Half of the mini-loans that are offered in the Spanish market do not charge interest if we are new clients to finance us, according to the analysis of the main mini-loans without requirements that we have developed in HelpMyCash.com. In this way, we will only have to return the requested money, without interest. In addition, we know that of the remaining 50%, 25% of mini-credit companies that are not free have offered. We have also analyzed deadlines, money amounts, and application models of the mini loans without requirements. In this way, we also know that most mini-credits offer ‘loyalty plans’ for their clients and can be requested online.
One of the main features that characterize mini-credits is its short repayment term. Specifically, 75% of these loans have a maximum repayment term of 30 days, which implies a refund in a single installment for new customers. Therefore, we must always keep in mind that if we hire this financial product, we will have to return all the money in a short time. However, 25% of the payday loans offer us up to 2 months of reimbursement, even if it is the first time we have contracted one of their payday loans without any requirements. In these cases, there are companies like Purple Payday Loan that allow us to request a payday loan.
Another feature with these loans is the Máxim amount to which we have access to new customers. 87.5% of the mini-credits without requirements that can be found in the market allow us to get up to 300 euros. However, there are some that go up to 400 euros and even 1,000 euros for new clients. More than 90% of the mini loans will increase the amount in relation to the number of loans that we request and reimburse.
As for the price of these minicréditos, we already announced that half of them can be requested the first time for free. However, the other minicréditos have interests and these are usually around 1% daily. So, as a general rule, a loan of 300 euros to 30 days will originate 30 euros in interest. Although, as we said, there are also lenders that offer lower interest rates through promotional codes or discounts if we ‘bring or recommend’ a loan to a friend, for example. In the same way, there are bonuses in which interest is eliminated some days or there is no cost to return the credit in 15 days.
Getting financing when we are enrolled in files of defaulters can be very difficult. Minicréditos without requirements is one of the options that we have since 12.5% of them will lend us money even being in ASNEF. So that we can have all the information on how to get loans with ASNEF, we have developed a free guide that will clarify the rights we have if we are in ASNEF.
Due to the emergence of companies that offer this product, illegitimate lenders that offer fictitious products have emerged. To avoid falling into one of these deceptions, we have developed an explanatory video on the aspects to take into account to make sure that our mini-credit is safe.