Good online loans bad credit: fill in our form in 2 minutes
We are in the middle of winter and the light and gas do not stop rising, which leads us to be scared every time the bill arrives. It seems that the January slope ends up extending throughout the first quarter of the year and that makes our pocket suffer. With this scenario, it is not strange that your budget is somewhat unsettled in these first months of the year and you are thinking about using good online loans bad credit from https://purplepaydayloans.com/.
The so-called rapid or express credit is, in fact, a type of consumer credit, granted by credit or financial institutions, which has two peculiarities. The first one is that the amount that is granted is not too high, usually around 100 to 1,000 €. The second characteristic is that the return period is short, normally from 30 days to a few months.
The destination of the money requested can be very diverse. In fact, in these cases, the credit entities do not ask the client to inform them about the use they are going to give to that capital. It is indifferent if you are going to invest in your business, if you need to change the tires of the car or if you are going to give a trip to your partner for your anniversary.
In this product, the applicable interests tend to be somewhat higher than if another type of loan is used, but the speed with which the money is obtained and the few procedures that must be done usually compensate for that money that is paid more.
The fact that the procedures are simpler does not mean that there is no formalization of the contract since this step is totally mandatory. The contract must include the identity of both parties, the amount granted and the fees to be paid, as well as the time and manner of making the payment, commissions and other expenses that are applicable.
In reality, the contract is nothing more than a compilation of the rights and obligations of the credit institution and its client. It is extinguished once the consumer has fulfilled his obligation and has returned both the originally loaned amount and the corresponding interest.
Advantages and disadvantages of fast online loans
All financial products have their good things and bad things, although in this case, they weigh more positive things.
- In order to obtain the money, very few procedures have to be carried out and the requirements are accessible to most of the interested parties.
- The answer is obtained quickly.
- They are transparent products since the client knows from the first moment what interests he will have to pay.
- Flexibility is offered when returning the money.
- It is not necessary to give explanations about the purpose that will be given to money.
- The applicable interest rates are somewhat higher than in other financing products.
- It is usually necessary to take out insurance to cover the risk of default.
- Certain entities establish limits to the credits that they grant to the same person throughout a year.
How much money can be asked? How is the return process?
We have already pointed out that through this product what is sought is to cover small financing needs. Hence, the quantities that can be obtained are not too high.
The amount that is shuffled depends on the entity with which we want to contract, but it is normal for the range to go from 100 to 1,000 €.
A certain flexibility is usually offered when making the return. The fastest and cheapest option is usually to return the money in the next 30 days. But, in practice, it is usual to offer clients the possibility of returning what is owed in several monthly installments.
If the time comes to pay you are in trouble, you should know that these entities are always willing to negotiate. You can talk to them and extend the payment term again, but you should bear in mind that this action will always imply an increase in the applicable interest. You get more time, yes, but you also make the debt somewhat bigger. However, this option is better and continue paying little by little to find a solvency problem.
Regardless of the payment method you choose, you do not have to take care of anything. The entity that has given you the money will charge the corresponding receipt in your account.
Are there limits or can I request all the microloans that I want?
This is a very frequent question among people who do not know these products. The truth is that there is no single answer because each financial system works in a different way. Despite this, in recent years some practices have been extended to avoid excessive debt on the part of customers.
There are entities that directly limit the number of quick loans granted to the same person throughout the year. In them, you can formalize two or three quick credit contracts a year, but no more.
Others do not have such a limiting limit, but they raise the percentage of applicable interest once the client has requested more than a certain number of fast online loans in a period of one year.
You must not forget that the purpose of this product is that you can meet the specific needs of money you may have. It is a short-term financing instrument, which is why limits are established. It is thus intended to prevent the same person from being in financial trouble by having several loans of this type pending.
But just as there are limitations there are also promotions. The most common is the one that usually applies to new customers. It is common for them to be offered the first loan with lower interest or even no interest if it does not exceed a certain amount.
If I am in FCI, can I ask for quick loans?
It depends a lot on the situation that each person has, but if these products receive the nickname of loans with FCI it is not by chance.
In fact, this type of financing began to popularize in Spain from 2008. The arrival of the crisis put in economic troubles many people who had to find alternative formulas to have the money they needed.
Frequently, these same people had already had solvency problems and their name was included in FCI and other records of unpaid or delinquent files. Denying them access to financing would have further aggravated their situation, which is precisely why fast online loans have emerged as a solution.
It is not that in these cases the solvency of the client is not taken into account, it is that the entities are somewhat more flexible in relation to it.
The normal thing is that if the inscription in the file of defaulters is due to a debt that is not too high (generally, that does not exceed an amount between 1,000 and 3,000 €) there is no problem to obtain the money.
Documentation needed to hire
If you want to apply for a quick loan you need to have at hand:
- The DNI or NIE in force. Remember also that it is necessary that you are of legal age to hire a product of this type.
- The bank account number in which you want to receive the money and through which you will make the return.
- Telephone number or the email account for communications with the credit institution.
- Payroll or another document that proves that you have some type of income (this is not always requested).
Development of the hiring process
In this financial product, everything is designed to be simple and fast. As the name indicates, all the hiring is done online.
To begin, you must enter the website of the financial institution with which you want to contract and select the amount you want and the return period. Immediately you will be shown the total amount that you must return, including capital plus interest.
This is when you can check the transparency to which we have previously referred. You are not shown abstractly the interest that you will have to pay so that you are the one doing the calculations, but you are directly informed from the first moment of the total amount that you are going to have to pay back. This allows you to make an analysis of your patrimonial situation and assess whether you can really face the payment in time and in the manner intended.
Once you have adjusted this data, it is normal to be asked to fill in a form with your personal information and contact routes. In order to prove your identity and your solvency, you may be asked to send a copy of your ID and the documents that justify your income.
After this, all you have to do is wait. The system will analyze your financial situation and determine if it is convenient or not grant the loan. In just a few minutes you will have a positive or negative response.
In some cases, the response time may be somewhat longer, but this should not worry you because it does not necessarily have to be a bad signal. In any case, it is normal that within 24 hours of submitting the application you have the answer.
Denial of the loan
It is not the most usual, but it can happen that the answer you receive is negative. This may be due to several reasons, such as the fact that you have too many outstanding obligations, that figure in the records of defaults for an amount outside the limits accepted by the entity with which you are negotiating or even that your documentation is expired.
Receiving the money if the loan is granted
The times may differ depending on the company with which you have been hired. In some cases, the money requested may be in the client’s account in a couple of hours, while in others it may take up to 48 hours.
Although the most common is that the customer receives the money through a transfer in their account, some entities allow you to receive the money directly through an ATM, without needing the person to be a customer of that bank and without using a card of credit. In these cases what is used is a mobile technology that sends several keys that the user must enter in the cashier to get their money in cash.
In total, since the contracting process begins until the money is received, it usually does not take more than 72 hours.
Customer profile of the fast loan online
The good thing about this product is that it is so versatile that it does not have a prototype client beyond being a person affected by a more or less urgent need to get a not too high amount of money. It can be a retiree, a worker, a student…
It is true that due to the facilities to access these loans, many of the clients are people who are registered in files of defaulters and who prefer not to go to the bank to avoid encountering a negative.
But there is also a high number of clients who are people who have never had any solvency problems, but who need money quickly and do not want to go through all the paperwork that the bank will ask for.
In short, from Astro Finance we are able to say that fast online loans are a good option in all those cases where money is needed and you do not want or can not access funding through more traditional channels such as banking entities, which always demand more time and more bureaucracy, as well as a significant amount of paperwork to prove that they are a solvent person.