Although the mini credits granted by private lenders have a high price, many companies have launched promotions to get fast money at a good price, and even for free. Discover the best deals on cheap mini-credits in the current market and get the best financing for you.
How cheap mini-credits work
The cheap payday loan companies like https://greendayonline.com/ are characterized by providing low amounts of money very quickly. These financial products have lower interest rates than usual, as long as we know how and where to look. In that sense, we must devote a certain amount of time to inform us about all the offers that may interest us to choose the one that best suits our needs.
With the cheap mini credits, we can request reduced amounts; from 50 to 1,000 euros. The reimbursement periods that the enitdades of these products will grant us will be a maximum of 30 days from the moment of receipt of the money, although there may be up to two monthly payments. The refund is made in a single term, so it is advisable that we organize well. The cost of microloans is measured in a peculiar way; daily, due to its short life, and around 1.1%, which we will explain later.
Competition in the financial sector is increasing, which only positively affects us as customers. The reason is that, consequently, companies create innovative offers in order to try to attract as many audiences as possible. A clear example is the cheap mini-credits, which can even be free if we compare efficiently. We have also created loyalty programs, loans with flexible requirements or longer repayment terms, etc.
The cost of mini fast loans online, in detail
Mini-loans have an average interest rate of 1.1% per day, a figure that may seem confusing but in reality is easily understandable if we illustrate it by means of an example. If we request 100 euros to reimburse in 30 days, we will have to pay up to 33 euros in interest at the end of the period, plus the amount borrowed. Therefore, we must pay 133 euros. This high interest is due to the speed with which these companies work since they can help us out of economic problems in minutes.
The reason why the TAE is not used for these mini credits is very simple. This indicator is annual, so it should only be taken into account for financial products whose duration exceeds 12 months. For cheap microloans, which rarely have longer repayment terms than a month, it is completely meaningless to use the equivalent annual rate. Therefore, we look at the daily cost, which is much more representative.
All companies that offer mini-loans are required by law to indicate the APR of their products, which is usually around 3,000%, a value much higher than the equivalent annual rate of personal bank loans. However, these companies argue that, since the return period for their products is very short (two or three months maximum), this annual rate is not the ideal measure to calculate its price and compare it with another financial credit model, as for example the personal loans, since we will rarely return them in a term superior to 30 days and not much less in a year.
If we want to know how much a mini credit will cost, it is better than we pay attention to the final amount that we will pay for asking 100 euros to return after 30 days. In fact, with the online simulators that most lenders incorporate into their web pages, we can also calculate how much we will pay based on the amount of money we ask for and the return period we select. In addition, we can consult and compare without having to compromise with the lender and completely free, so we can know how much each mini-credit would cost us instantly that interests us.
On the other hand, more and more private capital companies are looking to differentiate themselves from the competition and offer more advantageous conditions than other lenders. The objective is to attract a greater number of audiences and, therefore, some have decided to launch offers and promotions with which we can obtain the capital without having to pay any interest or with discounts on fees that will considerably reduce the cost of mini credits
Requirements to access cheap mini-credits
One of the great advantages of these products is that they will not require us to comply with too strict requirements to achieve them. However, this does not mean that for that reason, we should abuse their hiring and trust us, since we could end up being over-indebted. Each entity of cheap mini loans will set their own conditions according to their policy, although the vast majority simply demands that we comply with the following:
- Be of legal age We must exceed the minimum age that the company we address has established. It is usually set at 18 but can be 20, 21 or even 25 years.
- Reside in Spain Although it is not mandatory to be Spanish to access this type of financing, it is necessary to reside permanently in the national territory.
- Have regular income. We must enjoy periodic, demonstrable and sufficient economic rewards to repay the debt, although it is not necessary to be a payroll.
- Do not appear in files of defaulters. In order to access cheap mini-credits, we can not appear on the lists as ASNEF or RAI. However, some entities do accept people registered in these files, but the debt must not be more than 500 euros or the maximum amount established by the lender and it can not come from a default related to any other banking product.
Although the requirements to get a cheap mini credit can vary depending on the conditions that each lender establishes, if we comply with the mechnionados previously, we will have enough possibilities to obtain a cheap mini loan in the current market. Although as always, meet the requirements should not be our only concern, but before deciding to hire them, we must be completely sure that we can settle the debt in the period of time and avoid abusing the contracting mini-credits, since We can end up in a situation of over-indebtedness, which will be very difficult for us to get out of and can be very harmful economically.
When will I receive online mini-credits?
The mini credits are instantly characterized by the speed with which we can both request them and have the money available in our account. However, in some cases, the capital may take up to 48 hours to reach our account. This delay is due to the particularity of transfers between accounts of different banks. Therefore, we must pay close attention to the following paragraphs to know precisely how long it will take to receive the transfer according to our situation.
We must bear in mind that transfers of money between accounts of the same bank are immediate, as well as transfers between accounts of different entities can take between one or two working days to be carried out. The lenders do not work with all the banking entities and, therefore, if we urgently need the money as soon as possible, we must inform ourselves on the lender’s website about the entities with which it works.
3 documents needed to request mini-credits online
The cheap minicréditos are characterized by the little documentation that we must deliver in order to get the capital we need. However, each entity will require that we present a type and quantity of documents according to its risk policy, so it is advisable that we first inform ourselves about the ones established by the lender to whom we go. However, the vast majority coincide in the following :
- Identity document Present identification through DNI, NIE, passport or any document that verifies that we are of legal age and that we reside in Spain will be essential.
- Proof of income. We will have to present a document certifying that we enjoy a regular and sufficient income. In these cases, it can be a payroll, unemployment benefit or a pension, to give several examples.
- Bank statement. You may request an extract from our bank account, but most lenders can make these confirmations through the internet.
With these papers, the financial institution we go to can check our economic profile and solvency level instantly. In this way, it will assess if we are able to reimburse the capital of the mini-loan plus the interest within the agreed deadlines and thus be able to give us an answer as soon as possible.
Forms to request mini loans instantly
To be able to get cheap mini loans we must fill out an online application form from the platform itself. These forms are designed to be easy to fill out and very simple. They will ask for the necessary data to carry out the credit analyzes and evaluate whether or not they approve our request. Each minipréstamos entity will request a type of data in accordance with its risk policies.
- Personal information: name, date of birth, ID, NIF, …
- Contact information: telephone, email, address or habitual residence and bank account number.
- Economic situation: income and monthly fixed expenses.
- Work situation: if we are working, type of work, rank, seniority, type of contract, etc.
With these data, the entity will be able to carry out the pertinent analyzes to evaluate our situation and be able to determine if we are sufficiently solvent to reimburse the fast loans that we request without problems and in the term previously agreed with the lender.
Can I get cheap mini-credits while at ASNEF?
Yes If we are registered in a file of defaulters, getting financing is more complicated, but not impossible. Currently, there are several entities that offer mini credits with ASNEF. In order to access these mini-credits we must meet two additional requirements for the additional conditions of acceptance:
- That the debt does not exceed 1,000 euros, although some cheap mini-credit companies set that limit at 500 or 200 euros since the limit will depend on each one’s risk policies.
- That does not have any connection with a bank, that is, can not come from bank overdrafts, defaults on any share of credit cards or personal loans, among others.
Fulfilling these two additional requirements, in principle, we should have no problem accessing the funding we require. In addition, we will also have to comply with the usual conditions to contract loans, such as being of legal age, enjoy regular, sufficient and justifiable income, reside permanently in Spanish territory and provide contact information and an account number in a Spanish bank that is in our name.
How to get cheap mini credits without payroll?
Although not having a payroll can complicate our options to obtain financing, if we have another type of compensation we can get mini-credits. For our application to be approved our income must meet a series of essential requirements without which they will not count as valid:
- Regular, that is, that we receive the money on a monthly basis and prolonged in time. Punctual income will not be valid since it will not allow us to face the credit reimbursement the following month. The company needs to be sure that our income will be maintained over time.
- Enough to cope with the credit reimbursement without unbalancing our economy. To assess whether they are sufficient, the entities will calculate that the monthly payment that we have to pay does not exceed 30% of our income.
- Justifiable with any document that certifies that we receive them as the salary of a self-employed person, a pension, a scholarship, the rent of a property to a third party or, sometimes, the unemployment benefit.
However, it is important that before requesting mini-credits, we make sure that the company we go to accepts our profile since there are many illicit companies that seek to deceive people who seek financing and whose application has been denied by other legitimate lenders.
In any case, if we want to avoid unpleasant surprises, we should never send money before having the credit capital that we have requested in our account, look at the web security signs and not accept the offer if they promise to take us out of a file of defaults, since this will only be achieved by making the non-payment effective .