Urgent credits are a financial tool that can be very beneficial when you are in an economic bind.
Now that spring is coming, it’s time to start planning your summer vacation. But of course, most companies and travel companies require an advance payment to reserve a place.
This is very common due to the great demand that there are to book hotels and tour packages, especially if you are thinking of going to a rather touristy place. Faced with this problem, you have two options. The first is not to book your vacation now and wait for the money, risking having to stay in a worse hotel and even being able to stay without places for excursions and other activities.
As for the second option, you can request an urgent credit requesting the money you need and book your vacation. After this, you can return the sum little by little comfortably.
What are urgent credits?
The first element that you have to keep in mind regarding this product is the word “urgent”. This means that they are designed to cover a lack of money that must be corrected in a few hours (between 24 and 48 hours). This characteristic marks a huge difference with the traditional loans offered by banks.
Therefore, they are a tool that more and more people are turning to. The financial entities that operate on the Internet have created this product to cover the needs of those who are in an economic predicament for which they need to obtain liquidity quickly. However, there are many other characteristics that define this financial instrument.
Characteristics of urgent credits
The most descriptive characteristic of this product is its speed, both in processing and receiving money. In most entities, all you have to do is fill out a form indicating the amount you need and the time in which you can return it, as well as providing documentation that is quite scarce and easy to obtain.
A few hours after sending the application you will receive a positive or negative response about the financing, and almost immediately you will have the money available in your account.
Another very significant feature is the simplicity in its procedures. Since this type of product has been born in the digital environment, it has acquired part of its operating philosophy. Therefore, they are far from being a complex paperwork that involves several hours of dedication. What these companies are looking for is that you have what you need in a simple way.
In this way, their application forms are easy to fill out and with succinct questions. Therefore, it will not be difficult for you to request the money.
Third, we must mention that the term for the return is quite short. Certainly, this will depend a lot on the company to which you apply for the loan. But, normally, it does not usually exceed three months. In this will also influence the amount you request. It is not the same as asking 200 euros to ask for 1,000; Depending on the amount, the financial institution will offer you a more or less extensive return period.
It is interesting to know that the quantities that can be ordered are not too high. Most companies offer a maximum of 200 euros. However, you can find others that offer up to 1,000. It’s all a matter of you asking yourself how much you need and when you can return it. Based on this you will have to compare between the different offers that you have.
In any case, if what you must do is deliver an advance on the cost of your vacation, the most likely is that it does not exceed 300 euros. Therefore, there will be more than enough offers to satisfy your need.
Finally, we have to make reference to that their requirements are much more lax. The main objective of this is to cover the market of those people to whom the banks deny credit. They remain in this way as the best option for those who have an emergency and are not supported by banks due to the demands they impose when giving financing.
What are the requirements to obtain an urgent credit?
Following the previous section, we will specify the general requirements that are usually requested to access this financing. The reality is that, depending on the company and the amount you need, these requirements may vary. However, there are certain conditions that are common to access urgent loans in all companies.
1. Be of legal age and reside in Spain
To be able to take charge of a debt, it is necessary that you be of legal age. For this reason, all companies demand it. On the other hand, you must reside in Spain to opt for the products they sell in this country.
2. Have a valid identity document
It does not matter if it is a DNI or a NIE, but it must be in force when you request the money, since they will require a photocopy of your identification document and if it is not in force they will not accept the application.
3. Have regular income
Depending on the company, this will be more or less strict. There are some companies that will require you to have a payroll, even if it is not too high. In others it will be enough for you to receive a pension or an unemployment benefit, and others will simply ask you for an extract of your account to verify that, in effect, you receive regular income.
In any case, receiving a certain amount of money, even a small amount, on a regular basis will be an important requirement.
4. Have mobile and email
Being an online entity, the standard way to communicate with you will be through SMS or call or through an email. For this reason, it will be essential that you have a mobile line in your name and an active email address.
Certainly, the only need for this is to have a communication channel with you for any question that may arise.
5. Not having debts
Although it is true that there are some companies that offer urgent loans for people who appear in the lists of ASNEF and RAI, most of them do not offer fast credit as such. On the contrary, they have other options available with some different features and more stringent requirements.
In any case, if you have financial debts with online entities, none of them will offer you financing. In this way, you must bear in mind that in order to obtain this type of financing you must first pay off the debts you have previously incurred.
6. Have a bank account in your name
If you do not have an account in your name you must open it to get the credit. Normally, online companies do not enter any money in an account that is not in the name of the person requesting the loan, since, in case of default, they could not prove that this money has been granted.
7. Not having addictions
Finally, we will mention this condition even if it is not one of the most common. In favor of the social good, more and more companies deny funding to people in whose history addictions to the game appear.
Although it is true that it is not easy to obtain this information, when studying the person who requires financing it is checked if he has debts with gambling houses or Internet gambling.
Is it really worth asking for an urgent credit?
Many people wonder if using these types of financing tools is truly worth it. Obviously, these products have their pros and cons, but it is true that in an emergency is the most effective tool.
In any case, so that you can form your own opinion we will expose you what are the advantages and disadvantages. So you can assess whether it suits you or not.
1. Disadvantages of urgent credits
The most important disadvantage of these products is that their interest rate is quite high. In fact, in many cases an APR interest higher than 25% can be applied. That is why there is so much emphasis on the fact that the reason for requesting an urgent credit is really pressing.
Something you should value is that these companies, by requiring so few conditions, are exposed to a high risk of default. For this reason they try to make up for these losses with high interest. In any case, many of them offer a first interest-free financing to capture you as a client.
In this way, if this is the first time that you resort to this option, you can use the interest-free credit and only return what you have requested.
Secondly, we must mention that they charge fairly high fees and commissions. Again, this is due to the risk they run by offering financing so quickly and with so few conditions. Especially if you need to delay payment or if you fail to pay any fee, the commission for delay is quite high.
For this reason, it is very important that you yourself ensure that you can return the money within the period you agree.
2. Advantages of asking for an urgent credit
The first advantage that should be emphasized is the comfort. From your own home you can fill out the application and ask for the money you need. You can do it by phone or online without having to travel.
Another advantage is the quick availability of money. For this reason they are called urgent credits. The company understands that you have an urgency and will allow you to dispose of the money practically immediately. This way you avoid the endless procedures of the banks and wait until you have available in your account the amount you have requested.
Finally, we can not ignore the simplicity, both in the procedures and in the acceptance of the credit. Being not too high amounts, you will not have to meet too many requirements, which can be an advantage if you do not have too high income. And if you do not like to complicate yourself with too much paperwork, choosing this option you will not have to either.
As you can see, knowing if this product is worth it will depend on the need you have and your own economic situation. If you have an emergency and the banks deny you the financing you need, this option will be worth it.
Compare and expire
In any case, one of the most important issues to get financing that benefits you as much as possible is to compare. Do not hesitate to check what each company offers you and what are the best conditions for you before applying for any credit.
This will allow you to study each of the possibilities you choose and find the one that most benefits you in the face of the return of money. Being impulsive when asking for an urgent credit can be very expensive. Therefore, it will be better to spend time studying the different offers and looking for an efficient and serious comparator such as Astro Finance to facilitate this task.
Do not miss out on vacations due to lack of liquidity
Now that you know the urgent credits and all their details, we can only tell you that you do not refuse to resort to them if you have a temporary liquidity problem. It is true that in the spring months there are more expenses, especially if you have a family.
The change of quarter will require the purchase of new materials and clothing for the youngest of the house. Also, with good weather, social life is reactivated and this can create a small mismatch in your accounts. However, if you know that this is a passenger since your income will allow you to replenish in a few weeks, do not miss the opportunity to book and those vacations you’ve been waiting for all year.
After all, travel and happy times with the people you love are what give life meaning. Therefore, you do not have to give up these moments of enjoyment due to a lack of temporary liquidity.
Study the different options of urgent credits to which you can choose and request the one that convinces you the most. You will not regret!