Convenience of payday loans

To access these payday loans, some guarantees must be offered to private equity companies , such as demonstrating the identity of the applicant and their ability to cope with the return of borrowed money.

It is also possible to have small loans through a bank, to achieve this you must be a client with demonstrable financial stability and have a relationship with the entity , such as direct debit of your payroll or other requirements that apply depending on the entity and the type of client.

When do payday loan suit you?

When do payday loan suit you?

Payday loan offered by private equity companies are financial products intended for people who can not apply for them at a
bank for different reasons, either by not having a payroll, although they have another type of regular income, for not having the appropriate age for the bank or for having contracted debts either with the bank or with other companies, such as They can be from supplies, other financial entities or vendors who have not been able to collect their debt.

  • The first situation that can occur to make it necessary to request a payday loan is a timely and urgent need for money . For example, before the urgent repair of a domestic fault that can cause a greater expense and a damage if it is not solved, also to have the necessary liquidity to buy food or face other essential purchases at that moment
  • If you are self-employed and you need a tool to work , be it a computer or another type of equipment, it is absolutely necessary that you do not dispense with it as your work will be affected, sometimes it will be impossible for you to carry it out and, as a consequence, you will not be able to earn money;
    wait a month to solve the problem can generate many losses. In that case, and given that many banking entities do not grant loan to the self-employed, you will have to resort to a payday loan with a private equity company to face the repair or replacement of your equipment.

Your age can be an impediment to get a payday loan in a bank. You may be too young or too old according to your consideration, then you will have great difficulty dealing with banks depending on your financial situation and the amount of money you need.

Many private equity companies specialize in people who are not in the more or less established age range to offer a credit return guarantee. Also your nationality and residence time in Spain can be an impediment, to solve it some private lenders companies request some requirements that, if fulfilled, lend the money without major difficulty.

What do I need to apply for a payday loan?

What do I need to apply for a payday loan?

• Be of legal age and be in the age range requested by the borrowing company. To prove it, you must have a valid DNI / NIE or identity document accepted by the company

• Demonstrate a history of regular income that will be collected until after the debt has been paid. It can be a payroll, unemployment benefit, a scholarship, if you are autonomous the presentation of the VAT and IRPF … or any document requested by the company that can lend you the money

• Sometimes the fact of being included in a list of defaulters is not an impediment to request a payday loan . However, the debt that has caused such inclusion of your data in one of these lists should not be related to any bank and its amount should be less than that established by the private equity company. Some companies have as a limit a debt of up to 100 euros and others allow up to 2,000. Therefore, even if the company accepts clients included in the ASNEF, it must consult its cap for the debt since, if it is exceeded, the request may be denied and the client may not have understood why.

• Have a bank account in the name of the applicant. Through it, the borrowed money will arrive and it is also possible that an extract of the passbook will be required to verify the expenses and the monthly income, in this way, the borrowing company will make sure that the person can face the return of the debt without prejudice to its