Traditionally, you had to go to a bank office to begin a tedious loan application process, with the disadvantage that if it was approved after a long process of paperwork, money was sometimes received too late.
Online microcredits: the solution that will get you out of a financial trouble right now
Currently this situation has an easy solution thanks to the online microcredits offered by more than a dozen fast loan companies that operate legally (according to the requirements imposed by the Bank of Spain) in our country. Their great advantage is that they offer fast financing and without paperwork so that borrowers can receive their money when they really need it (often in less than 24 hours), but they also have other additional advantages.
Microcredits online with ASNEF
The National Association of Financing Entities is a database managed by Equifax in which people usually appear who for some reasons or others have defaulted and have therefore been included in this file. It is the file of defaulters that banks usually use to assess the risk profile of an urgent loan applicant (although there are also other databases such as RAI).
If a person appears in Financial Credit Institutions, banks usually have many problems to offer a loan, but with the online microcredits with Financial Credit Institutions offered by online loan companies, you can borrow money if monthly income is shown (payroll, pension, etc.), if the user's debt was owed for a small amount and / or if that debt was not related to a credit card.
How to apply for microcredits online
As at present this financial product is quite popular among Spaniards, to be sure of accessing a quick loan with the best conditions according to the personal situation of each borrower, the best way to find the appropriate online microcredit is by using a comparator or simulator of loans.
In this free tool, you only have to enter the amount of money you need and the time in which the online mini-loan will be paid. Below is a list of online microcredit companies that offer the best terms and conditions (TIN, APR, repayment terms) according to the specified requirements. The user will simply have to select the microcredit that suits them best and make an online application directly with the company that interests them the most.
Remember that during the online microcredit application process, the papers that you will have to present will only be those that require you to verify your identity, that you are of legal age and resident in Spain (ID, passport, residence permit) and an extract bank with the latest expenses and income to assess your financial risk profile.
Free online microcredits
Free online mini-loans are financial products that the best loan companies in Spain offer to their new clients so that they can see for themselves the quality of their services and products. It is said that they are free microcredits because there is no interest to pay. The only disadvantage they have is that the amount they offer does not usually exceed 300 euros. If you think that in the future you are going to need another online loan for a larger amount, it is a great option to build confidence and increase your credit history with the company and be able to apply for a larger loan later.
- Can anyone apply for a microcredit online?
In theory, any person legally resident in Spain, with a bank account and over 18 years of age can access this financial product. However, some express loan companies impose age restrictions for those under 21 and / or over 70.
- When will I know if they grant me the fast loan?
How everything is done online, once you send the documents they request, they will probably give you an answer in less than 15 minutes and if you meet all the conditions you will be able to have the money in less than 24 hours.
- Can I ask for help when applying for the online mini-loan?
Of course. All companies that operate within the law in our country offer a complete customer service service whose agents are usually available by live chat, email and / or telephone.
- Is an online microcredit the best option for a freelancer?
The truth is that there are other financial products that are better suited to the characteristics of an independent professional. For example, with a line of credit you have a greater amount of money and the interests are lower.
- What happens if I cannot pay my loan online on time?
If for any circumstance you cannot meet your monthly payment, we recommend that you immediately contact the microcredit company. Together you can reach an agreement that allows you to extend your mini-loan. Although it is not the perfect solution since it will have an additional commission or interest may go up, it is better to be included in a list of defaulters.
- Do these online microcredit companies also have physical branches?
Some of them do have physical offices.
- Are you going to ask me what do I need the money for?
It depends on the policy of each company, but the normal thing is that the company is more interested in your financial profile or credit history than in what you need the money for.
Jerome P Allison
I am a freelance writer and consultant for companies and individuals, with a particular emphasis on fintech, technology, startups and online marketing. More information