Are you thinking of hiring a fast loan online ? In that case, you have to read this guide that we bring you. Here we are going to explain everything in detail so that you are not deceived and you can obtain the best conditions when contracting your credit. We also guaranteed loan approval for people with bad credit.
What exactly is a quick loan?
We must be clear that a credit and a loan are different things, although similar . It is very common for people to use both terms to refer to both a loan and a credit, even among financial professionals, but doing this is a mistake, as there are certain characteristics that differentiate them.
In a loan, we have an amount of money at our disposal until we reach a limit, being able to use all, or part, of this money during a certain period. On the contrary, in a loan, the entity that lends us the money enters it all at once in our checking account, having to return the money after a period of time.
Therefore, a loan is an amount of money that a financial institution makes available to us, being able to use it up to a previously agreed and fixed limit. The person to whom the credit has been granted can use the money as they deem appropriate, either through a checking account, a credit policy or a credit card.
That they grant us a credit does not oblige us to use the money that they have made available to us. It may be the case at the end of the credit term and we have not had to use it. Many times credits are requested to have an amount of money available in the event of an unforeseen event that may arise.
Unlike loans, credits only pay interest on the money that has been drawn down , not on the total credit limit. In addition, almost certainly, the entity that grants us the credit will charge us a commission for the mere fact of making that amount of money available to us. Another difference is that credits can be extended and renewed once the maturity period is reached.
Once we understand what a loan is and how it works, let's see what a quick loan is.
A quick credit is a type of credit that is granted by traditional financial entities or by credit companies, which is characterized by its rapid processing. They are usually small in amount and with a short period to return them. Generally, the conditions of these credits, that is, their commissions and the interest rate they charge us are higher than that charged in a normal loan.
This type of credit is usually used in situations in which the person requesting them has an urgent need to have extra money at their disposal to cover some type of unforeseen event.
And what is a fast online credit?
A fast online credit is a fast credit in which all the procedures , from the application to the approval, are carried out online , without the need for us to go to the branch of any financial institution to sign any document, or we are hooked on the phone during a long period of time.
In addition, entities that grant online credits generally do not ask us what we are going to use the money for or what we are going to spend it on.
This is important, because on some occasions we cannot find that the entity that grants the credit denies it to us because it considers that the expense that we are going to face is superfluous or not in accordance with our standard of living, interpreting that perhaps we will not be able to return the money that they would put at our disposal.
What types of fast credits exist?
There are many types of fast loans , depending on who requests them or the requirements of the entity that grants them. We may find that the financial institution asks us to be recipients of a payroll, or to provide an endorsement, so that they grant us the credit.
Quick credits with ASNEF
The National Association of Financial Credit Establishments, ASNEF , prepares a registry of defaulters that is used by many financial institutions and credit granting companies, in order to evaluate the solvency of people who request loans, whether quick or fast. another type.
People whose name appears in the ASNEF registry do not have to be large defaulters, as it is very easy for our name to be included in the file. If we stop paying a couple of electricity or telephone bills, for example, it is enough for us to be included in the file of debtors of ASNEF.
But it is not enough that they include us and that's it, the company has the obligation to notify us, within a maximum period of 30 days, that our name has been included in the ASNEF registry. Once done, we have a new term of 30 days to pay off our debt, subsequently being eliminated from the ASNEF registry in a maximum of 10 days.
If we do not pay our debt, our name will appear in the ASNEF registry for 6 years, unless we cancel the debt and notify ASNEF by letter.
Thus, when we go to a traditional financial institution to apply for a loan, when studying the operation, almost with all certainty the entity will consult the ASNEF file to see if our name appears in it. If this is the case, it is almost certain that they will reject the granting of the credit, as they will consider that the risk of the operation is too high.
Therefore, a quick credit with ASNEF , is a credit that is granted to a person whose name appears in the file of debtors of ASNEF. In addition, as it is fast, it will generally be granted by an entity that operates in the internet, so the procedures will be much faster.
It must be borne in mind that when our name appears in the ASNEF registry, the operation entails a greater risk for the entity that grants the credit, so in these fast credits with ASNEF the credit limit is usually higher than the one we would grant if we did not appear in any registry of defaulters.
Although when choosing the term to repay the loan, we will be given a choice between a minimum and a maximum, since they are included in the ASNEF file, the term to return the credit will tend to be shorter, for the same reason as the limit credit is too.
Lastly, we must emphasize that some companies that grant this type of quick credit with Financial Credit Institutions, can make the granting of credit conditional on the money being used to eliminate our name from the ASNEF defaulter registry , so if we want request the credit to allocate the money to something else, they will not grant us the loan.
Credits with ASNEF and payroll
Quick credits with ASNEF and with payroll are those in which the entity that grants the credit makes its granting subject to the person requesting it being the recipient of a payroll .
With this, what the financial or credit institution seeks is to minimize the risk of default. By asking us for the payroll, the company can evaluate our solvency and, therefore, calculate the probability of non-payment of the credit, thus avoiding the granting of credits that may be failed in the future and, therefore, cause losses for the company.
That these companies require that we provide a payroll to grant us the credit is a great problem for those people such as retirees, self-employed or unemployed, who, although they have a recurring source of income through their pension, work or unemployment benefit, they cannot access this type of credit.
On the other hand, it is an advantage for those that do have a payroll, since this fact provides a certain guarantee of payment in the return of the loan , minimizing the risk of the operation, with the consequent saving in the concession commission and in the type of Interest charged by the entity that grants us this type of fast credit with ASNEF.
Personal credits with ASNEF
Personal credits are credits whose limit does not represent a large amount of money . Generally this type of credit is usually used to finance the purchase of cars or large appliances. They can also be used to cover specific liquidity needs, such as paying for a wedding or some kind of improvisation.
Thus, personal credits with ASNEF are nothing more than personal credits that are granted to people who appear in the ASNEF defaulter registry. As we have commented before, it is relatively easy for our name to end up appearing in the ASNEF file, so these credits allow people who appear to have access to money that they could not otherwise access.
It is practically certain that the cost of these personal loans with ASNEF will be more expensive than that of a personal loan to a person who does not appear in a defaulter registry, but it may be an acceptable cost given the impossibility of not being able to access a credit of Another way.
Quick credits without papers
Fast online paperless credits are those in which the paperwork for the application and granting is minimal, or in many cases, totally non-existent .
This type of credit is granted by companies that operate only online, so all the information they need to study the granting of the credit is obtained by filling in forms on the entity's website.
On other occasions, the entity asks us to install an application on our computer or mobile phone, in such a way that it can have access to see our bank movements, in order to evaluate our solvency.
Obviously, to grant permission to a company so that it can have access to our banking movements, we must be sure that the company is trustworthy. In these cases, we have to act with great caution.
Quick credits without documentation
Although they are advertised as fast credits without documentation, we should actually refer to them as fast credits with minimal documentation.
The companies that grant this type of credit are characterized because they do not ask us for a large amount of documentation to grant us the credit. Basically, they limit themselves to asking us for the necessary documentation to identify us , which will generally be the National Identity Document (DNI).
It may also be the case that the entity grants credits to people who do not have Spanish nationality, so in this case they will ask for some other type of document, such as the passport or the NIE.
These types of credits are usually of a very small amount compared to others and have a shorter repayment period.
Fast online credits on the spot
Fast online credits in the act are characterized by their rapid processing . They are credits in which the request is made online and the entity that grants them answers us in a few minutes, being able to access the money almost instantly.
The small amount of the limit of these credits is what allows them to be studied and processed so quickly, since, although they can present a high risk for the companies that grant them, the little money that they put at our disposal limits the risk. In addition, the cost of these credits is usually high, so that the entities also compensate the risk in this way.
Urgent credits are credits that are requested to cover an urgent need for liquidity . As they are intended for this purpose, the entities, once the loan application is made, grant the credit in a few hours.
They are usually credits with a small money limit, which rarely reaches a thousand euros. In addition, the term to return it is usually less than that of a normal credit.
The entities that grant them usually take advantage of the urgency of the people who request this type of credit and generally take the opportunity to charge a commission and a fairly high interest rate, causing us to have to return much more money than they have lent us
Therefore, we should only resort to this type of credit if we have no other option to get the money.
Instant online credits
Instant online credits are characterized by being processed very quickly , in some cases in a few minutes. What makes them particular is that both the application and the procedures have to be carried out only online .
As we pointed out above, they are usually small loans, which means that they can be studied and granted in a short time, since the study of the risk of the operation by the entity that grants the loan is much simpler. It may even be standardized.
Like online credits in the act, they usually have a much higher cost than a normal credit and we can access the money in a few minutes .
Fast installment loans
Quick installment loans are loans in which an agreement is reached with the entity that grants the loan to replace the money provided based on previously established terms. On some occasions, the credit limit is reduced as the terms are met.
What are the advantages of contracting credits online?
Hiring a loan online has a large number of advantages . The most obvious is comfort, since you can hire them without leaving home. The Internet has contributed to changing many habits in our society and with regard to the financial sector it is not being different, especially among young people.
It is less and less frequent to go to the branch of a traditional financial institution, to our lifelong bank, to carry out some type of management. In addition, hiring credits online gives us access to many more entities that only work online.
Another very important advantage is that the vast majority of the credits that are offered on the internet are less restrictive in terms of the requirements that we have to meet in order to be authorized for the credit.
Through the internet, we can access credits without having a payroll, or without providing a guarantee that guarantees the operation. We can even access loans when our name appears in records of defaulters such as ASNEF, something almost unthinkable in a traditional financial institution.
In addition, as we have already seen, the application and subsequent granting of a loan is much more agile, quick and simple than in a traditional bank. The study to see if they grant us the credit is usually done at the same time we make the request, obtaining a response in a few hours or minutes.
To this we must add that many entities make the credit money available to us at the same time it is approved, so they are very useful in case of having an unforeseen event or an urgent need for liquidity.
To the above, it must be added that, when carrying out the procedures online , the documentation that must be provided is usually much less , since in many cases it is enough to present the DNI. The same thing happens with the paperwork generated by the granting of the credit, since everything is based on an online operation, in most cases the paperwork is minimal and, in some cases, non-existent.
Another very relevant aspect to take into account is that these entities that offer online credits, generally, do not ask for what purpose we are going to allocate the money that they make available to us in the credit. This may seem like a trifle, in some traditional entities it can make us deny the granting of credit.
Sometimes financial institutions consider that if they grant us credit, we are going to enter into a spending spiral that causes us to have financial problems in the future, with the consequent risk for these entities that we cannot return the money, causing them a loss in their deal.
And its disadvantages?
But fast online credits also have their disadvantages .
The main one is cost. Many of these credits are considered by the entities that grant them as high risk operations. This fact is associated with a higher cost for credit.
On the one hand, the commission that we will have to pay to access the credit will be considerably higher. On the other hand, the interest rate that they will charge us for the credit money that we use will also tend to be much higher than what they would charge us in a normal credit.
Another downside is the credit limit. Being operations that have little time for study and in which few guarantees are provided, entities do not usually grant us too high credits . We can find cases in which the credit does not exceed a thousand euros.
The last big disadvantage is the return period. For the same previous reason, normally we will have to return the credit in a short period of time, much less than the term in which they would allow us to return a normal credit.
What is the best way to find the best credit online?
The best way to find the best online is to start by doing a search on Google, as we will immediately obtain a multitude of results with a large number of web pages with information about online credits.
On the one hand, we will find the web pages of the entities that grant this type of credit . In these pages we will find all the characteristics of the credits they offer. In addition, some of these pages offer us the possibility of using simulators in which we will have the opportunity to calculate the cost of the credit, depending on the limit of money that we want to have and the term in which we want to return it.
On the other hand, among the Google results, we will find other types of web pages, search engines and credit comparators . They are pages that are dedicated to bringing together all the information about the credits offered by the different entities. This makes it much easier for us to search and compare the different credits, because in one place we can find all the important information about the different credits, making their comparison easy.
Is it advisable to use an online credit comparison tool?
It is highly recommended to use an online credit comparator, as they are very useful pages to find the different types of credits that are offered in the market, both online and those of some traditional financial institutions.
To explain it simply, comparators are nothing more than web pages that focus their activity on making it easier for us to search for online credits. These websites collect the information, requirements and characteristics of the different credits that are offered on the internet, to later expose it all together on the same website.
This allows us to have access to a large amount of information without having to visit the web pages of each entity dedicated to offering online credits, as there are many.
Another advantage of online credit comparators is that we can filter the results based on our needs and special characteristics. With this we achieve that only those credits appear that, in principle, we will not have a problem in hiring, because, a priori, we comply with all the requirements.
But the most relevant aspect of comparators is that they present the information in a homogeneous way .
It is very common for the different financial and credit entities that offer credits online to use different terms to actually refer to the same thing. Or we can also find the information on the loans presented in a very disparate way, making it difficult to compare.
Well, comparators are a very good tool, since they present all the information in a homogeneous way, in the same format and with the same terms, making the comparison between the different credits and entities much easier.
Are these online credit search engines reliable?
As we have pointed out in the previous section, comparators have a large number of advantages, but they are not perfect and in some cases they can even be greatly improved. Therefore, not all online credit comparators are reliable .
First, they can be unreliable because they present incomplete information for various reasons.
We must take into account that the person or company that develops a comparator does not do so for the love of art. Developing one of these web pages requires time and money to maintain it, in addition to the search for some kind of profitability for the work done.
Thus, we can find comparators that only offer information on those entities that pay them some type of fee or commission to appear in it.
However, the amount of money that these companies can pay to appear in the comparator is not exorbitant, since what comparators are looking for is to have many visits, so they will try to offer the best possible information, for which they must present a large number of alternatives.
In line with the above, we should not trust comparators in which we do not have many alternatives to compare . The fewer credits that appear in the comparator, the less likely that we are choosing the credit that best suits our needs.
We must also bear in mind that we may be visiting a comparator that is outdated. There are more and more companies dedicated to this activity, so the competition is increasing every day, which often makes the offers and the characteristics of the credits change frequently.
Therefore, it is recommended that once we have opted for a specific entity to request our credit online, we visit its website, in order to make sure that the characteristics of the credit are those that appear in the comparator.
So, it is best to visit various comparators , because if we trust the first one we find, perhaps we are missing a last minute offer, or the quick credits of a recently created company.
What are the most recommended entities to obtain a fast loan online?
No two people are the same . Each of us have circumstances at a certain time and different needs when we are going to request a quick loan online. Therefore, we must be clear that there is no entity that offers the best credit for each of us.
For this reason, we must search and compare until we find “our credit”, that is, the credit that best suits our needs at this specific moment. We may find that the entity that granted us a loan in the past is not currently the one that best meets our current needs.
The main objective of everyone who is looking for a quick online credit is to find said credit with the greatest possible payment facilities and at the lowest cost that we can find.
Our way of acting should not be different from what we do when we consider that our current telephone company is very expensive and we want to change for another.
Just as we visit the web pages of the different telephone companies in search of the best offer based on the use we make of our telephone, we must search among the different entities that offer online credits until we find the best one for us.
Therefore, the best way to find the best fast online credit for our needs is to search and compare between the different alternatives offered in the market . It is a task to which you have to dedicate the time that is necessary, within the urgency of each situation, because only then will we find the best fast credit online.
As you have seen, this is the most complete guide on hiring fast loans online. We hope you have found it useful and that it has cleared you of doubts. Our maximum interest is that they do not deceive you when contracting your credit!