Instant Payday Loans | What You Should Know About Them
The immediate payday loans they are known as short-term quick loans in which the amount is usually reduced. Generally, the return period is set at 30 days, although some entities allow more flexible options.
These credits have been designed to be quick and easy to obtain, although it is important to specify that their requirements are quite limited. We are facing a financial instrument widely used in case of an emergency such as a vacation, repair at home or even breakdown of the car.
Requirements when requesting this type of financing
Obviously you have to take into account in which entity the loan is requested and what requirements are needed because they could vary. The application process can be up to 15 minutes if you really meet all the demands they ask you. Usually, it is normal for us to demand these conditions:
- Be of age. The usual thing is to be 18 years old, but in some entities they only offer it to people who are over 21 or 25 years old.
- Be a Spanish resident. Another requirement is to live in Spain to get the money quickly.
- Have a stable source of income. Although it is not necessary to have a payroll, it will be valued that there is a source of monthly income that allows you to obtain money to fulfill the commitment adopted.
- Own telephone line. Sometimes they ask us to have a telephone line in our name.
- Bank account. Another requirement that is taken into account is to have an account in the bank to enter the loan that we request.
What should you keep in mind before requesting immediate payday loans?
The first thing to do is to be careful and resort to that form of financing that can really help us and that is the most practical for us. This is where we must assess our situation or economic capacity, as well as the moment of need we live.
Therefore, it is convenient to be realistic because we must face the return of the money and consider the conditions of the future in case something could alter this financial reality.
For that reason, we advise you to value the solvency you have at that moment and during the time the credit is valid. For this reason, when applying for a loan you must be very clear when you can return it and if you will have the money to do it in a timely manner.
Characteristics of the payday loans
If you need financing urgently you can request this type of credit thanks to the online banking offers or from private lenders. By means of this type of minicréditos can be resolved those urgent setbacks that would not have to endanger your economy.
It is not necessary to go to the bank because payday loans can be requested online. From your computer, tablet or mobile device you can get financing immediately.
1- Quantity. This type of financing offers up to 1000 euros, although it may depend on whether it is the first time we request them to evaluate the initial amount that will be granted.
2. Return. Normally, they ask us for a period of 30 days to return this money. Sometimes we are allowed to extend the term if there is no solvency to pay the principal and interest we have been able to agree on. Obviously, this would increase the total amount. In the best case, we can also pay in advance, which would save us the accumulated interest.
3. Costs Normally, the cost of this type of mini-credit is 1.1% per day. On a figure of 100 euros we would have to return 33 euros more in interest.
Advantages of the immediate payday loans
Mini loans are consolidated in the credit market because they have reported benefits to customers who have requested them. Next, we will list those most salient advantages:
1. Agile management
The fact of requesting a mini credit through Internet helps us to contract it more quickly and get the money more quickly. Just fill in a form with the requested information and send the documentation requested by email.
A fundamental advantage because few requirements are requested to access this financing channel.
When this type of credit is requested, they will give us the answer immediately. If the requirements that you request are passed, normally the money is transferred in 24 hours.
News of the year 2019
The year 2019 comes with many new developments in terms of online financing. The credits without paperwork or without payroll are one of the novelties of this exercise. We can assure you that the changes will be enough and will benefit the users directly. These modifications come from the entities and also from the Government.
And it is not for less, since the Government wants to put restrictions to the interests that are charged in this type of credits outside the traditional channels of the bank. It is evident that the Administration struggles so that these financial products can reduce their interest rates.
On the other hand, it should be noted that financial companies do not request money in advance from anyone. For that reason, if advance payments are requested for taxes or initial refunds you should understand that it can be a scam.
Normally, a legitimate financial institution charges an interest rate for the money it gives you, but its amount is paid in the mini-credit installment.
Finally, it should be noted that, if you receive calls or emails that can inform you about your qualification for a loan in the company, you should be careful that it is not a phishing technique.
Obviously, it is possible to get a mini-credit online securely considering what we have described above, but remember that it is good to use comparators to find the best options.
As we have explained, request Immediate payday loans can respond to a financial problem that arises unexpectedly and that must be resolved urgently.