I need money

If you repeat yourself over and over again: I need money or I need money urgently, you are no exception. The urgency for monetary liquidity is common when we have many commitments and the salary does not seem to be enough. The good thing is that you have several options to obtain that capital that you need so much.

In the wake of the financial crisis, many digital platforms and fintechs have emerged that are changing the traditional banking landscape. Now you have personal loans, mini-credits or express credits, advances, crowdfunding and other resources to obtain money without many complications, in a short time and safely.

When we hear people say: I need money right now, we want to give them the best alternatives on the market. For this reason, we will try to review the most important online financial products, their main characteristics and the advantages that make them more accessible than traditional banking options.

I need money urgently Where to start

In principle, you need to locate specific information regarding your current financial situation. Among the different online alternatives, you can get loans to study, buy a car, make reforms, free investment, emergencies and much more. They all have their particularities depending on what you are looking for.

As for the main modalities that you can contract, we summarize the following:

Express loans or mini-credits . These financing products are distinguished by being short-term (7 to 60 days), with amounts ranging from 50 to 1000 dollars, and their processing is quite simple. They are designed to solve emergencies, an overdue invoice or very specific things. If you are a new customer, you can have € 300 upfront and get several offers with 0 interest. Depending on the punctual payment, the amount available that you can request will be increased.

Online personal loans . Unlike the previous ones, here you handle figures that go from 1000 to 5000 dollars. The term to pay them is usually from 2 months to 2 years and they have a nominal interest rate (TIN) that ranges from 3 to 5%. They are designed for larger expenses, ventures, travel, events and more. This type of credit is available in private equity entities, traditional banks and fintechs.

Payroll advances . This financing is designed for people who have their income domiciled to a specific bank. Through this option, the entity advances 1 or up to 2 payrolls, the same day and without much paperwork. In general, you have a year to pay, the equivalent annual rate (APR) is around 8% and you need at least 6 months of seniority in the bank. We recommend that you investigate if they charge other additional commissions before opting for this option.

Large loans online . This alternative can be for buying a car, paying for college, remodeling, and more. This is because the amounts are between € 1000 to € 50,000 and the amortization time ranges from 6 months to 10 years. Depending on the financial institution or the lender, the approval can last a couple of days or several weeks. The average APR for these medium and long-term loans is 8.56%.

Credits on P2P platforms . Known as loans between individuals or peer-to-peer, they are an unconventional alternative. They stand out for their fast processing through apps and lenders can be anonymous. These platforms put you in contact with organizations that offer credits and the terms vary according to the conditions you are looking for. Although they are not associated with Credit Checker or RAI, you must have a verifiable source of income.

Information required in the forms

When you are in I need money right now, the ideal is that you can process the request as soon as possible. An advantage of online loans is their speed in processing the data to hire them. Once you choose the reliable company that suits your needs, filling out the form should take less than 10 minutes.

This process is used for the finance company to evaluate your payment capacity and other variables that may affect your liquidity. Before giving your information, you must establish the amount you want and the term in which you plan to pay. Once this is done, the basic data that they request are:

➢ Personal information such as name, surname, age, DNI / INE and others.

➢ Contact information such as mobile, landline, address and email.

➢ Employment situation in terms of specific profession, seniority in the position and other conditions according to the agreement.

➢ Level of liquidity with respect to monthly income, debts, fixed expenses and other variables.

We recommend that you have your documents digitized, since this verification process may require you to send them to the lender or the financial institution.

What an online loan can cost you

If you are in a situation of I need money, you have to know that these financial services include other expenses. When evaluating the best options, you need to know well those additional fees that can increase the total cost of credit. In this category, there are several common fees, such as:

Commission of officialization . Both for the credit study and to process the opening, there may be an added charge. This can be paid in the first installment or upon signing. It is a percentage of the total loan and can be included in the monthly payments to facilitate its repayment.

Collection for advance payment . We all want to pay a loan ahead of time, but sometimes it is not possible. This commission is a compensation for the lender for the interest that it stops receiving if you pay in advance. If there is more than one year left, the charge is 1% of the total requested; less than 1 year, 0.5%, according to the law.

Notary fees . There is the possibility that a company will require that the agreement be notarized, especially when it is a considerable sum. This payment is not reflected in the APR and it is up to you to assume it. The price for this service to contract the loan is 0.3% of the total cost.

Is it possible to get money being on a delinquent list?

Actually yes. When you think about: I need money urgently being in Credit Checker or RAI ”, there is a solution. Although most banks, fintechs or lenders will require a good credit history, others will not. In this case, the conditions do not vary much but there is an important exception.

If you have a debt of more than 1500 dollars, you can hardly get the money you are looking for. Many times, being in Credit Checker can be the result of a non-payment of a service. To be approved, it depends on the debt that the company accepts, if you have a stable income or if you include any guarantee (house, car or jewelry).

What's more, the problem of I need money urgently being in Credit Checker gives you the opportunity to obtain a loan without endorsement, payroll or even being unemployed. The interest should not change, only that you must have a demonstrable income, such as a pension, subsidy, unemployment benefit or any other proof.

Every time you think to yourself: I need money right now, you know that there are many more options than traditional banking. Times have changed and at this time it is much easier to get extra money through online loans, mini-credits and other resources. So that you always have a solution to: "I need money urgently."

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