Speaking of economy, it is not crazy to say that we have been, for about five years, immersed in the era of online micro payday loans. So much so that this product has become a recurring solution for those who need to solve economic contingencies, satisfy some whim or meet the expectations of a project. What many users may not know is that a quick payday loan is not exactly the same as a payday loan. Among other things, they are distinguished by a fundamental aspect in these products and that we will see later: their acceptance requirements
It is about personal payday loans like any other, with the peculiarity that its management is carried out online. They usually offer payday loans of between 1,000 and 30,000 euros to customers, while their annual interest rates range between 7% and 17%. Well-known the amounts that are handled in the fast payday loans, it is of supposing that they are a product oriented to support projects like reforms of home, expenses of formation, familiar vacations, etc.
Here, we mainly talk about the same thing – personal payday loans made through the Internet – except for the money that is offered. The amount to which the applicant aspires is much lower: from 50 to 1,000 euros, usually. Logically, the return period decreases with respect to quick payday loans, up to between 15 and 60 days. Their function also changes, since it is impossible to make the same investments with so much less money, and their destination is usually the overcoming of a slight economic emergency or unforeseen, at most, uncomfortable for our portfolio. Let’s see now what are the fundamental differences that make these products the object of so many different audiences. The interest rate and the acceptance requirements are the two features that put distance between the fast payday loans and the payday loans.
When dealing with high amounts and low interest, the conditions to be fulfilled by the important applicant:
In the first place, the applicant must be of legal age and be a resident of Spain, in addition to having his / her DNI in force.
Also, without a bank account with online access it will be impossible for the lender to make the transfer in your favor.
As a third requirement, you must certify obtaining regular and sufficient income that will provide the entity with the guarantee of being able to assume the repayments of the payday loan quickly. The completeness of the check will depend on the quantity requested.
For payday loans of very high amounts, some entities may require endorsements.
Finally, it is essential that the applicant is not registered in delinquency file. If you maintain debts with a third party, the entity will reject you as a client by showing that you are not able to meet your debts.
In these cases, the low quantities that are managed cause a decrease in the requirement of the requirements. Even so, the basic requirements of the age of majority, the Spanish residence and the valid ID are never ignored. Likewise, the requirement of owning a bank account with Internet access also coincides, without which it would be impossible to receive the money from the payday loan transfer.
Of course, the entity will wait for the applicant to prove recurring income in their bank account through pensions, unemployment benefits or payroll, which must be presented if the lender deems it appropriate. Of course, if these revenues are not enough or are not declared, it will be as if they did not exist.
Some entities try to convince their clients that appearing on lists of defaulters, if the debt is small-less than 1,500 euros-does not directly eliminate their options to obtain the payday loan. Of course, as long as the creditor is not another entity similar to the lender.
Finally, it should always be pointed out that neither one product nor the other is cheap, but rather a demanding and risky investment. Therefore, before hiring them, it is advisable to study the situation and make a decision with a sense of responsibility.