Payday loans can be granted through verbal agreements, or through private contracts. It is advisable, for both parties, to establish a contract with clear clauses , since this type of loans can be of a small amount of money up to higher amounts.
There are private mortgages or loans to carry out a business, the return of this money may require a longer time to deal with the debt and it is not possible to know what will happen in the lives of people or what situations they can cause a default or a delay in payment.
When should you ask for a payday loan?
It is advisable to go to payday loans when there is no other solution and when the bank denies the request. payday loans can be granted easily and quickly, however, it is necessary to use them in a responsible manner. The interests of payday loans are higher and linking loan is not a good solution to get out of a punctual hurry.
Payday loans are usually requested when it is necessary to pay a debt urgently, when there is no payroll, but with a monthly income that allows to pay the debt, when you want to start a business and you do not have enough money to do it and you can even apply for a private mortgage when the bank does not grant it.
Banks can also refuse a loan if the applicant is included in a list of defaulters , some private lenders and private equity companies do not take this condition into account.
It is important to bear in mind that private equity companies that offer loans even if they are on a list of defaulters , do take into account that the debt is not contracted by a financial product of any kind and that it is not greater than 1,000 euros, in some cases. cases.
Requirements to request a payday loan
In the case of private lenders, each of them will impose their conditions to grant a loan to a person, in the case of private equity companies, formed by lenders who offer their money through the company and in exchange for collecting a amount for it, the general requirements are usually:
- Being of legal age , some private equity companies require that the applicant be between 21 years of age up to an age limit, which can be between 65 and 70 years old
- Submit the DNI or NIE . Through some private equity platforms, it is possible to request the loan without having to present the DNI / NIE, since they authenticate the data of the applicant through access to their online banking. In the case of foreigners, they must reside in Spain permanently and provide the documentation requested. All persons applying for a loan must reside in Spain
- Have a bank account in a Spanish bank that the client owns
- Have a periodic income that allows you to deal with the debt within the agreed period of time. Some companies that grant payday loans do not take into account whether that income comes from a payroll or from another source, but that they are enough to cover the payment of the debt once the monthly income of the client has been calculated, the fixed expenses that it has each month and the indebtedness capacity it has
The capacity of indebtedness is calculated based on the money that the client can have after having faced all his fixed expenses, he must not exceed 35 or 40% of that amount.
- Access loans responsibly . These types of loans are granted to deal with specific situations in which there is no other way but to borrow money. However, they are not created to be chained to one another as a form of financing. Some companies that grant payday loans may stop granting them to a particular client if they consider that they do not request them responsibly
- It must be borne in mind that it is a money that is bought and that the interest can be high, since the payment of the debt must be made in the established period of time.