Faced with an unexpected (from a electricity bill to the payment of taxes), a need for capital to start a business or even to give us a whim (holidays, Christmas gifts or anything else) request a loan can be constituted as the best option. And is that an advance of money never comes badly, and even more so considering that interest rates are never excessively high. However, the question may arise when asking for a traditional loan, or one of the mini loans only DNI.
Faced with this question, it is advisable that you know the general conditions of each of these types of credits, in order to determine which is best suited to your needs and your personal situation. To do this, we offer you this article, along which we will analyze these issues in detail, with the aim of providing you with the most useful help possible.
We have to start from the consideration that, as a result of the millionaire losses that most banks have suffered as a result of the last economic crisis, they have developed very strict policies regarding the granting of personal loans.
In this sense, although traditional financial institutions have never been characterized by their agility and ease when granting personal loans, the truth is that now more than ever these elements have hardened ostensibly.
So, if you go to a bank office to request a loan of this type, whatever the amount and the terms in which you want to return the total amount, its conditions will revolve around the following elements:
Deadlines for your concession
The first of the requirements or requirements that, necessarily and in any case, you must respect when initiating the procedures for applying for a personal loan, will be the terms. In this sense, from the moment you go to the office, they inform you, write the contract, pick up the papers they require, take them, review the documentation, sign the contract and enter the money, several weeks may pass.
In this line, you will hardly be able to face an urgent payment or an upcoming expense, because personal loans can not be requested from banks with too much speed or agility, because this can not happen in any case.
Although this will not happen in any case, it is very possible that you, when asking for a personal loan, the bank requires you to necessarily present a guarantee or guarantee to grant it.
In this sense, you must ensure that either a person guarantees with your estate the payment in case you do not do it, or indicate some of your assets so that it is directly seized and sold to satisfy the loan installments in the case in which you did not comply with the return of the borrowed money.
This will be a great inconvenience for you because, in addition to lengthening the aforementioned deadlines, you must have someone who is willing to give their money in guarantee, or have a sufficient amount of goods to meet the demands of the bank.
This is a classic requirement that every bank will take into account. It is about that your name is not, in any case, in a register or list of defaulters. In this sense, always consult the files (especially Financial Credit) in search of data that can relate to you.
You must bear in mind that the fact that your name appears in one of these lists or files is not so strange, since as long as you have stopped paying a single invoice for your phone or your supplies, these companies will go to Include your identity in Financial Credit. Therefore, it will not be necessary for you to be a repeat debtor or an insolvent, or a large debtor.
Low debt level
The bank to which you go to request the granting of the credit, will ask you for a list of your total assets. The idea at the time of asking you for a list of all your assets, as well as the money you have, is to know what your assets are, since, in no case, they will allow you to borrow more than 40% of your income and goods.
That is, the employees of the office will calculate what percentage of your assets is the one that you wish to borrow, because if this is greater than 40 it will be totally denied and you will not have any possibility of asking for the loan to be granted.
The difficulty of obtaining a loan, as can be seen, will be considerable.
Labor stability in a solvent company
In case the requirements commented so far were not enough, we could say that the list does not finish but to begin. And is that another of the classic demands that you will be asked to comply with will be to have a steady and well-paid job, within a reliable and trustworthy company.
Thus, it will not be enough for you to count on income in general, but these will be analyzed thoroughly by the entity in question, determining the chances of you losing your job, or that income will decrease in some way. In this way, to cover their backs, they will demand that the company in which you work is strong and solvent, and that your employment is guaranteed in some way. For this, normally, they will ask you to take time hired, and that said contract is, in any case, undefined. In short, that you be fixed in your job.
Solvency and personal ability to save
The banks will not only analyze your current financial situation, but also your past. They will look in detail at what your trajectory has been in terms of money, and they will determine if you have savings capacity, or if you are wasteful. For this, they will observe how your personal situation has changed, if you have ruined yourself before, if you have wasted your savings…
Ultimately, they will judge how you have been managing the estate to date, demanding your income tax returns for the last few years.
Purpose of the loan
Believe it or not, traditional financial institutions have this element in mind. To negotiate the conditions of the loan that you request, they will ask you to explain to what expenses you are going to allocate until the last of the euros that they lend you.
In this sense, if a few years ago (before the crisis), they allowed you to ask for a loan to go on vacation or to treat yourself to a whim, now they will only let you ask for money if it is destined for completely different causes, such as the payment of studies or similar situations.
In addition to demanding proof documents of the purpose that you are going to give to the money, this will suppose, in any case, an attack against your privacy, reserving them the right to judge whether the objective you have is lawful or not.
Many are the requirements that we have raised up to now. However, there is still one to comment, and that is that you are a trusted customer. And it is very difficult for you to grant a loan that entity in which they have never seen you, and they do not know you. It will be very likely that you will be required to have contracted a product with you before, or that you have your savings, mortgage or any other service with them.
Now, not only will they require you to get to know you beforehand, but you must also be a trusted client. You must never have claimed anything before them, nor have you breached a contract in any way. This will undoubtedly be very difficult to satisfy in most cases.
Mini loan only ID
If you have attended to the comments above, you can affirm that you know enough about the set of conditions that, normally and in almost all cases, a traditional bank asks you to comply with when granting a personal loan. They may have seemed more or less harsh, but the truth is that they exist and there are several, and that, in front of them, you have another tool: the mini loans in which only the DNI is required.
In this way, if you have previously observed that there will be many requirements for credit institutions, in this case the amount will be much lower. And, in most cases, the only requirement that micro loan companies will demand that you comply with will be that of being in possession of a Spanish National Identity Document.
Thus, from a comparative point of view, we can affirm the following:
- When requesting a micro credit, it will not be necessary for you to spend a lot of time. Agility is one of the essential elements of this type of financial products, and your application and grant will be processed quickly, so you can see the money borrowed in your account in a few days.
- The mini-loan entities will never ask you to present guarantees. That’s right, neither endorsements, nor garments, nor anything like that. They will never ask for any real or personal guarantees in any case, so you will not have to put at risk the assets of other people, or point out property of your property to meet the payment of fees in case you do not meet them at some time.
- To grant a mini loan will not take into account your inclusion in lists of defaulters. Even if your name appears in a file or register of debtors, the lenders of this class will not consult it. Forget about Financial Credit, because this word does not exist for lenders of this type.
- They will never take into account the purpose you want to give to the money they lend you. In contrast to the above, in this option you will not have to worry about giving long explanations or proving the purpose to which you will allocate the money they lend you, because for them it will be irrelevant. Do not worry about this and simply enjoy the money you have earned.
- It will not be necessary that you have contracted with them before. It is irrelevant that you have asked for loans before, because they will wait with open arms for any new client, regardless of whether they know it beforehand or not.
In short and, as a conclusion, from Bonsai Finance, as experts and professionals in the field, using our extensive experience in dealing with customers like you, as well as financial institutions of all kinds, we will show you our opinion.
The reality is that we consider that, although each case is different, since each of the factors that must be taken into account to give specific advice varies; The truth is that, in general terms, it will always be more advisable to ask for a mini credit than a traditional personal loan. The flexibility in the choice of quantity and deadlines, the agility and speed in the processing, the simplicity of its online contracting, the low number of requirements required… all this will add to the time to opt for the mini credits.
Proof that our opinion is correct can be found in the reality that surrounds you. It is a fact that mini-loan companies have proliferated in great measure during the last years, for some time now it is becoming easier for you, around you, to find someone who, in a satisfactory way, has requested a mini loan. And they have positioned themselves as your fundamental ally when it comes to facing the abusive demands and conditions of traditional banks, which in many cases will be leonine and almost impossible to fulfill in their entirety.
In conclusion, we can close stating that you should always take into account the existence of mini loans only DNI at the time of requesting money because, as you have observed, the entities that grant them will put all the facilities that are in your hand at the time of granting you the money, guaranteeing the fastest, easiest and most agile in the management of your request.