The immediate online loans can be your quickest solution when you see an unexpected in your economy. They can be, without a doubt, the right solution for those people who are looking for loans and need an immediate answer.
There are several advantages of this type of services, such as the speed with which they are granted or the comfort with which the process is carried out.
Normally, the documentation required is infinitely simpler than the one requested in the traditional banking system, which requires guarantees and other requirements. Here is enough with your name and your ID, in addition to a mobile phone, to access the small amounts that are handled in these quick loans.
Benefits of instant online loans
The law that regulates the online loan service is the Consumer Credit Law of 2011. This law establishes the basis for the granting of loans exceeding 199 euros and less than 75,000.
Modalities of online loans that you can access
Currently, there are several alternatives to access a loan, being able to talk about a series of conditions and specifications according to the different offers.
On the one hand, we have microloans or small loans online. This type of option allows you to request up to 1,000 euros on the Internet without much documentation and very quickly. Initially, loans of 300 euros and even more are usually granted. If you are a recurring customer, you can get up to 1,000 euros or even more. The repayment terms are short, since they tend to be around 30 days, but we recommend using them only in case of specific needs.
On the other hand, we have online loans that range between 1,000 and 5,000 euros. For slightly larger quantities, the return period is somewhat longer. These are loans that are used for somewhat more substantial expenses and you have to pay fees that include interest that is between 3 and 5%.
It should be noted, on the other hand, those online loans that involve large sums (50,000 euros). The APR for this type of services is usually at 8.56% (according to the Bank of Spain); however, you can also get some less expensive options.
We talk next about online loans between individuals. If you are interested in this type of financial product, also called peer-to-peer loan, you can get money quickly and through the Internet through specialized applications. More and more p2p loan platforms are offering this option. In some cases it is not necessary for the lenders to reveal their identity, that is, they can remain anonymous and obtain economic benefits through the interest that the beneficiaries of the loan must assume.
Finally, it should be noted that there are online loans without interest. Currently, there are more and more lenders that can offer fast loans online, which has fostered a more competitive environment in which loans can be requested without interest, commissions or services that may be additional. As is normal in this type of digital loan services, in a very short time after having requested it, you know if the loan has been accepted or not.
Finally, we will highlight that this type of loans is more requested by men than by women. And, according to different studies, curiously tend to request more during the months of August and September.
From Astro Finance we try to give you the security you need to make the decision to request immediate online loans whenever you need to cover an emergency and you adjust to the few requirements that are required.