Mini-credits with Financial Credit Institutions are a financing tool that is increasingly used. This trend, which seems to continue rising during 2019, is not risky. And is that online credits are more advantageous than you can get from traditional lenders. But, in addition, these lenders will not grant you financing if they appear in lists of defaulters. So loans with Financial Credit Institutions are, generally, the only way to get liquidity for many people.
Why these mini-loans work so well
As we say, the popularity of fast mini-credits is due to its great advantages:
- They are granted through the Internet, facilitating the procedures and saving you visits to banks and paperwork.
- The concession term can be between fifteen and forty eight hours, so you will have almost instant liquidity, which will be great to meet your needs.
- They just demand conditions. Thanks to this, they are the way of financing for people who can not access the official credit circuits.
- Of course, they also have their negative side. And is that they tend to have higher interests than other products and short return times. So you should not resort to them when you think you can not return them.
In short, it should not surprise us that mini-credits are so used, especially in cases in which the applicant can not meet the requirements required by traditional banking or financial institutions.
Although there are organizations that criticize this type of financial products, the truth is that behind the lenders with Financial Credit Institutions there is a philosophy worthy of taking into account: that we should all have access to credit. With this we do not affirm that they do their work for the love of art, of course. Like any business, they look for a profit, which they will get from the loan price.
However, if you are temporarily unemployed or do not have a stable job, many banks will deny you financing. The same happens when, instead of being a salaried employee, you are a pensioner or when you do not have an endorsement or a regular income.
That is to say: there are many situations in which a bank will leave you aside. But in these cases you can still use the new generation of lenders.
Financial Credit Institutions, RAI and others
Financial Credit Institutions and RAI are acronyms of different delinquent files. If you want to know more about them, we recommend you check our blog, where we have dedicated numerous articles. On this occasion, what matters to us is to highlight the effect that you figure in one of these files.
As we discussed above, traditional lenders are reluctant to finance people who do not meet certain requirements. And the certain thing is that to appear in files like the Financial Credit Institutions or the RAI can turn into an epic the search of credit.
Consequently, when you need an amount, however small, and you are included in a record of defaulters, you may find that you can not access credit, which may be considered unfair.
For example, if you get a fine that you can not pay and the bank does not give you financing, the fine will come out of the voluntary payment period and you will lose the discount. And, as you do not get the money soon, they will start to apply surcharges.
This type of situation could be avoided by means of an advance payment or a small nudge, which is what mini-credits with Financial Credit Institutions are for.
Requirements to request financing from Financial Credit Institutions
In short, the new lenders reduce the conditions required of their borrowers. Although the requirements vary from one company to another, generally the entities that lend to Financial Credit Institutions request:
- That you have a certain age. Normally, a minimum of between 20 and 25 years and a maximum of 65 or 70 years is required.
- That you identify yourself and deliver contact data, as well as a place where you can deposit the money.
As you can see, they are absolutely basic requirements and to comply with them, it is enough to present the DNI or NIE. Of course, it is common for the company to ask you to prove your solvency. The difference with traditional credit institutions is that they will admit any test without the need to provide a payroll. In addition, the most common is that the organization requires you to reside in Spain.
Of course, the normal is that the amount offered to you is limited. For example, most companies will offer you a maximum of 300 euros. Although this amount is sufficient for most extraordinary expenses, there are also other companies that can lend you up to 1,000 euros, being rare that they grant you more credit if you figure in Financial Credit Institutions.
How to apply for a mini-credit with Financial Credit Institutions
To request one of these mini-credits, it will be enough to do a small market study. Check the lenders who are willing to grant credits in these conditions and study their conditions.
You should pay special attention to the APR and the commissions, which will determine the price of your credit, as well as default interest, the repayment term and the return conditions.
Later you will have to identify yourself and submit yourself to the solvency study carried out by your lender. Each of them develops it with a level of demand of its own. When you have passed this test, you will receive confirmation of the grant.
And already, in a short time, you will have the money in your account. Depending on which are the lender and your bank, you could have the credit in a matter of minutes or, at the most, in one or two days.
Can you deny me a mini-credit with Financial Credit Institutions?
Obviously, they can deny you a mini-credit with Financial Credit Institutions. As we have explained to you, in the lender entity they will verify your capacity to return the payment. If they decide that you have solvency problems, they could deny you the request.
However, if you are backed out of a loan you should not give up. Try your luck with another lender, because each one carries out its own solvency analysis.
Where can I find the best online mini-credit?
In Astro Finance we have comparison tools and a large amount of information to help you find the best mini-credits with Financial Credit Institutions or RAI. Do not hesitate to visit us and make the necessary consultations. We will help you find the best financing.