Because not all clients have the same level of solvency and not all financial purposes carry the same risk, GREEN-TOUCH.ORG on the internet offers loans tailored to suit your financing needs.
Urgent financing for incidentals of a small amount
There are situations in which extraordinary expenses of low amount are suddenly presented, such as a traffic ticket, a visit to the dentist, the repair of the mobile phone, etc., which we must face urgently, but if we do not have enough savings and we can not borrowing from a family member or friend, we will have to end up applying for a loan. On these occasions, the financial market offers different loan models:
- Quick mini-credits: as a result of the economic crisis and the difficulty of obtaining financing through traditional channels, mini-credits landed in our country in the hands of private equity companies. They are easy loans to get even when you are in ASNEF or without payroll. They are also instantaneous, since your application is online and without paperwork, so in just 15 minutes we can enjoy the money in our account. The amount that we can normally request varies between 50 euros and 750 euros if we are new clients, or up to 1,200 euros if we have previously requested a loan with the company. However, the financing cost is high, since it is around 1.1% daily and the maximum term is usually 30 days. In this way, for every 100 euros requested we will have to pay 33 euros of interest. The amortization is carried out in a single installment at the end of the term so that the last day we will have to return to the lender a total of 133 euros. Consequently, due to its high price, the hiring of this type of financial products should not be abused.
- Quick credits: they are similar loans to mini-credits, except that they grant higher amounts, specifically between 1,000 euros and 5,000 euros. In addition, although its approval is also instantaneous since it is also requested online and without paperwork, its amortization period can be extended to several years. On the contrary, they can include study, opening and amortization commissions, as well as linked products, as insurance. The cost of quick loans is also high, since normally the minimum monthly interest starts at 5% TIN, although it may be higher depending on the profile of the client, the term and the amount.
Financing to pay for your purchases in installments
If what we are looking for is economic help to pay for the purchase of goods or services , such as appliances, electronic products, a trip, the monthly purchase of the supermarket, etc., and we do not want to face the cost of hitting, in order to have a greater liquidity, the financial market offers us these alternatives:
- Credit cards: although they are similar to loans, they are not exactly the same product. Credit cards put at our disposal a specific amount of money, usually between 600 euros and 8,000 euros, although there are plastics for very solvent customers, such as gold or American Express cards, which grant much higher amounts. With this amount we decide when and how we use it, we can finance our purchases and choose the payment method, either in a single installment at the beginning of the following month without interest, or in several installments with interest. Its cost is around 24% APR. Finally, although a card could also help us to face an extraordinary urgent expense, it could only serve us if we already have it, since if we have to request it, it would take more than 10 days to dispose of it.
- Consumer loans: they are also used to finance the purchase of goods and services. We can contract them with large stores, dealerships, etc. The interest on these loans is very competitive, even some establishments offer to finance at 0% TIN within a certain period of time.
Loans for larger projects
If we need financing to carry out projects of high amounts, above 5,000 euros, such as a reform, the purchase of a vehicle, the payment of the university, etc., we can resort to personal loans granted by the entities banking.
- Personal loans: we can get up to 50,000 euros or more to be repaid in terms that range from 12 months to several years, depending on the amount required. The interest of personal loans in our country, is around 8% APR on average, although it can range between 5% and 15%, depending on the amount, the project, the term, and profile of the client. In addition, we must bear in mind that this type of loans usually has an opening, study, early repayment and insurance contract fees.
- Loans with mortgage guarantee: if we need an even bigger financing, we can request a loan with mortgage guarantee in a company of private capital, with which we can get up to 300,000 euros. In return, we must have a home owned or with a mortgage to which less than 30% of the amount to be amortized. The term of these products can reach 20 years, but the interests are higher than those of an average mortgage, which currently does not exceed 3% TIN to 20 years. They can also include commissions and management expenses.
- P2P Loans: they are loans between individuals, but also for companies, which are managed through crowdlending platforms. So that investors lend money to customers who need financing, with interests that vary depending on the risk rating of each project, although the minimum rate is around 6% APR.
Who can grant you loans to suit you?
To get a loan for our measure there are different channels to address, unlike what happened before the economic crisis, when traditional banking was practically the only option.
- Banking entities: they are more conservative, so they assume a lower risk when it comes to financing, at the same time that they require more requirements, such as not having debts, minimum income, payroll, etc. In the banks, we can contract credit cards, personal loans, or reform loans, among others.
- Lenders: the so-called private equity companies assume more risk when lending money, require fewer requirements and less paperwork. They may be the option to go to if the traditional option fails. They can accept ASNEF and it is possible to obtain financing without payroll.
- Crowdlending platforms: contact customers who need financing and investors who want to make their savings profitable. In these platforms, we can access the so-called P2P loans.
- Service companies: such as department stores, concessionaires, establishments, etc., that can offer us financing to buy goods and services in installments.
What requirements do you have to meet to get a loan?
Although the level of demands will depend on the entity or credit company with which we perform the contract, normally to apply for funding we will need:
- Regular and demonstrable income: through a payroll, pension, unemployment benefit, etc., we must show that we have a regular and periodic source of income that allows us to repay the debt without risk.
- Guarantees of payment: on the one hand there is the personal guarantee, which is the set of our present and future assets, but they can also demand an endorsement, another person that can respond to the debt in the event of our default.
- Do not have debts: although some lenders accept profiles of clients that appear in files of non-payment, usually to obtain financing we cannot have other debts.