Month: December 2018

Ethics and quick loans

by Jose Donaldson

There is a great debate about the ethics of so-called microloans, mini-loans, or quick loans. The debate is centered on the fact that, being loans with a short repayment term (and even very short, only a few days), the Annual Equivalent Rate (APR) is very high, that is, proportionally the cost of hiring one of the These loans is much higher than applying for a long-term loan.

To begin we must define what is the APR. According to the Bank of Spain, the APR reveals the cost or effective yield of a financial product. The APR includes both the interest charged by the lender, as well as expenses, commissions and other expenses that may be applied to the loan, so that we can actually compare the conditions offered by each entity. Since the APR refers to the annual cost, using this parameter we can quickly and efficiently compare if a loan is more expensive or cheaper than another, simply comparing your APR.

Ethics and quick loans with Wannacash

What happens then in the very short term credits? If for example we ask for a loan of 200 Euros, to return it in 30 days, the cost to be paid to a lender is € 65 (Cashper), € 66 (MoneyMan) and € 74 (Loan10). The minimum and maximum APR of these examples ranges from 2,968.7% for the cheapest and 4,507% for the most expensive. That is, much higher than the percentages usually used for mortgage loans, and even for longer term personal loans .

And here the debate arises: are they excessive expenses? Are they "usurious" interests? The lenders justify it by arguing that they have to compensate for a high risk (due to the absence or simplification of procedures that allows speed and agility when granting the loan, but also a much higher rates of delinquency). Consumers argue that the APR of this type of loans is disproportionate compared to the usual prices of loans. Even Google has entered the debate, prohibiting advertising in its search engine (Adwords) to those who advertise loans for a period equal to or less than 60 days, or that do not meet certain obligations of clarity and information to the applicants of the loans.

Conformity personal loans wannacash

The debate is open, we will see if the evolution is towards more reduced rates or towards greater barriers for the approval of this type of credits, although this reduces the agility and simplicity that now characterize them. What is clear, and this should not be debated, is that the information that appears on the website where loans of this type are requested must be clear and truthful.

In short, in a specific problem of lack of liquidity I can be interested in a loan of 200 Euros, which I will return as soon as I receive my next payroll. Is the interest high? Yes, but I accept it and consciously decide to accept it. The problem is not that the interest is high, the problem is that you hire a loan of this type without knowing it. Therefore, make sure that before giving your agreement to a loan, you are informed of the total cost you are going to have, the resulting APR, the repayment term and the consequences of not returning the loan within the accepted term. If you do not have all the information regarding your loan, do not accept it.

We take this opportunity to include some related links of interest, such as the current legislation in Spain, where you can check your rights and the obligations of the lenders, and the Spanish Association of Microloans, where the associated lenders commit themselves to responsible financing:

Law 22/2007, of July 11, on Distance Marketing of Financial Services Destined for Consumers
Law 16/2011, of June 24, on Contracts of Credits for Consumption
Spanish Association of Microloans
Code of good practices of the AEMIP

Apply for a quick loan!

 

Tips to follow before requesting a fast credit online

by Jose Donaldson

It is becoming more and more usual to ask for fast financing through the Internet in the face of unforeseen events and unexpected expenses. However, what guidelines should I follow before applying for an online mini-credit? As a quick credit comparison , we have developed a series of practical tips to follow before applying for a loan.

Fast credit online

Do not apply for a loan to pay another. It is not responsible to request a loan to pay another previously requested. This situation is unusual, but very dangerous.

Fast credit online with Wannacash

Be certain that you can return the money . Before requesting a credit you must be aware that in case of default in the established period, the interest increases. Therefore, ask for an amount of money that you can return.

Fast credit online with Wannacash

Read the loan conditions . Before signing the contract it is essential to read carefully all the conditions, concepts, terms and interests (if any) of the loan. This aspect is very important and it is advisable to invest enough time to know what is being signed.

Fast credit online with Wannacash

Do not use quick loans as the usual financing method . These types of loans are designed for unforeseen expenses or to obtain extra liquidity at specific moments. Otherwise, and as mentioned above, you can end up in a spiral of debt.

Fast credit online with Wannacash

Do not choose the first option. There is a large number of financial institutions that offer loans in Spain. However, the most advisable thing is to use a loan comparison to know what conditions each loan has and, in this way, to know which one best suits your particular situation.

Fast credit online with Wannacash

Think about the return period . Normally a quick mini-credit has a return period of 30 days or less. For this reason, it is advisable to have complete assurance that the day you have to repay the loan, you will have enough money to cover it (be it for the payment of the payroll or the pension, for example).

Fast credit online with Wannacash

Figures in a list of defaulters . Even if you are enrolled in an unpaid list, you can access a quick credit with ASNEF . Even so, we recommends having a responsible attitude and avoiding applying for a credit if you do not have the certainty of being able to return it within the established period. In addition, depending on the amount owed or where it comes from, some requests for unpaid bills will be automatically rejected.

In short, it is always said that the best loan is the one that is never asked, but in case you have to resort to this type of financing: find out, read the conditions and choose the most appropriate option for your personal situation.

Apply for a quick credit!

 

What happens if I do not pay a loan?

by Jose Donaldson

When a personal loan is accessed, it is usually done with the security of being able to repay the debt in the installments established by contract. However, in times of economic recession it is usual to suffer sudden changes in your financial situation and even live unexpected situations such as a layoff. So, what happens if you default on a quick, personal or mortgage loan?


Stop paying a loan, whatever the type, can cause serious problems. In fact, in any forecast or personal economic planning, the payment of the loan must be a priority. Why? Mainly because, although not paying can seem like a short-term solution, it will only aggravate and worsen your financial situation.

Therefore, if you can not meet the payment of the loan, it is best to talk to the bank or private entity that has given you and explain in detail what is your situation. In this way you can find a beneficial solution for both, since credit institutions prefer to charge late than having a delinquent client with whom they are forced to open legal proceedings.

In the event that you decide not to pay - something that we strongly discourage - a process will be initiated that will gradually increase the debt and, if it is delayed over time, may result in the loss of present and future assets. These are the terms with which the credit entities work:

As soon as you stop paying the first installment, you will be charged late interest, which is much higher than ordinary interest. In addition, as a general rule, they will apply the so-called "claim for debit positions" commission, whose cost ranges between 30 and 45 euros. Interest that accrues to your original debt.

In the event that you accumulate a second non-payment, the entity in question will value entering your personal data in the files of defaulters (such as ASNEF, Badexcug or RAI), so it will hinder and prevent - in some cases - that you can get back financing in the future.

Between the third and sixth non-payment, and in case of not reaching any type of agreement with the bank or entity, a legal claim will be initiated.

Once these terms are met, the consequences will vary according to the amount and type of loan requested. In the case of a mini-credit whose value does not exceed one thousand euros, it is likely that the entity does not enter into legal actions thus avoiding the derived costs. But do not forget that you owe more money every day that passes.

If you contracted a personal loan -or consumer-, it means that you put all your present and future assets as collateral and, therefore, in case of prolonged non-payment the judge could seize the necessary assets to cover the entire debt (such as part of your payroll, pension, bank account, car or home).

In the event that you request a mortgage loan , the bank or the lender will request the foreclosure of the mortgage and you will have a longer term (usually one year) to pay the debt incurred. If you do not pay this amount within the established period, you would lose any right as owner and the house would go through an auction process.

In short, do not stop paying a loan as a solution to a problem of economic liquidity, since it can be the trigger for much worse problems. And, above all, do not apply for a loan without having the assurance that you can return it.

 

Can I apply for a loan while at ASNEF?

by Jose Donaldson

In Spain there are different ways to pressure a debtor to pay or for other people to be alert about the solvency of a third party. That's where the lists of defaulters and ASNEF come in, the most used and important in our country.

And being part of a list of defaulters is a difficult situation for anyone, but especially for those seeking quick loans or external financing through financial institutions or banks.

Request a quick loan while in Asnef

Through this article I will explain very clearly how you can know if you are on the ASNEF list of defaulters. In the case that your name appears, how to eliminate it. And the big question: can I access some type of credit or loan appearing in this file?

ASNEF (National Association of Financial Establishments) feeds mainly on the information provided by the companies that make up this Association (banks, savings banks, financial and telecommunications entities or insurance companies). And being included in this list is relatively simple, since it does not return a simple receipt -of any type and amount-, it is reason for you to be included in the file of defaulters.

How can I leave the ASNEF list of defaulters?

There is no fixed rule. However, we must be considered delinquent when we have not complied with the third consecutive payment of the due debts. The easiest way to know if you or your company figured in the list of most important defaulters in Spain is by entering online in the section eRights of Equifax Ibérica, the company responsible for managing the file, and fill out the form.

How can I get out of ASNEF's list of defaulters?

However, there is also the possibility of sending an SMS to the number 27565 with the following text: EFX (space) your ID number / NIF (space) and file number. Or, if you prefer, you can also go to your trusted bank requesting that they provide you with this information.

In the event that the company you have not paid for includes you in the file without having informed you 30 days before (at the latest), you can sue the company in question and request that they remove you from the list showing that the notification is not has done according to the regulations.

There is also the possibility that the debt is wrong, that is, that the amount is incorrect or has been the victim of identity theft. In these cases you must provide documents and proofs that prove it.

If I am in ASNEF ... can I get a loan?

It is true that people who are on a list of defaulters find it very difficult to receive a quick loan because of the risk that exists for the lender. But during the last years the number of private capital entities that allow us to obtain quick credits and mini- credits has increased, appearing in ASNEF , with the same conditions and requirements as if you did not have any type of debt.

I can apply for credits while in Asnef

Where can you look for these types of credits? In us you will find a great variety of loans, quick credits and mini-credits adjusted to your needs and particularities, even if you are enrolled in a list of defaulters.

Apply for a loan with ASNEF!

Microcredits

by Jose Donaldson

What are microcredits ? Are the micro loans only loans processed online? What amounts can be processed?

From Creditosrapidoseuros we will let you know the characteristics of these quick credits while we show you how you can process them through us.

The microcredits are certainly born of the Day Pay Loans which arose in the United States being very short term loans.

As the name indicates, they are quick loans to be repaid in days, being a type of financing that a few years ago did not even exist in our country.

If you want to access any of these online loans in our company, we offer them at a national level.

The good thing about microcredits is that almost everyone who wants to process them will have access to them.

This is because it is easy money loans where the requirements imposed by financial companies are minimal.

Not only happens here, in any of the online financial that are dedicated to signing these miniprestamos happens in the same way.

Microcredits and features

If you want to process one of these loans, the first thing you have to do is to know its characteristics.

  • Amounts that can be obtained through microcredits:

The name of the financing, including "micro", already indicates that we are talking about loans of low amounts.

It does not matter if we use the word microcredits, miniprestamos or some of the others, they all go towards the same path.

The amounts that can be processed through this financing will therefore be small.

In general, these amounts do not usually exceed € 600.

And that's the online finances that process microcredits of greater amount because the usual thing is that you can not get more than € 300.

Especially if it is the first time you make a loan request in the financial in question.

It is something that we will see throughout any procedure.

Microcredit, micro loans, mini-loans, fast online loans, online quick loans, online loans, online loans, financial loans, mini-credits

The first time you apply for one of these quick credits the amounts are smaller than those you can process in the future.

The clients of the entity if they are good clients (they have not left unpaid) usually have access to higher amounts of money.

  • Repayment terms: Being online loans of small amount is logical that the return period is not very high.

A financial thing you can not do is give many months or even years to return a € 300 credit.

What financial companies do as a general rule is to establish a maximum period of 30 days.

Then and if the client so wishes, he can establish a shorter term to make the return.

As we have said is a loan that is returned in days.

You can choose 7 days, 10 days, 15 ...

Depending on the chosen term, the cost to the client will be higher or lower.

  • They are online loans: At least in what is the procedure because it is also true that some companies of this type allow the signature in person.

It is not usual to say everything but we have seen it.

What is certain is that the processing will always be carried through the Internet never in person.

  • Promotions: Some of the microcredit companies and with the aim of attracting clients usually make promotions sporadically with the intention of attracting a greater number of clients.

Finally I would like to point out that the supply of micro loans is such that we see them advertising anywhere.

The micro- lending companies, which are the ones that sign the fast online credits, have grown very important in our country, so much so that it is the popular loan of the market.

There is no more processed credit than this right now.

Conclusion about microcredits

Microcredits are small, fast online loans used to cover small expenses that are obtained at the moment.

Credits on guarantees

by Jose Donaldson

The credits on guarantees can be classified within the loans with guarantee in different types.

In Creditosrapidoseuros as we also offer these credits with endorsement, we will classify them among those that we can sign.

Our company, as you can see, accepts different types of guarantees.

Many more at least if we compare them with the views in other financial entities.

Credits on guarantees How can we classify them?

When classifying these quick loans we have to understand that for each type of guarantee there will be a specific loan.

They may all be loans between individuals but each one will be carried in a very different way.

  • Mortgage loans : This is the usual type of guarantee in private finance companies.

They are used mainly to obtain acceptable amounts being also the flexible loans of the market.

In comparison with any other credit we may have, these private equity mortgages have the best conditions.

Apart from the fact that they are cheaper loans, we must add that they can sign with different deadlines.

What is not possible in many of the other particular credits that we can see in Spain if it is in the signature of these private mortgages.

Credits on guarantees

  • Credits on vehicles : It is the second most used guarantee in the signing and processing of loans.

They are used to get fast money and to get out of the business.

They are signed in the short term because cost does not interest signing them in the medium or long term.

Even so, and if the client so wishes, he may be paying this loan for the term he wishes.

While facing the loan fee, the financial loan will allow you to renew the financing.

  • Credits on art : This is already a much less usual guarantee.

Although it is also seen as a guarantee by the financial company, it is not usually accepted in the financial sector.

Among the many loans on art we can name a few recommended credits.

The reason why there are no financial institutions that offer these credits has to do mainly because they are not specialized in it.

Normally financial companies only accept as guarantees those guarantees they know.

As these quick loans are not a frequent financing it is logical that this happens

  • Credits on taxi licenses : It is a financing that we can also see in private capital.

For example, we accept several types of licenses as a guarantee, being the usual those of a taxi.

Credits on taxi are one of the financing options that we offer in secured loans .

Furthermore, at the level of conditions, they are usually similar to those seen in mortgages with property guarantees.

Of course, the amounts that are usually obtained are much lower.

The maximum amount does not usually exceed € 25,000, with a maximum term of about 5 years.

The taxi loans as you can understand are only used by taxi drivers.

  • Bicycle credits : Companies that offer this financing usually limit it only locally.

That is to say, the branch or financial institution that you go to has to have an office in your same location since the guarantee will always remain in deposit.

  • Credits on mobile : Here it happens exactly the same as in the previous point.

We can also talk about another series of guarantees used in the financial sector although here we would talk about other types of companies.

For example, all those companies or pawn shops accept guarantees of all kinds.

Of course gold is the usual guarantee in these establishments but many others can also be accepted.

Interest-free loans through online loans

by Jose Donaldson

Why are there people who seek loans without interest in the market?

We understand that there are people who may want to sign credits without interest for obvious reasons (cost) which is more difficult to understand how they can exist.

An interest-free loan is a loan in which the financial institution does not obtain any kind of economic return.

Consequently the question we ask ourselves is,

Interest-free loans Why sign this financing?

If the company dedicated to signing fast loans does not get any benefit for signing the loan, why does it do it?

Next in Creditosrapidoseuros as a company that manages quick loans of all kinds we will give you our opinion about this.

As you can see this has a lot to do with what we wrote a few days ago talking about free online loans .

What we all have to understand is that interest-free credit is a marketing tool.

That is, it is a financial tactic used with the aim of attracting customers.

Normally it is used with new clients and with the idea of ​​trying to retain them.

Interest-free loans as a marketing tool

Nor are many financial companies offering the possibility of offering these quick loans without interest .

They are in fact the customary ones to sign the microloans or micro loans that in the end usually offer this option.

Being online loans to be repaid in a short space of time, the financiers can sign off the financing without interest .

Because what is certain is that no financial institution will sign a loan, let's say, for 24 months without applying interest.

On the contrary 30 days (being that the usual term in the miniprestamos) some can do it.

And they do not do it without reason, as I say they do it with the idea that clients from that moment always go to them and not to other financial ones.

In the micro loans in the first application we can find loans without interest

Microcredits being one of the online credits, not to say the one that generates the most profitability for financial companies, it is logical that they use these tactics.

Just as in the financial sector it can not be said that normal competition does not happen in the case of microcredits.

This type of loan to be of interest to many of the online financial that we see in the market is normal to make promotions of this type.

It is in this way that we have to look at interest-free loans, such as sporadic promotions that financial companies make to customers.

However being also something that not everyone knows these promotions only have access to the new customers of each entity.

If you have previously processed a loan with the financial company, it is certain that you will not be able to benefit from these bonuses.

Neither is that from our point of view we see as a very good thing loans without interest as it is a punctual benefit at a given time.

Likewise, the loan will have to be returned, and although it is possible, the financial does not apply interest if instead it applies another series of expenses.

For example, commissions are usual that always apply in any of the credits we see.

With the loans without interest, therefore, what we get is a savings on a specific loan, nothing more.

Online Credits – Quick Credits and Online Loans

by Jose Donaldson

The importance of online credits is such that right now they have ceased to be an alternative to become one of the fastest credits of the moment.

It is not that we say it in Creditosrapidoseuros.es, it is that the market shows us day after day how the importance of these online loans is growing.

Online credits and offer through the internet Why is it so important?

It is because almost all online quick credits that are signed in less than 24 hours are here inside.

In other words, when people want to get money fast it is to these online credits they go to.

That's why the importance of quick loans is currently what it is, high.

You have to understand that most people when they want to access some type of financing usually need it quickly.

If you start analyzing it, you will see that this is the case, when a person needs to sign a loan, he usually needs it for now.

Only a few credits such as mortgage loans for the purchase of real estate (banks) management is carried out differently.

When a person, on the other hand, transacts personal loans, be it for financial to consumption, private financial or microcredit company, the need will be different.

In any case, the advantage of online credits is not only that which has to do with the speed of response.

These credits present a series of advantages that other financial products lack.

Online credits are easy loans

They can be seen in this way in the market even more if we compare these fast loans online with those seen in other financial.

There is no possible comparison in this regard between bank loans and loans signed by online financiers.

Which are known by the way as Fintech being that which they are.

Online loans, online loans, online quick loans, online quick loans, online loans, online financial services, Fintech, online money

The ease with which people can access loans is what largely explains the growth of this financing.

And for ease we do not just want to say that the requirements are low, it is that in addition to all this the requested documentation is also minimal.

A loan that is easy to obtain but where the financial company asks for a lot of documentation is no longer considered in this way.

Gathering the documentation in the loan study takes time, so the more you ask for the slower and more complex the financing will be.

Online loans and credit requirements

The great advantage over other fast credits is that their requirements are minimal.

Being in many cases loans of small amount the requirements established by the financiers are also reduced.

We can stand out among them not being in any delinquency record (especially if it is due to an unpaid loan) and being a resident in Spain.

It is necessary that you have documentation like Spanish DNI to be able to access this financing because to foreigners the system does not allow them to process the money.

Regarding the asnef depends a little on each financial, although most reject the request if the client is in the list.

When not to process fast credits online?

If you need a medium / long term loan or your financial need is not to cover unexpected expenses, this financing is not ideal for you.

Online loans, being personal loans of small amounts (not greater than € 4000), have to be used for specific uses.

Normally they are used for unexpected expenses as well as to arrive at the end of the month when it is necessary.

They do not have to be used for things like buying a vehicle, refinancing loans, grouping debts ....

Rather, these online credits should be used only when the client needs liquidity for the short term.

Online credits and when they are denied

by Jose Donaldson

As many times they ask us when they tend to deny online credits here we will show it.

Yes, in Creditosrapidoseuros although we are going to show you some of the usual reasons you have to understand that the situation of each client is different.

One person can be denied while another person can not.

It will also depend on the financial where you do the processing because each can work differently.

Even with everything, if we can say that there are some situations for which fast online credits tend to be denied.

We are talking about those online loans that both the firm and the study take over the internet.

Online credits Why online finance can deny them?

There are a number of more common reasons than others being what we are going to see.

  • The client is included in some delinquency record such as asnef:

It is one of the compelling reasons why online loans are often denied.

And although it is true that there are financiers who can sign up with asnef loans online it is not at all usual.

Almost all online financial institutions are programmed so that when they detect the customer's password, the transaction is rejected.

They do it this way because having so few requirements online credits have had to find one that can "serve."

If you look in fact except for the issue of the asnef microcredit and other small loans are always approved.

It is therefore of all the variables that most causes the denial of the credits.

 

Fortunately, not all online financial institutions reject their customers for asnef.

There are a few financial companies that, depending on how you have it, allow you or not to process it.

If the debt that appears in asnef is for telephony type things (non-financial debts) in principle they do not put problems.

On the contrary, if the loan is due to an unpaid loan, we will continue to have the problem from the beginning.

  • The client does not have online banking:

Have you noticed how practically all online credits require their customers to have online banking?

They demand it because it is in this way that the financiers get to see the banking movements of their clients.

If the person does not have an online banking account, they will find that they can not even begin processing this loan.

Neither is it a serious problem because the only thing that customers have to do here is open an account at their bank.

  • Whoever asks for the money has other online loans signed in other financial institutions:

It is something that does not like and although some may not understand it we will explain it to you.

Online financiers do not like that a client who has signed other online credits asks for money because they think that with their credit they will cancel the one from the other entities.

Something that we can see in the signature of microcredits with certain frequency.

It is common for people to request new microloans to pay for the micro loans of other financiers.

Do not like it because this can cause a ball of indebtedness to the client that can end up in default.

And of course, it will be the last financier who has signed the loan who in the end will suffer the consequences.

  • As a fourth reason we wanted to point out the lack of demonstrable income although it is the least important among the three.

At least if you sign small loans where the normal thing is that no justification of income is requested.

These are the main reasons why online credits can be rejected by online financiers.

24-hour online loans and quick loans instantly

by Jose Donaldson

Is it possible to sign credits 24 hours online? Because this is something that many of the online financial. we see in the market tell us.

If we see the market of the fast loans and more specifically the one of the online loans we will be able to see as many say what of the 24 hours.

What's true about this?

Credits 24 hours online Can you sign the 365 days of the year?

Because if we are guided by what many of these money companies say, the answer is yes.

The first thing that most of you will ask when reading this is how can these financiers work every day of the year?

In Creditosrapidoseuros we know the answer to this question being what we are going to explain next.

If you have in mind to process any of these quick credits online either through us or from third parties you are interested in this article.

It will interest you because in this way you will understand the operation of the companies dedicated to online credits.

As you are saying if it is possible to sign credits 24 hours online through the internet through online financial.

And it is not that there are people from the financial institutions working 24 hours a day, 365 days a year, it is that by having their procedures automated they can do this.

That is to say, as the financial ones in the processing of online credits usually leave the whole study in computer programs this allows them to be able to work 24 hours a day.

Being programs responsible for the study of operations is not a problem when customers make the loan request.

Automation in fast online credits

Neither the day since being a computer who makes all the efforts nor have a vacation or hours of rest.

Now, what you have to know is that not all the financiers who sign these online loans leave 100% of the management in the hands of these software.

These programs can do the study of the operations in an automated way but many times it is then a person of the financier who is in charge of making the last revision.

Therefore, although many of the online financials that we see are advertised as 24-hour online credits in practice the signature is often not possible.

If they can approve the operation but not the signature instead at the time that is what everyone wanted.

For example, if the client makes a request on Sunday at 11 o'clock at night it is possible for the system to approve the loan when doing the study automatically.

However, it is likely that until Monday, despite having the approved money, you can not sign the financing until the financial staff confirms the acceptance.

Financial companies often work in this way for security reasons more than anything else.

The computer programs can not carry the same level of verifications that on the contrary if it makes the personnel of the financial one.