Many companies today offer loans traditionally considered high risk. You just have to put in the Google search bar "loans with Financial Credit Institutions" to realize it. It is not usual for a traditional financial institution to grant loans to people who appear in the ASNEF registry, therefore, the best alternative for those who appear in ASNEF, is to hire an online loan .
What are ASNEF loans exactly?
We will start by making a clarification: loan and credit are not the same . To summarize it in a simple way, in the loan, the entity that lends you the money does it all at once, while in the credit you can access the amount of money you have requested as you deem appropriate.
Thus, a loan is an operation by which a person, natural or legal, agrees to lend us a previously determined amount of money.
The amount of money loaned, which is called principal, as well as the rest of the loan conditions, are established in a contract signed by both parties. On the one hand, we find the lender , who is the one who lends the money, and on the other we have the borrower , who is the one who receives the money.
Among the loan conditions included in the contract, the term in which the money must be returned, the interest rate that the lender will charge us and the commissions that the loan will generate must appear.
Once we know what a generic loan is, we are going to delve into loans with ASNEF .
The National Association of Financial Credit Establishments , better known by its acronym, ASNEF , draws up a registry of defaulters , which is often used by financial institutions to assess the solvency of individuals or legal entities, who request loans or credits.
If we go to a traditional financial institution to request a loan, it is practically certain that, during the study of the operation, the entity checks if our name appears in the ASNEF registry. And if our name appears in said registry, it is highly probable that the loan will be denied to us.
The people who appear in the ASNEF registry are not large defaulters, in fact, it is not very complicated to appear in it. If we stop paying an electricity or telephone bill, it may be enough for us to be included in the file.
Now, if we are included in the ASNEF file, they have to notify us within a maximum period of 30 days. Once this has occurred, we can pay off our debt within 30 days and thus be eliminated from the file in a maximum of 10 days. If we do not do this, we will appear in the ASNEF registry for 6 years, unless we pay the debt and notify ASNEF ourselves that the debt has been paid.
Thus, a loan with ASNEF is a loan that is granted to a person who is included in the ASNEF file .
What are the characteristics of the loans with ASNEF?
As their name indicates, they are loans that are granted to people who appear in the ASNEF registry. Although they are loans that are basically the same as any other loan, they have some special characteristics :
The amounts that are granted are usually small , compared to those that can be given in a normal loan operation. They are often used for emergencies or to meet sudden liquidity needs.
As we have mentioned, it is very difficult for a traditional financial institution to grant a loan to a person who appears in the ASNEF registry. Thus, the entities that grant these loans usually do so via the internet or by phone .
The above allows for quick and complete access to the information , especially if we request the loan online, since we will have all the information about it available on the screen of our mobile and computer.
In addition, as most of the companies that offer these loans with Financial Credit Institutions operate online, we can configure the loan we are looking for quickly and easily. This allows the entity to give us a quick response on whether or not it grants us the loan we have requested.
In the event that the loan is granted, generally we will receive the money in a few hours , which can be even minutes if we have an account in the same financial institution as the company that lends us the money.
They are loans that are granted without having to carry out large paperwork . They only usually request the National Identity Document (DNI), the amount of money you want to borrow and the term in which you want to return it. Additionally, in some cases they could ask us for a guarantee or some type of guarantee that we will be able to return the money.
As for the repayment terms , you can generally choose between a maximum and a minimum time to repay the loan, depending on the entity that grants it. Thus, we can adapt the fee in such a way that it is as easy as possible to return the money that they have lent us.
Finally, there are some companies that grant us loans with ASNEF, but on the condition that the loan is used to pay off the debt that makes us appear in the ASNEF defaulter registry. If the money is to be used for something else, these companies will not grant us the loan.
What are the requirements for online loans with ASNEF?
The requirements for granting us the loan are typical of these products:
To begin with, you must be of legal age , that is, be over 18 years old. In some entities, the minimum age may be 21, but it is not usual. What is more common is that there is a maximum age to apply for the loan, which is usually 65 years, although in some cases it can reach up to 70 years.
Of course, it is necessary to have a valid National Identity Document , since it is necessary to carry out all the procedures for granting the loan. Some companies also grant this type of loan to foreigners residing in Spain, for which the presentation of the NIE will be necessary.
Linked to the previous paragraph, although we have Spanish nationality, most of the companies that grant loans with ASNEF require that the people who request them be residents in Spain. That is, if you are Spanish, but you have your residence in another country other than Spain, it is unlikely that any company will grant you a loan with Financial Credit Institutions.
It is necessary to have an active checking account that we own , since it is a necessary condition for us to receive the loan as soon as it is granted.
In addition, it is necessary that we have and can prove a recurring source of income , which in turn is sufficient to repay the loan money.
Having a recurring source of income does not imply that, if we do not have a payroll, they will not grant us the loan. Many companies also grant loans to unemployed or retired people, as long as they can prove that they have recurring income, such as unemployment benefit or retirement pension.
In the case of the self-employed , the presentation of invoices that show that we have regular income is usually sufficient.
Finally, they will always ask us for an active email address and mobile phone number in order to contact us.
Can you get loans with ASNEF online?
Yes, you can get loans with ASNEF online , what's more, we can probably only get them this way, since it is almost impossible for a traditional financial institution to grant us a loan if we appear in the ASNEF defaulter registry.
Applying for loans online has many advantages . The most obvious is that you can get it without having to leave home. In addition, through the internet we have access to many more entities, since there are many companies that only operate online or by phone, without having a physical presence on the streets of our towns or cities.
The requirements to access most of the loans that are offered online are lower than those requested in traditional financial institutions, so it is easier to obtain the loan. Even more so in the case that concerns us, since they grant us a loan if our name appears in the ASNEF registry is more complex.
The procedures to request and grant us a loan with ASNEF online are much more agile, quick and simple than those that we will have to carry out if we go to a financial institution to use. In addition, the study for the granting of the loan is carried out instantly in most cases, so in a few minutes we will know if they grant us the loan.
Another advantage is that they transfer the money to our account in a short time, so much so that if we have an account in the same entity that grants us the loan, in a few minutes the money will be at our disposal in our checking account. Without having to wait for the financial institution to evaluate our request and make us sign dozens of papers.
The entities that grant online loans do not usually ask us about the destination that we are going to give the money. This fact, which may seem irrelevant, can prevent a bank that we are used to using not to grant us the loan, especially if we are in the ASNEF registry, as it may consider that we are increasing our debts irresponsibly.
What types of loans with ASNEF exist?
There are different types of loans with ASNEF. The main differences are established depending on the person requesting the loan, the type of income of that person or if they ask us for some type of guarantee or endorsement. Depending on all this, the loan will have different costs, or they will grant us one amount of money or another.
In any case, what is practically certain is that the cost of the loan will be higher and the amount of money loaned will be less than if our name did not appear in the ASNEF registry, since for the entity that grants the loan, the risk is greater, because we appear as defaulters.
Loans with ASNEF and payroll
The loans with Financial Credit Institutions and with payroll are those that are granted to people who work as an employee and who, therefore, have a payroll. Having a payroll supposes a certain guarantee for the company that grants us the loan, since it can better evaluate our ability to repay the borrowed money.
The amount of money presented to us will tend to be greater than that granted to someone else who cannot demonstrate that they have recurring income. It may even be the case that, if we do not have a payroll, they will not grant us the loan.
However, the fact of having a payroll may not be sufficient guarantee for the loan that they grant us to be of a large amount. When our name appears in the ASNEF registry, entities usually grant a small loan.
For what if it can be beneficial to provide a payroll is for the cost of the loan, since as the lender has more payment guarantees, the cost of it will presumably be lower.
Loans with ASNEF without payroll
Loans with ASNEF and without payroll are granted to people who do not have a payroll, although this does not mean that they do not have a job. These loans are granted to the self-employed, pensioners and yes, also to some unemployed.
Most companies that make these loans will require us to demonstrate that we have recurring income . Thus, the self-employed will have to present invoices that prove their income, retirees will have to present their pension and the unemployed will have to show that they are collecting unemployment benefits or some type of aid.
The cost and the amount of money borrowed will depend on each case, but it is quite likely that the unemployed will be granted less money and at a higher cost.
Loans with ASNEF with endorsement
Loans with ASNEF and with endorsement are those in which the lender will require us to present a guarantee so that they grant us the loan.
An endorsement is nothing other than a contract. In this contract, a third person guarantees that, in the event that the borrower does not pay the loan, that person will repay the loan. Thus, the person who agrees to pay in the event of default by the lender is the guarantor and the person requesting the loan is the guarantor.
Normally, the entities that grant loans ask for a guarantee when the solvency of the person requesting the loan is questionable, or if the amount of money that is being requested is very high and the lender has doubts that the borrower will be able to return the money.
In the case at hand, that of loans with ASNEF, it seems quite reasonable that financial institutions ask for some type of guarantee or endorsement from the people who are going to request a loan, because when their name appears in the ASNEF defaulter registry , the solvency of this person is put into question from the outset.
It may also be the case that the company that is lending us the money gives us the possibility of presenting a guarantee so that the amount of money loaned is higher or that the cost of the loan is lower, since the guarantee provides more guarantees to the operation.
Loans with ASNEF without endorsement
Loans with ASNEF and without endorsement are the opposite case to the previous one. They are loans that are granted to people who appear in the ASNEF defaulter registry, but who are not asked for any type of guarantee to grant them the loan.
It may be the case that the person requesting the loan is capable of demonstrating sufficient solvency, in such a way that, although his name appears in the ASNEF registry, the lender considers that there is not a high risk of default on the part of the borrower and therefore does not need to present a collateral.
Should I obtain a loan with ASNEF?
When it comes to whether or not a loan with Financial Credit Institutions suits us, we must take into account the same as if we were to request a "normal" loan.
At the end of the day, we resort to a loan with ASNEF and not one to use because our name appears in the ASNEF registry, but this should not make us act differently than if we were wondering if we should request a loan as a person that is not in ASNEF.
The first thing we have to bear in mind is that, under no circumstances, should we go into debt if we are not going to be able to repay the loan . We have to evaluate our ability to pay the loan installments and not ask for more money than we can repay. If we do, we can enter a debt spiral that causes serious financial problems.
We must bear in mind that loans with ASNEF carry greater risks for the companies that grant these types of loans, since the solvency of the people who appear in the ASNEF registry is called into question.
Therefore, these loans will tend to have higher interest rates than traditional loans, which will translate into a higher cost of the same, making the amount of money that we have to repay is greater.
However, the foregoing, far from being a disadvantage, can be seen as an acceptable cost to access money that would otherwise be impossible for us to obtain .
As we have already commented previously, it is very difficult, if not impossible, for a traditional financial entity to accept to grant us a loan if our name appears in the ASNEF registry. And if he did, he would do it with even more demanding conditions and with a guarantee in between.
As the contracting of this type of loan with ASNEF is usually online, we will save the procedures and the time we lose when going to the branch of a financial institution. Being able to obtain the loan in a much more agile, comfortable and simple way.
In any case, what we always have to keep in mind is not to stay with the first offer that we come across. We must compare, since the conditions between one entity and another can vary considerably.
The best way to compare one loan with another is through the Annual Equivalent Rate (APR) , since it contains all the loan costs and we can get an idea of how cheap or expensive one entity can be compared to another quickly And simple. The higher the APR, the more expensive the loan will be and the more money we will have to repay.
Who are these loans for defaulters specially designed for?
These loans are aimed at people who appear in records of defaulters such as the ASNEF. As we have already commented, these people will hardly be able to access a loan in a financial institution to use.
Loans with Financial Credit Institutions allow people who need money urgently and unexpectedly to access money that would otherwise be difficult, or almost impossible, to obtain.
Where to find the best loans with ASNEF?
Finding loans with Financial Credit Institutions is relatively simple, you just have to do a Google search and we will find a large number of web pages that offer them.
In addition, looking for a loan with ASNEF in this way has another advantage, many of the pages that we will find will offer simulators in which we can calculate the loan installment, allowing us to see how it varies depending on the money we want to request and the term of return.
We will also find search engines and loan comparators among the search results. These pages make our work easier, since they bring together in a single page the most relevant information of the vast majority of loans with Financial Credit Institutions that are offered in the market, allowing us to find the one that best suits our needs quickly and easily.
Using a loan search engine with ASNEF is a good idea ...
Loan search engines and comparators are a very useful tool to find the different loans with Financial Credit Institutions that are offered on the internet.
The comparators are nothing more than web pages that do much of the loan search work for us. These pages take the most relevant information about loans with Financial Credit Institutions directly from the companies that grant these products, and then present it all together on a single web page. Therefore, we will not have to visit company by company to find the loan that best suits us.
In addition, in order to make things even easier for us, many of these comparators allow us to filter the results, in such a way that only those loans that fit our needs appear, or only those for which we meet certain requirements.
Another positive aspect of comparators is that they homogenize the information . Many times the companies that offer online loans use different terms to refer to the same thing, or they present the information in a different way. What comparators do is take all this information and present it in the same format and with the same terms for the different companies, making things even easier for us.
... But online loan comparators with ASNEF are not the panacea
Despite all the good things that we have said about the comparators in the previous section, loan comparators with Financial Credit Institutions are not the panacea, since they can have great limitations .
We may find that the reliability of the comparator is not very high, as it can offer few alternatives. Another aspect that reduces the reliability of the comparator is that they may be out of date, so the data they present may not be correct. In addition, it may also be the case that there are companies that grant loans with recently created ASNEF that have not yet been included in the comparator.
It may also be the case that comparators offer incomplete information on demand. At the end of the day, a loan comparator is still a business for those who create it and, it may be the case, that the developer of the same makes the comparator only show information about those companies that pay him some type of commission to appear in the comparator.
Therefore, it is best to consult several comparators, since if we trust a single comparator we may find that the information it shows is not one hundred percent complete or updated, leading us to choose a loan with Financial Credit Institutions that, without having to be bad , is not the best option we could have selected.
What should we take into account when applying for a loan with Financial Credit Institutions?
Applying for a loan with Financial Credit Institutions is not a decision that we must make quickly, as there are many factors that we must take into account, even before choosing the entity with which we are going to contract said loan.
The first thing we have to do is analyze our financial situation . We must do a cold analysis of our income level and our fixed expenses, in order to know if we can face the payment of the loan installments without difficulty.
The next thing is to ask only for the money we need . Surely we have gone before to request a loan from a traditional financial institution and they will have denied us because it appears in the ASNEF registry. The fact that we have now found a company that grants us the loan should not make us lose our minds and lead us to ask for more money than we strictly need.
As we have already mentioned, the longer the term to repay the loan, the more interest we pay and, therefore, the more money we have to repay. Thus, we must try to repay the loan in the shortest possible time . That said, we must try to do it as comfortably as possible, without having such a high quota that it creates problems for us to make ends meet.
Finally, we must remember that the best way to compare the cost of several loans is to use the Annual Equivalent Rate, APR , as it includes all the commission and interest expenses incurred in granting the loan. Remember, the higher the APR, the more expensive the loan will be.
Which entities are the best to contract loans with Financial Credit Institutions?
There is no one entity better than another when it comes to hiring a loan with Financial Credit Institutions, because no two people are the same, or with the same needs.
Therefore, what we must do is find those companies that best suit us and what we need.
Once we have done it, we have to compare between these entities, in order to find the one that allows us to obtain the loan with ASNEF that we need at the lowest cost and in the best possible payment conditions.
If when we are going to hire a new mobile phone line we search the market in search of the best one for us, when it comes to contracting a loan with ASNEF we must do the same.
Thus, the key to finding the best company to hire a loan with Financial Credit Institutions is none other than searching and comparing, until we find that loan that fully meets our needs.
And that's it. We hope that this guide to contracting loans with Financial Credit Institutions has resolved all your doubts and helps you find the best opportunities ... At least that has been our goal!