Today many people or families face a long period of economic crisis and do not always get well at the end of the month. More and more people find themselves without a permanent job that allows them to have a solid and decent monthly income and in many cases they are forced to apply for a small loan.
In order to obtain small loans it is important that we know all the characteristics of them, starting with the requirements and how we can receive them without the need for payroll. What is a mini loan?
If we are in need of some type of financing, banks and financial institutions offer a large number of proposals to obtain them. On the internet, we will also find many interesting solutions according to the needs of each one, among which the mini loans, which are aimed at an increasingly large clientele.
It is a financing option that allows us to have access to a relatively small amount of money. You might think that for this reason they are not very useful, however, the frequency of applications for mini loans in Spain is increasing, and it has become the ideal solution for all those who need a small amount of money to cover an expense unexpected.
This is the case, for example, of dental expenses or other medical problems, but also, of the mechanic’s expenses after a breakdown of our car. We can also choose the mini loan if we want to make a trip for which we do not have all the money available immediately and therefore we prefer to pay in installments.
This procedure is an unfinished financing, perfect for needs of various kinds, together with the fact of providing a cost that is not too high. When we talk about mini loans, normally the amount of money we can request goes from a loan of 500 euros to a maximum of 1,500 euros, although in some cases the maximum threshold is higher and reaches up to 3,000 euros.
Characteristic of the minimum loans
The main feature of mini loans is precisely the amount of money we can disburse. Several advantages derive from this characteristic, which have certainly favored dissemination.
For a credit institution, the disbursement of the mini loan is a minimal risk. This lower risk translates into an easier financing grant. It does not mean that the mini loan is granted to anyone without distinction, but there are certainly fewer restrictions than financing larger amounts of money.
For this reason, even those who are not working and therefore do not enjoy a payroll, have the opportunity to receive a small loan in which they are interested.
The mini loan is, in fact, the fastest financing in history, since in many cases it provides an immediate disbursement. For this reason, it is the ideal solution for those who have to face an unexpected expense for which a loan of 1000 euros may be sufficient.
Mini loan without payroll and no guarantees: how to apply
One of the advantages that the amount of money that we are going to ask for is quite low is that less restrictions imposed by the banks are needed. In this sense, we often talk about unsecured mini loans, but is this really possible?
Of course, there is no credit institution willing to provide financing without first providing any collateral, simply because it would be an unreasonable risk too high for the company. For this reason, although minimal, these online entities must request some kind of proof that certifies that the money can be returned.
The guarantees to which we refer about mini loans, as well as other forms of financing, are real estate, which are based on owning a property, or the presentation of a guarantor, that is, a person who in our place Take care of the monthly fees we have not paid.
If we have the opportunity to show the bank that we have a guaranteed monthly income, which can be a salary or a pension, then we can have access to financing even without having additional guarantees. As for mini loans without payroll, the main companies offer the possibility of applying online without too much trouble.
In particular, this form of loan is aimed at self-employed workers. However, if we belong to this category of applicants, it is not always possible to receive financing without a paycheck, but in this case we are offered an excellent opportunity.
If we are autonomous, we can receive the small loan we need even without guarantees, presenting the last income statement. It should be noted that in some cases, this option is also available for personal loans of higher amounts of money.
However, problems may arise at the time of the request, since the income of a self-employed worker is not as constant in time as that of an employee and, therefore, if the request is too high, it may not be possible. accept. If this is your case, we recommend you to see our guide of loans for freelancers where we explain all the alternatives that this group has, with its advantages and disadvantages in the hiring of credits.
This type of problem is not usually raised in the case of mini loans, since the monthly installments are very low, even those who do not have a particularly high income will be entitled to receive the desired financing. For the unemployed who are looking for work and are interested in a mini loan without pay, the situation will obviously be more complicated in this case.
How to apply for a quick online mini loan disbursement: the best financing
Applying for this financing is very simple and most companies offer us the opportunity to do it directly online. This means that we can make the request simply by entering our bank’s page and accessing it through our credentials.
At this point we will have the possibility to compare different solutions thanks to free simulators, which will allow us to calculate the amortization fee and the interest rates of each loan based on the amount we have entered and the duration chosen for our financing.
Once the ideal financing option has been chosen according to our needs, we can proceed immediately with the application of the mini loan that interests us. Given that the amount of money is relatively low, in many cases the disbursement will be immediate, and therefore the money we will need will be immediately available in our checking account.
Quick disbursement is definitely one of the strengths of mini loans. Another service offered by several credit institutions and that speeds up the way we request even more, is through the Apps that can be downloaded on both smartphones and tablets.
In this way we will have the opportunity to manage our account wherever we are, and in the same way submit the financing request with a simple touch on the screen.
What should we consider when applying for a loan?
When dealing with a loan application, it is good to consider several factors:
We must carefully evaluate all available offers, without stopping at the first one we find and in their contractual conditions. Both interest rates and additional costs can vary greatly from one institution to another, and if we do not want to have bad surprises it is better that we take a little more time to consider all options well.
Never request liquidity
Because the purpose is generic and we could go to pay debts related to other credit positions open with other financial institutions. For this reason, banks, feeling exposed to a higher risk, tend to apply much higher interest rates to these types of loans.
Always specify the purpose
Banks and financial institutions package ad hoc products depending on whether the loan finances one project or another. If we already have one or more open loans, we must request the purpose of “consolidation”, a form of customer loyalty that refers to a single interlocutor, often with an easier repayment installment.
Consolidation can be a solution that meets the needs of families and those who have more than one open line of credit, perhaps without being fully aware of it. We speak, for example, of some mini-loans such as the one that opens with the purchase of a mobile phone in installments or an appliance.
By merging or redefining the debt with a single entity, we can benefit from a delay at the time of payment and a reduction in the amount of individual payments.
Before each transfer, we must know that the bank or financial institution evaluates the risk profile of the person and the history of the applicant, that is. Our financial history in case of insolvency or weakness, which will increase the risk factor and lead to a denial of financing or higher rates.