What are mini fast loans
Mini fast loans are loans granted mainly by private equity entities that allow us to obtain small amounts of money up to 1,000 euros, to solve specific contingencies that imbalance our economy and require an immediate economic response. These fast and easy payday loans are requested online through a quick form and with a minimum of paperwork. All your analysis and approval process are automatic so we can get an answer in a matter of minutes and we will make the transfer of the quick mini loans to our checking account almost immediately.
With fast mini-loans, we can get amounts of up to 1,000 euros or up to 600 euros if we are new customers to return after 30 days in a single payment of the total requested capital and interest generated. Its price is around 1% per day so that 100 euros lent to 30 days will generate, on average, 30 euros in interest.
When will the money from the mini loans reach my account?
As its name suggests, mini quick loans allow us to get the money we need in a matter of minutes. However, sometimes even if the mini-credit entities have approved our application and made the transfer, the quick mini-loan may take up to 48 hours to reach our account.
This is due to transfers between banks. Transfers between accounts of the same bank are made instantly, even when it is a weekend; but transfers between different banks may take several days. Each quick mini-credit entity works with a specific group of banks so if we choose a company that does not work with the bank where we have our account, the money from the quick mini-loans may take longer to arrive.
Requirements to apply for quick mini loans
As the amounts of money that can be obtained with these products are very small, the conditions of the mini loans are more flexible than those that have to be fulfilled to obtain personal loans of a greater amount. However, as is logical, we must always meet a series of minimum requirements to obtain approval. These will vary depending on the company we go to in search of quick mini loans, but most agree to demand the following:
- Be of legal age or, in some cases, be over 21 or 25 years of age to be able to access the quick mini-loans
- Being a permanent resident in the national territory
- Have income: it does not necessarily have to be a payroll, as long as we have the regular, sufficient and justifiable income we can get it without a problem.
- Do not have pending debts: to request online mini-credits we cannot be registered in files such as ASNEF, RAI or EXPERIAN. However, there are mini fast loans with ASNEF that will allow us to obtain the financing we need if we meet two additional requirements:
- Amount: the debt for which we are enrolled cannot exceed 1,000 euros, although some entities allow applications with debts of up to 2,000 euros.
- Provenance: the debt cannot come from any bank entity, that is, it can not be due to a non-payment of a loan, a credit card or an overdraft.
Fulfilling these requirements we will not have any problem in accessing the quick mini-loans. To ensure that our application is approved, the requested capital and the interest payable at the end of the term must not exceed 35% of our income. That is to say, if we have an income of 1,000 euros, the repayment rate of the quick mini loans should not exceed 350 euros. In this way, we avoid unbalancing our economy and a possible over-indebtedness.
Documents needed to get mini quick loans
The mini online loans hardly require paperwork, although it will be necessary to deliver a minimum of procedures so that the entity ensures that we are sufficiently solvent and to avoid fraud with our personal data. Each company of fast mini loans requires some documents or others, although the great majority agrees in the following:
- Proof of income: a document certifying that we receive regular and sufficient income. It does not have to be a payroll, any type of income that meets these requirements will be valid as income tax or VAT, an unemployment benefit or pension are also considered regular, sufficient and justifiable income.
- Identity document: DNI, NIE or passport that verifies that we are of legal age and resident in Spain.
- Bank statement: so that the entity knows our monthly income and expenses and the account number where to enter the mini-credit.
In some cases, however, we can get mini-loans without paperwork and without having to send a single document. Some companies use applications with which they are able to verify our data through our online banking. In this way, they do not need to ask us for documentation, which also speeds up the whole process.
How to apply for quick mini loans step by step
Getting instant mini-credits is a quick and easy process. The main objective of these entities is to offer their users money instantly, so requesting them will not take more than 10 minutes. These are the steps to follow to get mini quick loans:
- Compare and choose: the first thing to do before requesting mini loans is to compare all the market offers and choose the one that best suits our profile. The entities constantly offer offers and promotions that we can take advantage of to pay less interest.
- Choose quantity and term: once you have chosen the quick mini loan that suits us, we must click on “request” and once in the web platform of the entity we can use your online simulator to choose the amount of money we need and the term in which we want to return it. With these simulators, we can see how much and when we should reimburse them
- Fill out the form: to continue with the application we must fill out the online form with our personal and economic data. The entity will analyze it automatically and send us a response to the email we have specified. In the mail of approval of our request will specify the documentation that we must send
- Read contract: in the email, you must also send us the contract which we must read carefully and resend signed if we agree with the specified conditions.
- Receive the money: when the entity receives the documentation and the signed contract they will carry out the transfer immediately.
It is important to request mini quick loans only when we are completely sure of being able to repay it without problems within the agreed term. If we are not sure, the best thing is not to request any type of financing since we run the risk of falling into a spiral of debts from which it is very difficult to leave.