Free first credit

Since banking products began to be offered online, there has always been a certain fear of this type of service since the Spanish did not trust fast online loan companies even if they were guaranteed by the Bank of Spain.

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Your-Credit-Quick 0%

€ 50 - € 9,000
7 days - 60 months
  • Maturity 7 days - 60 months
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First credit free without interest for 30 days

First credit free without interest for 30 days

To solve this situation and demonstrate that their business model was totally clear and transparent, some mini-loan companies decided to offer a risk-free product to show their transparency: the first free loan.

We talk about a free first loan because the borrower does not have to pay the typical interest, therefore it is free. This type of online loan is usually only offered to new clients, its maximum amount usually reaches 300 euros and it is necessary to pay it in a single monthly installment. It benefits online credit companies because it helps them to publicize their financial products and also helps users create a risk-free financial profile to be able to request a larger loan in the future.

Purposes of a free online first loan

This type of online credit is ideal to quickly face unexpected expenses and although the company may ask you to indicate its purpose, the use you give it will not affect the approval or denial of your mini-credit. For example, normally this financial product is usually requested in our country for the following purposes:

  • Pay a car ticket.
  • Cope with the expenses of going back to school.
  • Have extra money for vacations.
  • Minimize the consequences of the January slope.
  • Pay the tuition for the university or educational course.
  • Pay the rent.
  • Pay for a car fix.
  • Pay for the dentist's services.
  • Pay a bill.

Take advantage of a free first credit simulator

To choose a company that truly fits your personal situation, it is convenient to use a loan comparator. This tool compares certain basic data to offer you the companies with the best conditions in this financial product according to your needs and expectations. Its use is free and non-binding, which means that it will only show you the options that you have at your disposal so that you can choose the alternative that best suits you. Then you only have to request your first free credit directly with the selected company.

Fast and without paperwork

Applying for free financing is a quick process and without the eternal bureaucratic procedures that some banks require. If you still do not know how to request an interest-free loan, simply follow the following steps:

  1. After using the online loan simulator, choose the company that best suits your personal situation.
  2. Fill in a simple form.
  3. The company will contact you asking for additional information to verify your identity, that you are of legal age, that you reside in Spain and know what your risk profile is (such as ID or passport and bank statement with the latest expenses and income).
  4. They will evaluate your case and if you meet the conditions of the first free credit, you will be able to have the 300 euros of this financial product in a matter of minutes.

Frequent questions

  • What is the maximum amount of a free first credit?

The maximum amount that can be ordered is 300 euros.

  • Can you be in Financial Credit Institutions and request a free first credit?

Yes. People who are in a file of defaulters such as ASNEF or RAI will have to prove that they have a monthly income (payroll, pension) that will allow them to pay their loan online on time. If the debts are greater than 2,000 euros or it is a credit card debt, the approval of the mini-loan can be more complicated.

  • Are there any expenses associated with this financial product?

Depending on the policy of each company, it is possible that even if you do not have to pay the interest on your online mini-credit, you may have to pay an opening fee or management expenses.

  • What happens if I cannot pay the loan online on time?

In this case, we recommend that you immediately contact your preferred company to notify them of the non-payment of your credit and seek a solution together. They will probably offer you the possibility of extending your credit online, but when you exceed the 30 days agreed in the signed contract, you will have to pay a charge and / or pay the interest generated by the additional time.

  • Do i need a bank account?

Yes, since it will normally be there where you will receive the requested money.

  • What if I need more than 300 euros?

In this case you will have to request a normal online personal loan. Its advantage is that you will have a longer repayment period, but its disadvantage is that you will have to pay the interest on this financial product since it will not be free.

Roger molins Jerome P Allison ( LinkedIn )
I am a freelance writer and consultant for companies and individuals, with a particular emphasis on fintech, technology, startups and online marketing. More information ...