Microloans have come to modern life as a solution to many of today’s problems. More and more people are requesting them in the country. The request is not only made by those who are in extreme situations, but you can also ask for them if you want to treat yourself or, simply, go more relaxed at the end of the month.
The reason why more and more people are requesting a micro loan is because of the suitability of the solutions they offer. If you also want to benefit from these financing formulas, we will tell you all the information about them before you request them.
How can you request micro loans
Next, we offer you a series of indications that are interesting to consider when requesting a micro loan.
1. Think about the amount you need
The first thing you need to ask for a microloan is to think about the amount you need. Consider the needs you have, as well as what you are hoping to achieve. In this way, you can decide the appropriate amount that you need so that you do not fall short of your requests.
2. You must have a bank account
Later, what you have to do to ask for it is to have a bank account. A microloan is not something that can be delivered by hand, just as you can not enter an account that is not associated with you. Therefore, it is essential that you have at hand information about your account and your number. This is because payments for these amounts are made through a transfer.
The information that you will be asked is very basic. You just have to verify in some way that you are truly the owner of the account to which the money will go, as well as the person who is requesting it. It consists of a basic measure of protection. Thus, nobody can ask for a monetary amount supplanting an identity. Therefore, it is also a measure that protects you.
3. You have to be of legal age
Another basic factor if you want to have a microloan is obvious: be of legal age. It is a matter of legal responsibility. It is impossible for a person who is under 18 years of age to apply for a loan because it is not an operation that is regulated or that is binding.
When can you request them
Microloans can be requested at the time you want. Whenever you need a certain amount of money, this will be available in just a few minutes. In turn, when dealing with small amounts of money, they are quite comfortable to handle in all aspects, both when contracting and when to return them. Keep in mind that rarely exceed a thousand euros.
Also, keep in mind that you get, at most, fifteen minutes, so you can request it when you really can not do it anymore. Microloans are designed for the emergencies of modern life. For example, you can order it if you want tickets for an impromptu trip, for an event or for a concert. Even if some month it takes more to collect your salary and you have had more expenses than usual, you can choose to have liquidity instantly.
Because these solutions can help you fix specific situations, you will not always need to borrow from a large bank. For smaller issues, small loans are the appropriate middle ground.
In conclusion, these products are one of the most interesting solutions if you need liquidity at present. Small loans can solve a lot of troubles and help you pay for any more expenses you may have. They are a help that you can have when you need it, in a comfortable and simple way, since they are processed through the Internet.
The request for microloans with responsibility
Generally, small and fast loans are financial products that usually do not exceed 1000 euros and the expiration date, as a rule, does not exceed the month. The demand for micro loans has grown almost exponentially in recent years. The main reason has been the financial crisis that has affected so many people in Spain, although there are many more reasons.
The commitment of the microloans is to help you once you request them. In this way, you will be able to carry out all your projects, even if unexpected expenses or small specific gaps arise that are sometimes so difficult to face. These financial products advocate responsible use by providing transparent and clear information.
We know that the financial products industry is full of confusing prices, very rigid reimbursements and fees that can sometimes catch you by surprise. The small loans are proposed differently so you do not get scared, and so you can get rid of the debt quickly and be able to opt for this type of solution in the future, since they do not lengthen the return process.
Microloans have processes adapted to your needs
As we mentioned before, the objective of these financial products is an action that makes your life easier when it comes to having to face your debts. Also, another fundamental proposal is that it is easy for you to pay for the microloans you have requested online when the time comes to expire.
Therefore, when you request a microloan quickly, it is normal to be asked to give all the information of your debit and credit cards. Our recommendation from Bonsai Finance is that, in order to avoid future problems, contributions always a debit card. This is because when the microloan reaches its due date, the lender will be responsible for carrying out the return process for you.
Finally, we must clarify that if the time comes, you can not pay the small loan on the due date, sometimes the lender gives you the option to pay only the fees. However, the term will be extended, as well as the conditions thereof as a result of the extension. In this way, you can reorganize your savings better so you can pay your debt in the best way.
What are the most notable advantages of online microloans?
For many people, getting a loan at a bank is an impossible mission. Microloans are financial products that can help you deal with these types of problems. The advantages that can bring you are many, both at the time of requesting and returning the money, as well as the fact of not needing a financial institution.
1. Ease of processing
The request for liquidity is very simple to make. The contract is much simpler than that of any financial institution and can be closed by email or by mobile phone. In addition, another of its facilities is that you can order it without having to leave home.
2. You are more likely to be granted
For entities that make small loans, customers are the most important. This is the reason why most of them accept almost all requests for financing from customers.
3. Money income is fast and repayment terms can be extended
In a matter of few hours or even minutes, the money you have requested will reach your bank account. With regard to repayment terms, although they are usually amortized after thirty days, there are offers that allow you to extend them even for more than three months.
4. Many do not need a payroll or endorsement
To apply for loans in banks, a problem that many people have is that they do not have payroll. For microloans, there is no need to have a payroll. Do not even have a fixed monthly income or be self-employed. The only thing that the lender will want to make sure is that you have a source of income that allows you to return the money. Likewise, you do not need any kind of third-party or goods endorsement, since these are very small amounts.
5. There is no need to explain
Contrary to what usually happens in traditional financial institutions, you will not have to give too many explanations. The lenders do not ask the reason for your need. They know that it can be for any type of unexpected or just to give you a whim. The reason for the request does not matter.
6. They allow you to negotiate if you want to extend the repayment terms
Some lenders allow you to postpone the repayment of the amounts of money you have requested in extensions. Most of the time what you will be given is thirty days longer. However, other times you will have up to three months or more.
7. You can request your loan at any time
It does not matter if it’s a weekend, a holiday or even Christmas. Request a small loan is possible at any time and at any time, because as we have said before, are created for everyday expenses or for contingencies.
More trivia about small loans
Since banks stopped lending so easily, many have had to look for other reliable sources, without giving up the advantages. One of the most viable alternatives is the small loans, which have small amounts that will help you get fast and safe money. Currently, microloans are the most requested option for those who want to have extra capital.
1. They have greater flexibility
When we think of flexibility, what comes to mind are banking entities. However, banks impose requirements that often go beyond our budget, or that are very strict. Or, they take into account our credit history.
At the same time, they also consult if we appear in lists of defaulters as ASNEF or if we have payroll. In this way, our financing possibilities are reduced.
Requesting liquidity thanks to these small loans is much simpler. First of all, no payroll is required, but as we have explained, you will only be asked for a demonstrable and moderately regular financing option. Forget the guarantees, the debts and the bank accounts that are required by the entities.
2. They have better interest rates
Likewise, it is erroneously thought that microloans have high interest rates. This is not like this. Interest rates are quite similar to those of banks or even better. When you return within a very short period of time, interest rates such as the APR will not be applied to you. The percentage applied will depend on your amount and the term. The sooner you return it, the better conditions you will have.
3. Its specific purpose
The main reason why microloans are the favorites among thousands of people may be that it is not necessary to provide a budget, or a reason why you will need them. Forget about having to justify or provide long explanations, as well as having to answer questions or endure negative from the entities.
With the Internet, we could say that all sectors of our economy have completely changed, including that of the world of finance. As we have been able to point out throughout this article, just as a few years ago you had to compulsorily pass through a bank, now the situation is completely different.
Undoubtedly, one of the most obvious cases of this revolution is how the way we have applied both for requesting and lending money in the small loans sector has changed, as well as online . These are the micro loans, which are very well known nowadays due to their comfort and security. Nowadays, more and more people are advocating for these financial products to obtain the financing they need.