Mini-credits, quick loans, personal loans … contrary to what is thought, the private entities that grant this type of alternative financing see their business volume gradually grow as the economic recovery is more palpable in society and the money reaches households .
The data are significant: fast loans reached their peak at the end of 2008, just before the explosion of the housing bubble and the arrival of the economic crisis in Spain, when they reached the 60,000 million euros of balance granted . Since then, and contrary to what many people may think, lenders have lost almost half their volume of borrowed balance, granting approximately 50% less credits and decreasing from the 35,000 million euros granted in 2014.
However, the Spanish economy seems to have activated again. Or at least that indicates the trend in the granting of quick credits. In fact, the amount of money borrowed has progressively increased in recent months, exceeding the past month of June the 40,000 million euros for the first time since 2012, as indicated by the report of the Bank of Spain on financial credit establishments.
Despite these data, in public opinion there is a completely different conception of history: “The worse the economic situation, the more loans are granted”. But it is not true. The worse the financial situation of the families, the more money is requested, yes, but less loans are granted. Why? Because the odds of not returning the borrowed money increases as less economic capacity is had. And is that although the requirements to access the fast loans without papers are infinitely smaller and much more flexible, lenders must have some guarantee that the borrowed money can be returned in the terms and conditions provided.
The truth is that minicréditos are a double-edged sword, since it is necessary to know when and at what time it is appropriate to request them. Therefore, at WannaCash we recommend applying for this type of loans only for specific moments of lack of liquidity and never for long-term financing, paying off gambling debts, paying other loans or to be used repeatedly.