Do you need money urgently? Do you want to finance a project now, or resolve an unforeseen event, as quickly as possible?
So far, the Spanish financial market did not propose a great deal of fast money, but the emerging online loan companies have seen their opportunity in this market.
Today there are hundreds of financial institutions willing to offer you new loans online under different conditions, some more advantageous than others.
In addition, there is a wide variety of online loans, such as fast and secure online loans, no paperwork, installments, long-term, urgent online, free, for retirees, for self-employed, for unemployed, without changing banks and without questions and… many others!
Need a loan with bad credit? Get Approved Online
The reimbursement of the amount is normally made by paying monthly installments, made up of a portion of the money borrowed plus the interest associated with that amount.
The amount of fees and the amount per installment is previously established, in an agreement between the applicant and the lender.
But what exactly differentiates personal loans from other types of loans?
By definition, a personal guarantee loan is one in which the financial institution does not require a guarantee of payment other than the applicant’s own person and his current assets.
That is, a personal loan is one that does not require a guarantee or a material asset as a guarantee of payment (a home or a vehicle, for example).
Currently, all loans that can be obtained only with the applicant’s solvency guarantee, such as proof of regular income, are considered personal loans.
Thus, most of the online loans are bad credit loans, because due to the speed of the application process, it is not necessary to present a guarantee for approval. We would love to help you get the best loan with bad credit for you.
How to find the best immediate online loans with Matchbanker?
When applying for a personal loan, it is especially important to know first hand what the different banks offer you, in order to decide which is the best loan for you.
By comparing the different online loans, you can make sure to apply for the cheapest personal loans online and in the best conditions.
However, we know that the comparison task can be tedious and can end up consuming a lot of your time. Many of us have found ourselves in that situation, so we have set out to do this task for you.
Matchbanker helps you compare the best personal online loan offered by reliable financing entities, and provides you with a detailed view of each one, so you don’t have to worry about reviewing all the details.
The Matchbanker service is free, fast and 100% online.
Our comparator will show you a completely updated list of personal loans, detailing the advantages and disadvantages of each of the online loans offered, the interest rates, their conditions, and the necessary requirements.
In other words, choosing the online personal credit that best suits your needs has never been easier.
If you want to know more about us, you can read more about who we are. You can also learn more about our business.
Frequently asked questions about online loans
Online loans – what is it?
Personal loans online, or with a personal guarantee, are loans granted by financial entities, which grant a specific amount of money to the applicant in exchange for the latter committing to repay the borrowed amount plus an amount of interest associated with a previously repaid date agreed by contract.
Where to apply for loans online?
When you want to apply for a loan online or a loan in Spain, you have several options to choose from and each one of them has different characteristics that will adapt better or worse depending on your economic needs. The options are as follows: National or foreign banks with branches in Spain, online lenders such as Matchbanker, savings and credit banks, loans between individuals or private equity companies.
How to apply for or get loans online?
To apply for a loan online you must enter the website of the lender where you can directly request your credit. You will receive an answer the same day and once it has been accepted, you will receive the money in your bank account.
What are fast online loans for?
Fast online loans are used to help people who have encountered an unforeseen last minute and need urgent money as well as for people who want to buy a car or also pay for reform.
How long does it take for a personal loan to be granted?
The time of acceptance of a loan may vary depending on the lender. Most have a response within 24 hours, although there may be exceptions.
How to return your personal online loan
When returning your personal loan online, you must follow a process, which we explain below:
- Agree on payment with your bank
Previously, you must agree with your bank on how to return your loan online. The most common is to pay in monthly installments.
- Choose how to pay your loan
There are different ways to pay your monthly fee. You can direct the payment of the said loan, you can make a transfer monthly or pay at the window, that is, personally
- Pay off your loan
Once you have chosen the way to pay your fee, your money will be withdrawn monthly from your bank account if you have domiciled it or you will have to pay it if you have chosen another option.
- Finalization of your payment
When the agreed time has elapsed and you have paid the corresponding fee each month, your loan will end.
- Loan extension
If you do not have the resources to pay the agreed fee, there is the option to extend the payment time of your loan which will allow you more economic flexibility.
Requirements for online personal loans
The requirements for immediate online loans are generally minimal, although they will depend on the entity to which you apply for your loan.
The mandatory requirements that all entities have in common are the following:
- Be 18 years old at the time of loan application
- Reside in the national territory
- Have a valid ID
- Be a bank account holder
- Have enough regular income to meet the loan
Fast personal loans online: is it possible?
One of the main reasons for requesting a personal loan is usually the financing of an unforeseen expense for which no cash is currently available.
That is why we fully understand that you want to dispose of your loan money as soon as possible.
Given the need to expedite the usual procedure, and as an alternative to the bureaucracy that involves the request for a personal loan in a conventional banking entity, online financing entities arise, which offer Fast online loans as a real and convenient alternative to bank loans.
In this way, it is now extremely common to apply for a personal loan online and dispose of the money on the same day.
Online personal loans avoid the rigorous demands of traditional banks.
So that any individual, presenting minimal documentation, and even without payroll, can obtain his urgent loan in an incredibly easy way.
Fast personal loans currently allow you to have the money available on the same day as the loan.
What are the advantages of fast personal loans online?
Do you know why online loans have become popular?
It is due to the great bureaucratic requirement that traditional banks impose when applying for a personal loan
The advantages of an online personal loan of these characteristics have to do mainly with the speed:
- Forget the long lines at the bank
- Forget the endless waiting by the phone
- The requirements of online loans are very demanding
- Money in your account quickly
What are immediate online loans?
Immediate online loans use an intelligent analysis and verification system that evaluates your loan application in a matter of seconds, so the process is carried out entirely through the Internet and in a very comfortable way.
As a consequence, online financial institutions can simplify the requirements to the maximum when granting their personal loans.
How do these verification systems work?
It is very simple.
The user provides, through a form, the access data to their online banking, and this program analyzes in a completely computerized and secure way their personal data, taking into account their economic situation and their monthly income and expenses, with the aim of assigning a factor of risk, that is, the probability of default on granting a loan.
Therefore, in addition to making it easier for you to obtain financing, you can also save a lot of time for the simple reason that you should not present the amount of paperwork that a traditional bank usually asks for.
In addition, you can dispose of your loan money online in an incredibly fast way, while the waiting time of a traditional bank, with the different necessary meetings, is 1 to 3 weeks.
In general, most online financial institutions are already able to deposit the money into your bank account in approximately 15 minutes. It is true that it will also depend on the bank of which you are a client, since your money may take a maximum of 24 hours to be available.
How much will I pay to apply for a loan online now?
The interests associated with your online loan will already depend on which entity you are requesting the loan and what is the purpose for which you request it.
Before requesting your personal loan online, it is vital to carefully read the terms and conditions of the loan in order to be aware of all the expenses and fees that apply.
In fact, according to Spanish law, entities must inform you in advance of the interest, APR, fees, and all additional fees associated with a loan, so, before signing a contract, they must inform you of the total to be paid at the end of the term.
After that, it is important to calculate the final amount to be paid to make sure that you will be able to face the total payment of your loan online now.
In order to obtain an approximation as faithful as possible to the final amount to be repaid, you must calculate the interest on your online loan not only by looking at the interest rate, but taking into account other factors such as additional fees associated with the loan, in case That there are.
The main data that you should look at when you are going to take out a loan are the following:
- The interest rate (TIN) and the equivalent annual rate (APR)
- Commissions, such as opening and study (must be included in the APR)
- The terms and conditions of payment (and non-payment)
Whenever you have any questions, contact the lender to get help from a professional team.
|N||Type of interest|
|R||Annual Equivalent Rate|
How does the entity calculate the interest on my online loan?
Normally, the financial institution to which you apply for your loan online will calculate the interest to be paid based on the amount of the amount you request and the repayment term, in addition to your solvency assessment.
In relation to online personal loans, the maximum amount that can be requested online is usually a little less than that of traditional loans. This also includes personal loans to be requested on the websites of traditional banks.
This is because, for larger amounts, the study of your application should be more exhaustive, including meetings at the bank branch and various questions about the purpose of the money.
However, the interests of the personal loans requested online are usually similar to those requested in a bank branch, as long as it is the same type of loan, with the same conditions.
That said, the interests of urgent personal loans tend to be higher, depending on how demanding the requirements are since the entity assumes a greater risk of default by requesting less documentation.
Therefore, the comparison is essential, and once you have decided on an entity, read the conditions of your loan with special attention. Do not accept a loan without fully understanding the contract.
An important factor when calculating the interests of your personal online loan is the conditions under which to repay your loan.
The number of fees applied and the repayment term of your loan influence the interest rate of your personal loan. The lower the number of payments and the shorter repayment term, the better the interest of your personal loan.
That is why the profitability of a loan depends not only on interest , but on a large number of factors as a whole. A lower interest does not always mean that you will pay less.
The repayment terms of the money also influence the total amount to be returned, making the total to be repaid greater in a loan with a low but long-term interest, than in another loan with a higher interest, but in shorter terms.
Therefore remember that the lower the amount of time to return your loan, the lower the amount to be paid.
On the other hand, your creditworthiness assessment and your credit history will play an important role in the total to be paid, since the higher the risk of default on your loan, the higher the interest applied.
Personal loans online without questions
As you probably know, the vast majority of traditional banks conduct a thorough interrogation of applicants who wish to obtain a personal loan.
Many of the questions they ask are based on the purpose of the borrowed money: What is the main reason that leads you to apply for a loan? Why is this reason so important to you? Will you use the money in full for this purpose?
That is why, more and more, users are interested in online lenders, because they do not require any explanation regarding what you are going to use your money for.
In this way, you can get money fast, without leaving home and without awkward questions.
Personal loans online to pay debts
Many users consider applying for personal loans in order to finance outstanding debts.
In this case, while traditional banking entities would not grant a loan for this purpose, online financial institutions are able to offer financing to these users.
However, the granting of a loan with debts will always be depending on the amount of the outstanding debt and the nature of the debt (if it is a bank, telephone, mortgage debt…).
This means that, despite the fact that online loans offer a financing opportunity to people with active debts, this type of loan has very specific conditions that must be met for granting.
For example, the debt for which the user is listed in the default record must be less than an amount established by the entity, generally around $ 1,000, and it is necessary that such debt does not come from a credit institution.
If you are listed in credit institutions or any other delinquency record, you can visit our page of financing for loans with credit institutions where we inform you on how to apply for a loan in this situation.
To the extent possible, avoid applying for a larger loan to pay another payment you have pending. Paying off an outstanding debt with a new loan may be too risky.
You should be careful performing this process, as you could enter a spiral in which the interest of your new loan will continue to increase more and more due to the worsening of your credit history.
If your main concern is that you have several active loans or credits at the same time, you can consider reunifying all your debts, with the aim of putting them together in a single installment of a smaller amount.
Personal loans without paperwork
Years ago, requesting a personal loan without paperwork avoiding going through a long bureaucratic process and documentation was unthinkable.
If you go to traditional banking, before granting you the loan requested, they will carry out an exhaustive study of your economic situation to verify your solvency.
In this way, it will take several weeks to know if your loan is approved since the process is tedious, having to meet many requirements and submit many documents, and all this without having the minimum certainty that your loan will be repaid.
With online loans without paperwork, the paperwork required by traditional banks when applying for a loan is already part of the past.
Currently, the documentation required by online financial institutions is minimal and consists mainly of:
- entity document : presenting the DNI is mandatory when requesting a loan, as it allows the entity to verify that you are of legal age and that you reside in national territory, two of the main requirements for obtaining financing.
- Proof of regular income : this document is used to verify that you are able to pay your loan. It can be a payroll, the unemployment benefit document or the proof of your pension.
In some cases, entities may request a bank statement to check the income earned per month and verify the applicant’s creditworthiness.
Are there really online loans without paperwork?
There are currently online personal loans for which entities will only need to present an ID , since they can check the rest of the information through a computer system.
However, before applying for a loan without the need for documentation, you should keep in mind that these tend to be much more expensive in terms of interest , due to the minimum requirements they present.
When the lender studies your application, it will evaluate the risk of default that the loan has associated. If the risk is high, the interest to be repaid will be too.
For that reason, if you have a positive credit history, we recommend that you apply for a loan with more documentation , as it will be much more profitable.
Where to apply for loans for young people and easy to get?
If you are young, you probably have enough projects in mind , such as having your home to be able to become independent from your parents, travel, buy a car or a motorcycle or, you just want to go to university or open your own business.
What most of these projects have in common is that you need money to carry them out and that you don’t always have available capital. For this reason, you can ask for loans for young people that are equal to online loans.
It is true that not all lenders offer this type of product but there are several that offer online loans to 18-year-olds. Read the details of each loan carefully to find out which one is best for you.
Personal loans for the unemployed
In the event that you are unemployed, it is very likely that your chances of obtaining financing will be more limited.
In fact, most traditional banks will reject any loan application if the applicant is in this situation.
Fortunately, the online loan offer for the unemployed is growing rapidly. In this way, there are currently alternatives with which it will be possible to obtain a loan despite being unemployed.
Only with an unemployment benefit, the entities consider that you have sufficient income and responsibility to repay your loan in the indicated time.
Loans without payroll or collateral are the optimal solution for those who cannot get financing through the traditional way.
Online loans for retirees
As for the loans for retirees, we must take into account that a large part of financial institutions has certain restrictions.
In most cases, a determining factor for granting a loan for retirees is the age of the applicant. While some entities place the maximum concession age at 70 years, there are some lenders that extend the age range to 80 years.
The grant to retirees will also depend on whether the applicant is able to prove that he receives a pension high enough to pay the monthly fee; or if it has a guarantor who can support the payment.
Stricter entities will require that the applicant does not exceed 75 years at the time of the total repayment of the loan, or that he has life insurance that can take care of the repayment in case of default by the applicant.
Personal loans for freelancers
Personal loans for freelancers are the perfect financing option if you need to start a project that involves a large investment.
In this case, there are loans specially designed for the launch of new projects or the opening of premises. You can compare the best personal loans to finance your projects using our online service.
However, keep in mind that a personal loan is designed to be a single payment of a large amount. If what you need is to have financing in specific moments of lack of cash due to irregular income, the solution may be to hire a line of credit.
Also, remember that the government offers grants and incentives to entrepreneurs and freelancers, from which you can benefit from meeting certain requirements.