan, it is the same applicant who guarantees that the borrowed amount will be returned within the stipulated period and, if not, you will have to respond with all your personal and present assets, but also future, in the event that it is not sufficient to settle the debt and the costs generated until then.
When is it advisable to request quick mini-credits?
They can help us if we only hire them on specific occasions when we have to face unforeseen events and we do not have sufficient liquidity. However, before hiring the service, we must ensure that we can repay the mini personal loans within the agreed period without problems.
These loans are returned in a single payment that includes the capital they have lent us plus the interest generated during the repayment period. Most companies have a maximum term of 30 days, although some lenders will allow us to reimburse in 60 days. This is the shortest term of financial products, so if we are going to request mini personal loans, it is advisable to know that we can return it on the agreed date.
If we need immediate funding to solve an unforeseen event in a timely manner, mini personal loans can be an appropriate solution. However, we should not resort to microcredit assiduously, since we can run the risk of entering into a debt spiral that would be very detrimental to our personal economy. In addition, we must also make sure that we can reimburse the cost of the mini credit within the terms agreed with the lender. Otherwise, it is preferable that we do not hire this product and look for other alternatives to solve our economic mishap.
Requirements to get mini personal loans
Although the requirements to get a personal mini credit can vary slightly depending on each lender, the usual conditions that most companies usually establish are the following:
- Have demonstrable periodic income. It does not have to be a payroll, it can be any kind of regular, sufficient and justifiable income.
- Reside in Spain Private equity companies will demand that we live permanently in the national territory.
- Be of legal age Although it is essential to be 18 years old, some companies are more rigorous and require the applicant to have more than 20, 21 and even 25 years.
- Do not appear in any debtors file for debts. We can not have outstanding debts to request mini personal loans.
- However, some lenders that will allow us to access mini-loans, provided that the debt for which we have been registered does not exceed the limit set by the entity in question (generally between 200 and 1,000 euros) and that it does not come from an unpaid with a bank or any product or service that is associated with them.
Fulfilling these requirements, in principle, we will not have any problem in accessing personal mini-credits. However, it is important that we bear in mind that the more fast money we request, the more requirements we will be required or, at least, will be stricter, especially if we go to a traditional bank. In addition, to avoid unnecessary procedures, it is advisable that we first make sure of the concrete conditions established by the lender we are going to go to to ensure that we exceed them and, therefore, that they will grant us the requested capital.
The average price of mini credits with a personal guarantee
Sometimes it is customary to compare the cost of mini personal loans with that of conventional bank loans, but the truth is that they are different products designed to face different situations. The minicréditos offer low sums of money with a reimbursement period that usually does not exceed 30 days, so your interest is calculated daily.
In general, this type of financing has an average cost of 1.1% per day, which means that 100 euros loaned to be repaid after 30 days will generate 33 euros in interest. In this way, we can see that the interest on mini loans is considerably higher than that of bank loans, such as personal loans, whose interest starts at 5 or 6% per month.
All private lenders advertise on their website which is the APR that applies to their personal mini loans, but that is not a really useful measure to calculate if a mini loan is cheap or not, since it is a tax annual that will never really be applied, since it measures how much the mini-credit we request would cost if we return it after one year (or more), while the repayment terms of this type of loans rarely exceed 30 days.
However, more and more lenders are seeking to differentiate themselves from the rest and launch offers with which we can obtain mini- credits instantly without any kind of fee, that is, we will only have to amortize the capital obtained. If we accept any offer of this type, it is important that we make sure to comply with the additional conditions that we demand or we will lose the bonus.
How to apply for mini personal loans online?
Before requesting mini credits online, we must always analyze our economic profile to be able to correctly assess which product best suits our preferences. In that sense, it is advisable that we ask for the exact amount we need, neither more nor less, and that we select a refund date that gives us enough time to collect the money required to pay the fee. Once our priorities are known, we can follow these steps to contract the mini-loan that interests us the most:
- Choose the amount and deadlines: thanks to your online simulator we can know how much we will pay in total, depending on the capital and the term that we choose.
- Fill out the form with our personal and economic data so that the entity can perform the analyzes prior to loan approval.
- Send the documentation that we require, normally it will be enough to scan our identity document and a payroll and send it either attached to the form or through an email. This information will help the company to verify that our data is real.
- Read and sign the contract: once our application is approved the entity will send us a contract that we must read and if we agree with the conditions, sign and resend.
- Wait for the money to arrive once the lender makes the transfer of the amount we have requested. This movement of cash could be done immediately or take a few minutes, although the process may slow down if we have asked money to a lender who does not work with the bank in which we have the account of the credit destination or if we request the loan on a holiday or on a weekend.
After signing the contract, private equity companies transfer the money in 10 or 15 minutes maximum, so we will receive the money in our stream, practically, instantly. However, if the lender does not work with our bank or we make the request one day when the company does not work, we can take up to 48 hours to receive the transfer, so we must take it into account before requesting mini credits personal if it is urgent that we have the money.