Instant loans are applied for via the Internet, either at the websites maintained by the various banks or at those of credit institutions specialized in this type of financing.
On the internet there are lots of offers and types of credits instantaneous. So a first proper step for achieve the one which more us suits, and before request the credit, is compare the conditions, requirements and fees that have. Here we will summarize the ones you will most typically find.
How much money can you get
The amounts made available through these instant loans tend to have a fairly wide range; can find from the mini credits with which that can request amounts of 50 to 1,000 or 2,000€ until the credits of amounts higher that can arrive to overcome the 5,000, 10,000 or 20,000€.
The repayment period will depend upon which institution is offering the loan, as well as upon the loan amount: mini-loans tend to have a repayment period of no more than 30 days, while the repayment periods for regular loans with amounts ranging into the thousands of euros tend to be measured in years.
On the other hand, and as with any request to borrow money, the credit limit granted to you will be largely determined by your economic situation. As you might expect, the larger the amount of the loan, the more requirements you will have to meet in order to qualify, although instant loans tend to have very few required conditions.
Really, the majority of instantaneous credits just ask for that present a salary or justification of income, although in the case of the mini credits can request without us requires a salary or endorsement.
In fact, some quick loans available via the Internet will even extend credit to people appearing on default lists, such as the ASNEF list. In order to process the loan, lenders will ask for the following information:
- National ID Document or Tax ID Number (DNI or NIF in Spanish).
- Cell phone number.
- Number of the account that will receive the money transfer.
- Document showing proof of income or salary.
Prices and fees
Mini-loans charge interest on a daily basis, usually at a higher rate than loans for larger amounts, although larger loans tend to demand more requirements or guarantees from customers. The customer can also select the time period for paying back the loan, although always within some minimum and maximum limits (typically 30 days or less).
With instant loans granted for larger amounts, the interest charged varies enormously from bank to bank, so in this case it is recommended that you should compare a variety of different offers before committing to one. Moreover, you must remember that additional fees tend to come into play with loans for higher amounts, which may include:
- Opening fee: this is a percentage of the total amount of money requested.
- Early repayment fee: with loans for larger amounts of money, a fee is charged for early repayment of the loan.
- Penalty interest: if the money is not being paid back within the stipulated time periods, the lender may begin to add penalty interest and surcharges.
How long does it take to get an instant loan?
Typically loans of this type are approved within a few hours after being applied for, since there is hardly any ‘paperwork’ required and there are very few requirements in order to qualify.
In any event, if you are thinking about applying for one of these financing products, it is always a good idea to compare a variety of offers, and above all to be very clear about the terms and conditions for repayment and the final cost of the loan.
Another alternative for access a credit quickly is acquire a credit card BBVA, with which be able to postpone your purchases and pay them in several fees (with interests), or even be able to go through cash of your card to your account, until the amount limit that have granted, and later return it in comfortable terms together with the interests.