Mini-credits are a form of financing that gains more followers every day. For this reason, it is very common to create new mini-credits to reach a larger market and help a larger variety of people. But all these minicréditos have, with respect to the traditional loans, several differences that it is important to know. Let’s see what they are.
Differences between new mini-loans and traditional loans
Finding the right financing every day is easier. Microcredit lenders have greatly facilitated things for those people who need money urgently. But, in addition to the rapidity in the applications that is already known worldwide, what else do the mini-credits of traditional loans differ from?
Money entered faster
From the moment you make the request for your microcredit until you have the money entered in your bank account can take less than 15 minutes. This has made many people prefer this system to that of traditional banks. In them, the wait from the moment you request the money, until you have it entered in your account can be days or even weeks.
The normal thing when you go to a bank office to apply for a loan is to request a large number of papers. Many documents are necessary for the entity to know that you are eligible for the loan application.
This does not work anymore in the case of new mini-credits, in which you can request your loan without more documents than the DNI or NIE and, perhaps, a proof of your bank account. It is not even 100% sure that you will request documents during the application, since not all companies do so.
Transparency without small letters
How important it is not to have small letters when applying for a loan! When we talk about money transparency is vital. For this reason, the fast credit agents have decided to give all the information from the beginning. In this way, you, as a user, can choose if it is convenient for you to send this request or if, on the contrary, it is better for you to look for another lender.
If you have ever taken out a secure bank loan, you remember the bank’s call telling you that it is necessary to take out insurance or any other type of product so that the loan actually complies with the information you received. Other times, simply, they do not allow you to apply for the loan without hiring those services in advance. In most cases, the products that force you to hire do not serve you at all and only represent an expense. That is why fast lenders have eliminated them from their options.
In most of the banking entities it is necessary that you comply with a long list of requirements to qualify for the loan. In addition, on many occasions it is essential that you have a payroll, an endorsement and that you do not have any type of debt. People in FCI are usually rejected simply for that fact.
Mini-credit lenders are very clear about their priorities: offer you money easily and quickly. For that reason, they do not require so many requirements, neither is a guarantee nor fundamental that you have a payroll. Even people who are in FCI have a perfect microcredit for them.
Of course, almost all are advantages if we compare online mini-credits with traditional bank loans. Now that you know all the differences between microcredit, especially new mini-credits and bank loans, you already have everything you need to decide which of the two forms of financing is best for you.