Loans are very useful banking products on many occasions; from facing an unforeseen economic, to financing a reform or the purchase of a car. Know the best loans without mortgage guarantee and compare among them to get the product that best suits your profile.
What types of unsecured loans are there?
Thanks to fintech companies, companies that use new technologies applied to finance, the possibilities of obtaining loans without having to deposit a property or a valuable asset as collateral has increased. The variety of products offered by the financial market has grown considerably in recent years, so it is essential to know what types of credits there are and what they are for:
- Mini-credits: these products offer us small amounts of cash, which rarely exceed 1,000 euros, in a matter of minutes. They are perfect to solve an unexpected expense such as a fine or breakdown at home. Its repayment period, in general, is 30 days, in which we will have to repay the loaned capital and interest. They are usually no commission loans whose price is around 1.1% per day.
- Quick loans : these loans do not require any guarantee beyond the personal ones. Its speed of processing is similar to that of the minicréditos, although we can reimburse them in a longer period of time. Generally, we will pay them in monthly installments that can be extended in terms of three months to four years, depending on the amount we request. The amount of these loans is greater than that of the mini-loans, which can reach 4,000 euros on certain occasions and its price is around 6% per month.
- Personal loans: these products are created to finance larger projects, such as the purchase of a vehicle, a home renovation or a trip with which we always dream, since with them you can get amounts of up to 50,000 euros. Its price is around 8% APR and is reimbursed in long terms that can reach 10 years, in which we will be returning monthly part of the borrowed capital and interest generated in that month.
Depending on the purpose we want to give the cash we ask, we will have to opt for one product or another. While mini-credits and quick loans stand out for their usefulness in solving economic emergencies, personal loans will allow us to finance large projects, which is why they are usually requested with greater calm and in a longer period of time.
Loan requirements with a personal guarantee
When dealing with unsecured loans, the companies that grant them will not ask us to put a third person as a guarantee that pays if we can not. The lenders will only perform an analysis of our repayment capacity to make sure we can return the money. Depending on the entity we go to and the amount of the credit that we request, the requirements may vary. However, these are the general conditions that all lenders will ask us to comply with:
- Be of legal age: although some companies will ask us to overcome 21 or 25 years of age.
- Reside in Spain permanently: since the products are governed by Spanish legislation and are subject to the conditions of the national market.
- Hold a current account: where the lenders will enter the cash of our credit after analyzing our profile.
- Count on income: these have to be sufficient, regular and official. That is, they have to allow us to repay the loan legally and for the entire duration of the contract.
- Do not have outstanding debts: many lenders, especially banks, reject clients if they have defaults registered in a delinquency database.
Fulfilling these five requirements, we can apply for any of the types of online loans we mentioned above. Before signing the contract, it is advisable to carry out an analysis of our own ability to pay the loan, to know if we can afford to repay all the loan installments and avoid falling into default and its consequences.
What documents do I need to obtain unsecured credits?
The new technologies have allowed us to eliminate a lot of the paperwork that used to involve the processing of unsecured loans https://paydayloansstore.org/unsecured-payday-loans/ loans. Despite this, there is a minimum of documentation that we will have to give to the lenders to check our personal and financial data and evaluate our ability to repay:
- DNI or NIE: to confirm our identity and that we are residents in Spain.
- Proof of income: to document our ability to pay dues.
- Bank statement: to analyze our ability to save and our monthly expenses.
- Online form: we will fill in the lender’s own website.
With these three documents, we will already have access to personal credits. However, some companies that grant quick loans will allow us to skip the delivery of documentation with their identity validation applications. These apps will ask us for access to our online banking account and will perform all the necessary checks quickly. In this way, it will not be necessary to provide documentation and we will save a large amount of time in the application.
Can I get unsecured loans if I am in ASNEF?
Yes. There are companies that offer loans with ASNEF, that is, credits for people that appear in a database of defaults. However, not all those with outstanding debts registered in a delinquency file will be able to obtain these credits. To be accepted as a client, the debt for which we appear on these lists must meet the following two conditions:
- You can not exceed a limit: the debt can not exceed a maximum amount that the company itself will set according to its risk policy. This limit is usually around 200 euros, although there are companies that will accept us as customers even if we owe 500 or 1000 euros.
- It can not have a financial origin: the companies that grant loans to people with defaults usually reject clients whose debt comes from a non-payment to a financial company. This refers to people who have not paid the installments of a previous loan, their mortgage or the terms of their credit cards.
If our debt does not exceed these limits set by the lenders and comes from a non-financial company, such as a supplier of electricity, electricity or the Internet, we can obtain loans without mortgage collateral. All this despite appearing in a file of defaults as ASNEF or Experian.