To any of us, a situation may arise 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 situations or not, such as the breakdown of the car, the orthodontics of children, the return to school, the breakdown of a household 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.
Loans and quick loans can be an option to plug those economic holes that leave you in a complicated situation.
Compare the APR established in the available quick loans
This principle is applicable to any loan, including quick loans.
This type of products have higher interests than usual. No matter how much hurry you have, nothing justifies the fact that you do not consult several options and check the interest established for each of them.
The APR is the best way to compare the price or cost of the money that is lent to you, since it consists of the annual equivalence of the interest that will be charged to you.
It is especially important in loans and quick loans because these products are promoted by quotas for amounts that are apparently very reasonable. After all, many of these credits are granted for small amounts with the purpose of overcoming small emergencies.
A simple calculation of the interest that the fee paid represents allows to verify if the credit is very expensive or not.
When looking for a quick loan, do not look only at the monthly payment that you will have to pay, but in the TAE that implies.
Request the exact amount you need
We must insist that quick 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 suppose you have to pay more interest that, otherwise, would have remained in your pocket.
Before applying for a quick loan, calculate exactly how much you need to cover the emergency. 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 come free. If you can do without it or deal with those added expenses later, your financial situation will improve dramatically.
Make sure you can meet the return terms
There is nothing worse than failing to pay the installments of a quick loan. The penalties and late interest you will have to pay may suffocate you in such a way that your situation will quickly deteriorate.
Applying for a quick loan is an exercise in responsibility. You have to verify that, once the money has been received and the urgency has been solved, you will be able to count on a source of income to cover the repayment installments.
Do not resort to an urgent credit as a mechanism to get ahead if you do not have a plan to return it.
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 email).
It is also possible that a minimum income or the presentation of a guarantee should be accredited. This is less frequent, although more traditional fast loans continue to apply for them.
Finally, the requests of people who appear in the delinquency registers as Financial Credit Institutions can also be denied, although some companies grant loans even when you can be in one of these lists.
If you can not comply with these basic conditions, as well as those that are complementary, it is not worthwhile to invest your time in requesting the quick credit. It is almost certain that the financial institution will deny it to you. The result is that you will not have gotten the money and the sense of urgency will have increased, which will make you make worse decisions.
Before applying for a quick credit check all your conditions and make the request you can fulfill them.
If you follow these tips, your chances of getting a quick loan or credit grow. In addition, you will have the security that you will be able to face it without problems and that thus the economic urgency that has taken away your sleep, in a very short time, will become a question overcome.