How to detect a good mini-credit company

Applying for a mini-loan 

Applying for a mini-loan 

Applying for a mini-loan can become an excellent option when a small amount of money is needed quickly. Of course, certain aspects have to be taken into account because without reading the small print of the contracts what can be an ideal action to cover small holes can become an economic and judicial problem.

That is why the first thing to do is to make a comparison between the companies that offer such mini-credits. While it is true that there is no obligation to act under the permission of the Bank of Spain, it is essential that the company is registered in the General Sub-Directorate of Quality and Consumer Cooperation, under the Ministry of Health. The conditions for granting and repaying the loan usually vary, so you have to take these details into account.

Loan Money only offers those companies in the sector that meet all legal requirements. In this way, if you request with us, we will offer you, at no additional cost, the company that best suits your circumstances, preventing you from wasting your time requesting one at a time.

Interest rate of mini-credits

Interest rate of mini-credits

One of the key points when requesting a mini-loan is knowing the interest rate that will be applied to the loan. In the case of mini loans this figure can reach 4,000% APR since it is not a product designed for annual repayment but monthly. A good company will be one that has basic interests and does not include any extra payment camouflaged under another name.

Also, each of the companies mark a return period. It is established between 30 and 60 days depending on the company, counting extensions to execute your refund. This aspect is essential if time is needed to raise the requested money. Therefore we must make numbers and count the days between the term offered by the company for its return and when we will have the necessary money (interest included). The best fast mini-credit companies allow this extension for free and, if not offered, respect the contracted interests without increasing them in the form of a penalty.

The customer service of companies is one of the indispensable pieces when hiring an online mini-credit. It is essential to ensure that said department operates the greatest number of days and hours and that they solve all kinds of unforeseen events or problems. Many of these companies have as their flag the delivery of money in 24-48 hours, therefore, the role of customer service is essential to avoid problems when applying for mini credit on weekends, holidays or, simply, by the night.

Perhaps the best advice is to use common sense: request the mini-credit knowing in advance that you will be able to return and respect the guidelines that we advise in the section “Operation”