Did you have an emergency? Do you need a small amount of money, which you do not currently have?
In that case, a microcredit can be the solution to your problems.
With an instant credit, you can make use of a not very high amount of money, and return it in a short time, flexibly and online.
Sounds good, right?
Fortunately, the Spanish credit market has expanded considerably in recent years, and due to this, it is now possible to request 100% online microcredits, fast as they can be requested from the comfort of your home and almost without paperwork.
You want to know more?
In this article, you will see the following information:
- Online microcredits, what are they?
- Conditions to request fast microcredits
- Advantages of microcredits in Spain
- Fast microcredits online, how is it possible?
- … and much more!
Online microcredits: What are they?
According to their definition, online microcredits are based on the granting of a small amount of money to a user, to be returned in a short period of time, which generally does not exceed 3 months.
The request for this financial product is made 100% online, without having to go to a bank.
In fact, there are some entities that offer the micro loan application simply by sending an SMS.
The documentation to be submitted in case of requesting an online microcredit is minimal, since in many cases it is only composed of the DNI and a bank receipt.
Thus, the characteristics of online microcredits are very advantageous for the user:
- Small quantities for specific moments
- Without going through the tedious bank bureaucracy
- They do not require payroll or endorsement
- They are approved in a matter of minutes
- You have the money almost instantly
Why trust Bankate to find fast microcredits?
Bankate is an online financial comparator with years of experience in the Spanish market.
Our service consists of presenting you with an updated list of the best loans and credits online, detailing their:
We do it to facilitate the comparison task. In this way, you can find the most profitable loan and the online credits in the act that best suit your needs in a very simple way, and request it at the moment by clicking on the green button ‘request’.
Remember that the use of our service is totally free and not binding, so nobody will charge you anything, nor will your loan be more expensive if you request it from our website.
The Bankate service is independent and totally safe. Currently, we are present in 9 countries, and this has been possible only thanks to the great satisfaction of our customers with our system.
Frequently asked questions about microcredits online
What are microcredits?
Microcredits is a financing granted to people who need a reduced amount of money and with a short repayment term.
Is a mini-loan and a mini loan the same?
The truth is that they are not the same. The main difference is in the amount of money: the mini-loans offer up to a maximum of $ 300, with a mini loan you can get around $ 750 on average.
Where to request microcredits online?
If you need to request a microcredit you can go to our list located at the top of the page and thus, compare the best microcredit for you.
How did the microcredit arise?
The microcredits arose thanks to a Bangladeshi economist named Muhammad Yunus, who granted small amounts of money in order to end a famine. They arrived in Spain in 2013.
What term do microcredits have?
Microcredits do not have a specific repayment term. It will depend on the bank, the requested money or your economic situation but generally does not exceed 3 months.
How to request new microcredits
Time needed: 10 minutes.
The process to request a new microcredit online is incredibly simple:
- Complete an online form
Choose the most convenient mini-loan and complete the online form by clicking on «View loan».
- Situation assessment
The entity evaluates your situation immediately and, in less than 1 minute, you will be able to know if your request has been approved.
- Receipt of the mini-loan
If your request is accepted, you can have the money in your bank account in about 15 minutes.
How to compare fast mini-credits?
In order to find the mini-loan that best suits your specific situation and needs, The best option is to compare the characteristics and conditions of all the mini-credits offered by the different online entities.
The best way to compare the profitability of online mini-credits is by looking at their APR, as it includes both interest and associated fees and expenses.
In this context, you can:
- Conduct an individual consultation of the different banks in the financial market.
- Or use a loan and credit comparator like Bankate, a much faster solution.
Bankate compares the best mini-credits offered by reliable financing entities, and gives you a detailed view of each of the financial services, so you don’t have to worry about reviewing all the details.
The service offered by Bankate is free.
Due to the large offer of online loans, there may be several mini-credits that adapt to your situation. If there are several loan offers that convince you, remember that you can request one with each of the entities in which you are interested without your credit history being affected.
Are online microcredits fast?
In those moments when you need extra urgent money to face contingency payments, online microcredits can be of great help.
Fast online microcredits undoubtedly provide an alternative
- and fast
to the financing granted by traditional banks.
Unlike conventional banks, which require a long bureaucratic process to grant credit, online microcredits are evaluated in a matter of seconds.
In this way, you can get an answer to your request immediately, and, if it is approved, you can have your credit money deposited in your bank account in a few minutes. An example would be the online mini credits of immediate response.
The main guarantee of online microcredits is their speed:
You can use the money on the same day of your request.
In addition, to request an online microcredit, the required documentation is minimal, since you do not need payroll or endorsement.
Remember that we usually talk about small amounts with short repayment terms.
There are currently financial products that are promoted as microcredits instantly.
Like the rest of microcredits online, they consist of a small amount of money, usually up to $ 300, to be returned within approximately one month.
These products are geared towards obtaining urgent money to cover expenses and unforeseen expenses, being able to use the money 15 minutes after the approval of the credit.
But… How is it possible to get money instantly?
Through a verification system, financial institutions evaluate your request quickly and can grant you a credit instantly.
In this way, online financial institutions have been able to reduce the response time practically to the minimum possible, already offering credits with immediate response.
There are popular verification programs such as Instantor and Pich that allow financial entities to verify the applicant’s entity automatically allowing an easy, simple and instant analysis and evaluation process.
Microcredits with Instantor
Instantor is a verification system with which online private equity entities work.
The function of this program is to check in a few seconds the identity authentication of the applicant automatically, which allows speeding up the application process obtaining an immediate response from our approval.
Advantages of using Instantor:
- An advantage of using Instantor is that you do not have to present any document, since the entity can check your data through its system.
- In this way, the process of applying for a loan becomes easier and easier for both the applicant, who only needs to fill out a form, and for the entity itself.
How does Instantor work?
Once you agree to apply for the micro loan with the Instantor verification system, the financial institution will have the permission to consult your personal data and your economic profile, in order to verify that the information provided in the application form is correct.
Verification systems work in a very simple way:
The applicant provides the access data to their online bank account, and thus the entity can check the applicant’s economic situation as:
- Monthly income
- Fixed costs
This is how the entity can ensure that the applicant has provided true information and meets the minimum requirements for microcredit approval.
As explained by the Spanish Association of Micro Loans, these systems provide greater security to the loan application.
Why Instantor is totally safe
Many users are skeptical about the use of systems such as Instantor, since they must provide their bank details.
However, Instantor is totally safe, as it must comply with a very strict personal data protection regulation.
Authentication programs such as Instantor can only access the display of information about your personal and economic situation, such as income and expenses, to verify that the information is correct.
Under no circumstances may they modify, alter or access other types of data or use their bank details for any other purpose than to verify the information provided.
In any case, online financial institutions will only use verification systems such as Instantor with the express consent of the applicant.
The processing of data by systems such as Instantor will not be necessary if the applicant undertakes to provide all the corresponding documentation by other means.
Therefore, if you are not comfortable with the decision to use a verification system, you can always offer the entity to provide the documentation yourself.
However, you should keep in mind that this may delay the approval time of your microcredit.
Microcredits in Spain without interest
Given the large existing offer of loans and credits online, online financial institutions have begun to offer the first free loan in order to attract new customers and overcome the competition.
Interest-free microcredits, or free microcredits, are characterized by offering an amount not exceeding $ 300, to be returned in a very short period of time, usually 30 days.
These types of microcredits are totally free and are offered to new clients who request a loan with the entity for the first time. That is why you can only request the first free microcredit.
The application of these interest-free microcredits is carried out exactly the same as that of the rest of the online microcredits:
- Filling out a short online form
- Presenting minimal documentation
You will be able to know instantly if your free microcredit has been granted to you, since the whole process is carried out online.
We must bear in mind that, since it is a free microcredit, in the event that the applicant postpones the date of return of the same or does not return the microcredit in the term that had been agreed, in most cases they are usually charging commissions and additional charges quite high, so in the end it could end up becoming very expensive.
You should always make sure that you will be able to make the full refund of the amount the following month, before requesting an interest-free microcredit.
On the other hand, you should read the fine print and make sure that the microcredit you are interested in is totally free of:
- Additional charges
Well, some of the microcredits that are offered as free are not really, charging fees, opening or study fees.
Fast microcredits online without payroll
The first requirement that traditional banks request to grant personal credit, regardless of the amount, is to have a payroll.
Without a payroll that they consider “acceptable” you will not be able to access financing by the traditional way.
Alternatively there are online microcredits, which do not require a payroll or a guarantee to be granted.
Due to the online application evaluation mechanism, it is possible to obtain a microcredit without presenting a payroll, as long as the entity considers that the applicant has sufficient economic solvency to face the payment of the micro loan.
That is why you can apply for a microcredit online while unemployed or retired.
All you need is to show that:
- you get regular income,
- or that you have enough savings to return your microcredit online on time.
In the same way, it is also possible to contract a microcredit with credit institutions, unlike traditional banks. Below you can see which lenders accept loans with credit institutions.
Online microcredits urgent for consumption
A consumer credit is the name received by personal loans that are intended to finance the borrower’s consumption.
Since the word consumption covers a very wide range, this type of fast microcredit is perhaps the most requested by individuals in the face of an urgent need for money.
Surely, you try to keep a monthly forecast of your household economy expenses to avoid unforeseen events. However, you may need to pay the timely payment of, for example:
- A new washing machine
- Boiler repair
- The purchase of textbooks
This is the right time to request your consumer mini-loan.
Consumer mini-loans will serve as a way to finance your daily expenses at times when you do not have liquidity.
The advantages of consumer mini-loans are many and varied:
- Urgent money instantly
- 100% online application
- Without explaining
- Without payrolls or endorsements
- You can have the money the same day
Microcredits are a product designed to be requested in specific moments of urgency, not as a solution to use every time funding is needed.
Two alternatives to microcredits for consumption
- Credit card: Sometimes, a credit card may be a better financing option, especially if your credit history is good and you are thinking of returning the amount of your microcredit in a small period of time, since a credit card allows you return an interest-free amount the following month.
- Line of credit: If you are an entrepreneur or need to have cash financing on a recurring basis, the solution may be, perhaps, a line of credit.
How can Bankate help you?
At present, the credit market is full of financial institutions willing to offer you money.
Given so much offer available, try to manually compare the different microcredits offered by each of them, at what type of interest, with what repayment terms etc. It is a practically impossible task.
However, this diversity is positive for the user, because:
- It makes the market competitive
- It makes banks adjust their prices to offer an interesting product
Because of this, online financial institutions are constantly changing their offers, promotions, interest rates and fees… according to the financial market.
For this reason, it is important that you compare the different products offered by these online credit institutions and under what conditions. To do this you must have updated information, in order to determine which is the best mini-credit for you.
With our comparator you can find the urgent amount of money you need at the best possible interest.
Bankate is in charge of facilitating the comparison of credits: Our service will show you a list with fully updated credits so you can request those that adapt to your economic profile.
From Bankate, we help you compare the best microcredits of the Spanish credit market, offering you clear and updated information about the requirements and conditions of each one of them.
Bankate only presents reliable, secure entities with hundreds of satisfied customers.
Remember that before requesting a microcredit, you must ensure that it is a secure entity that respects the rights of users, as many entities that offer small amounts of credits are not regulated by the Bank of Spain.
What is the difference between a loan and a credit?
Many financial institutions use the terms credit and loan without distinguishing between their economic significance.
But the two terms are more than keywords that can be used interchangeably in order to give variety to the content; They represent two different financial products.
That some lending companies consider the two synonyms terms can easily lead to confusion on the part of the client and, therefore, it can be very difficult to know what the differences between the two terms credit and loan are.
The two terms differ in three categories:
- The reason
Next, I will explain how.
Temporality : A loan is granted for a specific period, which also applies to a loan, although the term of a loan can be renewed or extended. In addition, as it is used, the remaining amount accumulated in the account or card is still available.
Interest: As for interest, they tend to be higher with a loan than with a loan, but the interest on a loan is generated according to the money that has actually been made available, since it is only paid for the amount used.
The reason: Normally, a loan is requested to finance a good or service, while a loan is granted to pay off payments and to face specific moments of liquidity.
After reading this page you know that:
- Microcredits are small amounts of money that are granted immediately.
- You can hire a microcredit online without presenting an endorsement or a payroll.
- There are computer systems, such as Instantor, that allow the request of a microcredit without providing documentation.
- You can request microcredits without interest if this is the first time you go to this type of financing.
- Credit and loan are not synonyms since they represent two different financial products.