5 advantages of payday loans

The private lenders and online banking have put the batteries and are improving increasingly the conditions of their personal loans fast. In the market, we can already find online credits with interests equal to or lower than those offered by traditional entities. But interest is not everything: online loans also have 5 advantages to be taken into account.

Advantages of fast personal loans

1. Quick money and no paperwork

The approval and granting of online loans are done in a matter of a few hours, sometimes minutes. All procedures are done through the Internet, so they only ask us for the essential documentation and there are no unnecessary waits.

2. Grant of online mini credits for incidentals

Traditional banks do not usually lend small amounts of money to solve unforeseen events. On the other hand, there are many private lenders specialized in the granting of mini credits. These entities can lend us up to € 800 instantly for emergency situations such as payment of bills, breakdowns, fines, etc.

3. Transparent contract and no small print

If we hire fast personal loans we will not find unpleasant surprises. All the entities that offer online credits have a simulator on their website with which we will know in advance how much money in interest we are going to pay. They will give us all the information in a clear way and we will not sneak any commission or any linked product without our knowing it.

4. We can ask for up to € 5,000 without explanations

Traditional banks want to know what we will use the money for. However, there are online loans that can be requested without explaining why we want them.

5. No payroll, no guarantee …

There are lenders that grant mini credits to those people who appear in records of defaulters without that supposes an additional cost. The majority of private companies will not ask for a payroll or endorsement to give us less than € 6,000, it is enough for us to have a stable source of income (a pension, a scholarship …).

What requirements must I meet to request a quick credit?

Companies that offer payday loans usually ask for more flexible requirements than those of traditional banks- get directly form green-touch. This is what we must fulfill if we want to request credits online:

  • Be over 18 or 25 years old. Depending on the lender, the minimum age limit will be one or the other.
  • Reside in Spain To prove it, they will ask us for one or several photocopies of our DNI or our NIE.
  • Have a stable and sufficient source of income. If we request a lot of money we must present our salary or pension, but for smaller amounts, it is enough to show that we receive some type of benefit or subsidy (unemployment, scholarship …).
  • Provide a contact number.
  • Have a bank account in our name to get money in there.
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