What are urgent mini-credits and how do they work?
Urgent mini credits are financing products granted by private equity entities that allow us to obtain money in a few minutes, up to 1,000 euros, without having to be senior with the entity or contracting related products in order to access them.
This type of financing is designed to meet the needs of urgent money caused by unforeseen events such as a fine, a breakdown in the car or any other unpredictable expense. Hence, they are products that allow access to small amounts and have short repayment terms.
These products allow up to 1,200 euros, or up to 1,000 euros if we are new customers, to return within a maximum period of 30 days (although some entities will offer us longer periods). They are reimbursed in a single payment composed of the interest generated and the requested capital. Most entities only allow new customers to ask for 300 euros and only one will enable us to access 1,000 euros the first time with them.
Its cost is around 1.1% per day , that is, 33% per month in this way 100 euros lent to 30 days will generate 33 euros in interest and, as we have to reimburse it in a single payment, we will have to reimburse 133 euros in total, the capital requested plus accrued interest.
In addition, it should be noted that an immediate mini credit does not have additional fees such as study fees or opening fees. That is, unlike other larger loans, we will not have to face this type of extra expenses.
Mini urgent loans as fast as possible
Normally, private equity companies make the transfers to our account immediately, that is, once they have given us the go-ahead they will proceed to deposit the capital and this can take a maximum of 15 minutes. However, there is a factor that can influence the waiting time and that will cause the money to be delayed up to two business days to reach our account.
This is due to the time it takes for money transfers to take place. While transfers of money between accounts of the same bank are immediate, transfers between accounts of different banks will take longer. As lenders do not have bank accounts in all entities, if we choose a mini-credit that does not work with our bank, we will take more time to receive the money.
There are free mini-credits at 0% APR
Yes. Due to the great offer of credit entities that are dedicated to mini online loans, there are currently many attractive offers that try to attract customers. Among the most acclaimed and, at the same time, advantageous for users, we highlight the mini free loans:
- A type of loan that does not have any interest for its use. That is, we can benefit from the loan and, in a maximum of 30 days, return exclusively that money, without interest generated. However, these types of offers are not available for all customers, only for new ones.
For the mini-credit to be really free it must be at 0% APR. For the already customers there are no free mini-credits but with enough discounts thanks to the loyalty plans. In addition, customers already have the advantage of being able to access larger amounts of money.
Request mini urgent credits online responsibly
When we request an online loan from GADcapital, it must be to deal with a specific financial problem that requires a quick economic response. That is when we have to deal with unforeseen expenses or payments and we do not have enough liquidity to allow us to take responsibility for this situation successfully, such as buying a washing machine, paying an electrician or facing a fine. Among the most notorious features of the urgent minicréditos we find that:
The deadline for returning credits plus fees is very short and usually does not exceed 30 days. However, some lenders have decided to extend their repayment terms and allow extending the refund up to 60 days. Sometimes, even, dividing the return in a couple of installments.
The return of both the capital of the loan and the interest will have to be paid all together at once, upon the expiration of the loan, which as we have seen is very short. Therefore, we will have to foresee that we will really have the money on the agreed date.
For this reason, in order to request them in a responsible manner, we must do so, being completely sure of being able to reimburse it in a maximum of one month and in a single payment. However, it is not recommended that we ask for minicréditos on a frequent basis under any circumstances, because of its high price and the short repayment period that they have, we could have problems to return the money, which would cause serious problems of indebtedness.
Can I get mini-credits without having a payroll?
If we do not have a fixed payroll, we can also present other types of valid income to get an urgent mini-credit. In the following video, we explain what characteristics your income should have so that mini-credits without payroll are accepted and we give you some examples of valid income:
As our expert in finance in the video, we can get urgent minicréditos without payroll as long as we present a regular income, justifiable and sufficient, so we would be worth a pension or an unemployment benefit, for example.
Documents needed to contract mini credits
Online mini-credits at the moment require little documentation to be able to hire them. However, it will be necessary to deliver a minimum of paperwork so that the entity can verify our identity and avoid fraud. Each lender will request a type of documents in accordance with their analysis policies, although the vast majority requires the following:
Identity document: DNI, NIE or passport that serves to prove the age we have and where we have our habitual residence.
Bank statement: this is the document that certifies the movements of our current account. With the extract, you can display the usual expenses as well as the fixed income.
Proof of income: will serve any document that proves that we receive recurrent income and that these are also sufficient and have a justifiable origin.
These documents will serve to assess whether we comply with the required requirements as well as to prevent anyone from using our data without our permission in a fraudulent manner. We can send attachments in the form or in an email, according to the steps indicated by the entity.
More speed with verification applications
Now it is possible to find urgent minicréditos entities that work with identity verification applications, such as Instator or Pich, for which we will not have to send any document. These applications collect the necessary banking and personal data in a matter of minutes, so we reduce the time of the request considerably.
At some point in the application, we will be asked to enter our online banking application so that the other application can collect this data. It is a safe process that saves us time, so we can expedite the arrival of our money.