What is an instant loan?
It has been a relatively short time since the options for getting fast financing have expanded. Before we could only go to our trusted bank with papers, to make a request for a loan, which maybe even granted us after conducting the study they saw fit. However now, with the advances of online banking, it is no longer necessary to move or carry out paperwork to request an instant loan.
We only need a device with an internet connection and the number of our current account, in just 15 minutes you can request a personal loan oline, With this and our personal data we can request the money we need in a matter of minutes.
Everything you need to know before applying for your instant loan
After a click and fill out a small form with our personal data we can have the money entered in our account in a matter of minutes. Although applying for an online loan is the most efficient option today, we must take into account some aspects when making our request.
Since it is such a simple procedure we must know in depth how it works and the conditions of them before requesting one. That is why from creditore we bring you a mini financial dictionary, with the terms most used in instant micro credits.
When you read the conditions of a loan it may happen that you do not fully understand what certain words mean, or you may not know what some terms refer to in that context.Something crucial before signing any contract is to know what stipulates and what conditions are accepting, because whatever they are, if you agree with them you can not deny them in the future.
Hence the importance of knowing that we sign and before what we face in case of non-compliance with the conditions.
Learning the terms is important to choose a good credit
Let’s look at the most used financial terms in instant credit agreements on the Internet right now.
This will help us to better understand what they offer us.
Free early amortization
In most lenders, such as eicredit, the early repayment is completely free. This means that if we decide to repay the borrowed money before the stipulated period, we can do it completely free of charge. In addition, not only is it free but we will save money because we only pay interest on the time we enjoy the money.
For example: we request € 300 for 30 days, but after 10 days have passed since the disposition of the money we have € 300 for its return, we can return them at no cost. In addition, we will only pay interest for those 10 days, not the 30 days. So we can save good money if we pay early for our instant loans.
Be at the Financial Credit Institutions
Maybe there are people who do not know what Financial Credit Institutions means, this is a delinquency file.
Where several companies will automatically include us if we fulfill 3 unpaid invoices, for example: telephone companies, banks, financing entities, etc…
If you need to know more about everything that entails being enrolled in one of these delinquency lists, or how to know if you are enrolled in one, or even how to get out of them, find out in our credit section with Financial Credit Institutions.
Where you can find everything related to these delinquency files.
Have an Aval
It is the guarantee of fast online credit payment that we request. In this way the lender makes sure of the loan collection, even if you decide not to pay.
As a general rule, in microcredits a guarantee is not necessary since the amounts do not exceed € 1,000, with the exception of truloan, which allows you to request up to € 2,500 without endorsement.
This term refers to financing services such as microcredits or instant loans, which provide us with a small amount of money almost immediately.
Regular income source
It is denominated like this to any type of income that we have of habitual way and which we can demonstrate with a contract, with receipts or of some other way.
This term is used to denominate the interest charged for the realization of the immediate loan. They include any type of commission and interest applied to the loan in question. That is, in a few words, what the instant loan costs you.
It is the time in which we must make the repayment of the immediate loan that we have requested. As we explained before, it is not necessary to wait for the expiration period to reimburse the amount owed. If we do it in advance we can save money on the fees.
The postponement of the reimbursement period is called.
If for some reason you will not be able to pay the loan within the reimbursement period, the best option is to request an extension of the payment.
You will be granted 7, 15 or 30 days of increase in the reimbursement period, with an extra cost. We say that it is the best option, because the extra cost of making an extension is lower than the interest for delay.
Instant credit application
An instant credit request is similar when requesting a quote. DO NOT commit to anything. It is just fill out a form with your contact information to know if you accept instant credit or not. Once they accept your request it is your turn to accept or not the conditions that they propose, this is without any commitment.
If, when you accept the application, you are not convinced by the conditions provided, you can cancel the application without any obligation or cost.
It is called the action of managing the entire application and making the deposit of the immediate loan in the current account that you have contributed in the application.
Offers on instant loan
Do not forget that the immediate loans that you request must be returned within a maximum of 30 days, with the exception of truloan’s instant loan of € 2,500, which allows you to repay it up to 90 days. So you must plan your economy correctly to be able to face the payments or the payment of the credit in the term established in the application. Do not forget that in our comparator you can get the money you need saving time and money.