Private loans are financing products offered by non-banking companies that will allow us to carry out our projects regardless of the amount we need. Here we can compare the best private loans without endorsement and get financing without putting any property as collateral:
What private loans can I request?
Private personal loans are those offered by non-bank private equity entities. These companies gained much prominence in the market after the closing of the credit tap that the banks made because of the crisis in 2008. Many new lender companies emerged and began to offer alternatives to the banking to obtain financing, also expanding the offer of products financial These are the main private loans without endorsement that we can request:
- Mini-credits: these products are used to face unexpected payments that have to be solved urgently as a breakdown or the payment of a traffic ticket. Its speed of concession allows us to have the money in a matter of minutes. The amount that we can obtain with them reaches up to 1,000 euros if we are new customers and 1,200 euros if we have already requested a loan with the same entity. Its price is around 1.1% daily and has a repayment period that usually does not exceed 30 days, in which we will have to return the loaned capital and interest generated in a single payment.
- Quick Credits: if it were the case that the capital that we can request with the mini-loans does not cover our needs, but we still need cash urgently, fast loans are a good option. Its processing is as fast as that of the aforementioned products, but they will contribute up to 4,000 euros that we can return in monthly payments ranging from 3 months to 3 and a half years depending on the company. The price of these products ranges between 3% and 12% per month, although it will depend on the amount requested and the entity we go to.
- Private loans without the endorsement of large amounts: These products are useful to finance large projects of our private life, such as the purchase of a car or a reform of our home. The price of these loans is around 8.5% APR as confirmed by the Bank of Spain and they have a much longer term, which can reach 10 years. With them, we can get up to 100,000 euros without having to provide any endorsement, depending on the company with which we request them.
- Consumer loans: these loans are granted by large stores such as shopping centers or specialized electronics and home stores. With them, we will obtain the product that we want to buy and not the money itself. The financing that we can obtain from these companies is very varied, being able to get very advantageous offers.
Depending on our situation, we will have to opt for one type of financial product or another. To know which one to choose, it is advisable to carry out an analysis of our own economic situation and our ability to pay. Thus, we will know our need for financing and the fee we can assume to reimburse monthly.
What are the advantages of private loans with a guarantee?
The credits offered by private entities have conditions similar to those offered by banks. However, there are a number of differences that can be advantageous for your customers, which we proceed to list:
- More flexible award criteria: private loans without collateral are easier to obtain than bank products. Sometimes, it is possible to get loans even if we appear in a database of defaults, which is impossible if we go to a bank.
- No fees: while the vast majority of Spanish banks apply opening and study fees to their loans, many private equity entities will not require this type of extra cost.
- Greater speed of concession: the private lenders have adapted with greater speed to the new technologies, what has done that streamlines the process of request and analysis of the profile.
- Online application: we can access easy payday loans, easy as 1-2-3 without having to go to an office. We only need to have access to the Internet to get financing.
In addition to the above, when dealing with private loans without property, we will not have to involve third parties who assume the loan payment if we can not do it or deposit a good as a guarantee of payment. However, in the event that we comment on a non-payment of the credit installments, we could suffer an embargo of our present and future assets, that is, our future income and the savings we have.
What are the requirements to obtain private personal loans?
Although the criteria for granting private loans without endorsement are much later than those that will be imposed on us if we go to a bank, we will have to adjust to a series of conditions to obtain these financial products. The companies that lend money will decide what requirements they impose on us, so these may vary between entities, but generally, these will be:
- Being of legal age and permanently resident in Spain
- Hold a current account
- Have enough, frequent and justifiable income
- Do not have pending debts registered in an unpaid file
Although some entities offer loans for people who are in ASNEF, the debt for which we appear must meet two conditions: not exceed the limit established by the company to which we go and not have a financial origin. If our default complies with these requirements, we can obtain financing without problems.
Are there free private credits?
Yes. The enormous competition that exists in the financial market since the emergence of private equity entities has produced a huge bidding struggle. As borrowers, we can take advantage of these promotions to obtain financing with very favorable conditions, even to be able to obtain private loans without endorsement and without interest of any kind.
Despite the fact that many large commercial areas offer us interest-free financing so that we can acquire their products, this practice is also common in entities that offer mini-credits. With these promotions, we can get cash and reimburse it without having to return anything more than the loaned capital, without interest and without having to report the purpose that we are going to give to the money.
To access these offers, we must be new customers of that entity. In case we have already requested a mini loan with that lender, we will have to contribute the usual interests of that product.