Keys to request a quick loan
Any of us can experience a situation in which you need urgent liquidity but do not have it and traditional financing methods - such as personal loans or credit cards - are not available.
We refer to all those unforeseen or unforeseen situations, such as car breakdown, children's orthodontics, going back to school, the breakdown of an appliance or any similar situation.
In this article, we are going to share a series of essential keys that you need to know the next time you are going to apply for a quick loan .
Quick loans and credits can be an option to cover those economic holes that leave you in a complicated situation.
Compare the established APR on the quick loans available
This principle is applicable to any loan, including fast loans.
These types of products have higher interest rates than usual. No matter how in a hurry you may be, nothing justifies the fact that you do not consult several options and check the interest established for each one of them.
The APR is the best way to compare the price or cost of the money that is loaned to you, since it consists of the annual equivalence of the interest that you are going to be charged.
It is especially important in loans and quick loans because these products are promoted by indicating installments for amounts that are apparently very reasonable. At the end of the day, many of these credits are granted for also small amounts in order to overcome small emergencies.
A simple calculation of the interest that the fee paid represents allows you to check if the credit is very expensive or not.
When you are looking for a quick loan, do not look only at the monthly fee that you will have to pay, but at the APR that it implies.
Request the exact amount you need
We must insist that fast loans are products to be used only as a last resort or in emergency situations.
The amount that you request and that you do not really need, will mean you have to pay more interest that, otherwise, would have stayed in your pocket.
Before applying for a quick loan, calculate exactly the amount you need to cover the urgency. Avoid the temptation to ask for more money to cover other non-essential expenses.
Remember that the money you are going to ask for will not be free. If you can do without it or face those added expenses later, your financial situation will improve markedly.
Make sure you can meet the return deadlines
There is nothing worse than failing to pay the installments of a quick loan. The penalties and late payment interest that you will have to pay can suffocate you in such a way that your situation will quickly worsen.
Applying for a quick loan is an exercise in responsibility. You have to verify that, once the money is received and the emergency has been solved, you will be able to have a source of income to meet the repayment installments.
Do not use an urgent credit as a mechanism to get ahead if you do not have a plan to pay it back.
Confirm that you meet the basic conditions for loan approval
Fast loans are characterized by establishing fairly flexible conditions. In general, it is usually necessary to have a DNI, a bank account in Spain, be a resident in Spain and have a contact form (mobile phone number or an email).
It is also possible that a minimum income or the presentation of a guarantee must be credited. This is less frequent, although more traditional fast loans continue to apply for them.
Finally, applications from people who appear in the delinquency records such as RAI or Credit Checker may also be denied, although some companies grant loans even when you may be on one of these lists.
If you cannot comply with these basic conditions, as well as those complementary that are established, it is not worth investing your time in requesting the fast loan. It is almost certain that the financial institution will deny it. The result is that you will not have gotten the money and the sense of urgency will have increased, causing you to make worse decisions.
Before requesting a quick loan, check all its conditions and make the request you can fulfill them.
If you follow these tips, your chances of getting a quick loan or credit will surely grow. In addition, you will have the assurance that you will be able to face it without problems and that the economic urgency that has taken away your sleep, in a very short time, will become an issue overcome.