Compare and find the companies that grant quick loans with which you can obtain liquidity immediately. Below, we explain what steps you should take to get these loans in 10 minutes or, even, in less time.
What are loans in 10 minutes?
Loans in 10 minutes are loans that are granted and requested quickly and that allows us to have the money in our account in a matter of minutes. There is no doubt that this is their main advantage, the speed with which the operation is executed, which allows customers to have their loan money in 10 minutes in their account thanks to the automation of the application and hiring processes.
Although any credit that is granted in 10 minutes could fall into this category, this type of loan usually has similar conditions:
Your guarantee is personal, that is, they do not require mortgaging any specific asset.
The amount of these credits is low and usually does not usually exceed one thousand euros (1,200 euros at best and only for regular customers).
The term of return of these credits is usually very brief and often does not exceed 30 days.
They are processed through the Internet, which turns the process into a very fast and agile process, nothing to do with the traditional comings and goings to a branch.
That is to say, that most of the loans of this caliber are mini-credits, although we can also find in the market loans in 10 minutes that have a higher amount, such as some quick credits of the high amount or pre-granted loans from banks.
These credits in 10 minutes arose to solve specific incidentals or emergencies that can arise in times of lack of liquidity or in times when our expenses skyrocket and we need a little extra money. On the other hand, it is not recommended that we use these products as a usual method of financing since they have a very high cost and a very long repayment term and we could enter into a spiral of debts that is very complicated to deal with.
Who can grant me credits in just 10 minutes?
If we want to get a quick payday loan in 10 minutes, we can go to PaydayNow. The banks of all life, although in recent years have launched financing products with which you can have the money in your account in a couple of days, do not usually lend money so quickly, unless giving us the option of hiring a pre-granted credit.
Therefore, loans in 10 minutes are facilitated mostly by private equity lenders. Generally, they do not usually offer amounts greater than 1,000 euros, although we can find entities that allow us to get up to 1,200.
Due to the popularization of these quick loans, banks are also beginning to offer loans in 10 minutes to their customers with pre-approved loans. They are a way to get credits instantly for users with a certain seniority in the bank. The entity will perform a preliminary analysis of our profile with the data it extracts from our financial behavior and will let us know that, if at any time we need financing, we can get it with them instantly, since all the analyzes are done.
In summary, if we need to get the money quickly in a single day, we can resort to both the urgent loans granted by private companies and the pre-granted loans offered by some banks. In the first case, it will not be necessary for us to be clients of the entity and the requirements will be much more flexible, while in the second, we will only be able to access the product if the bank offers us the offer.
What are urgent loans for in minutes?
The function of this type of loans is that the client can dispose of the money instantaneously so that it can solve specific problems of liquidity. Thanks to the loans in 10 minutes you can face situations like the payment of a purchase that can not wait, repair an urgent breakdown, pay a receipt, avoid staying in the red, and so on.
In addition, one of the advantages of urgent loans is that they do not require us to specify the purpose so we can use them for what we want.
However, due to its characteristics (high price, short-term reimbursement, etc.), these products are only designed to solve small incidentals, so it is not advisable to use them as a usual funding source. Having said that, it is worth emphasizing that if we use this type of credit, it is most likely that we will end up in a debt pool from which it will be very difficult to leave.
Therefore, before requesting any type of financing, it is essential to evaluate our economic situation to know if we will be able to face the payment of the loans in 10 minutes within the agreed term. If after analyzing our ability to pay we realize that we will not be able to deal with the loan plus the corresponding interest, we will have to discard the option of requesting financing or, failing that, request a lower amount that allows us to return it later.
How much do fast loans have?
There is no fixed price; Each company will charge whatever it considers for its quick loans. However, the market average for mini-loans is 1.1% per day interest. In practice, that translates into a fee of 1.1 euros for every hundred euros lent. So, if for example, we request 100 euros to return in 30 days, we will have to pay 33 euros. In any case, the price varies a lot from one entity to another, you can even get offers at 0%, that is, interest-free loans.
By law, all loans must include the APR. However, the APR is an annual measure that indicates the interest we will pay if this loan were repaid within a year or more. So if we take into account that the loans in 10 minutes have a usual amortization period of one month, the APR is not a representative measure to calculate its cost.
Therefore, the most appropriate method to assess the price of a quick loan in the short term and compare one offer with another is to take a measure, for example, a term and the amount that interests us, and compare the cost of a loan with those characteristics between the different lenders of the market.
What steps must be followed to sign fast loans?
Loans in 10 minutes have a very simple application process since precisely one of its strengths is the ease of processing the request and the speed with which the entire process is carried out. This type of credits can be requested completely online, with little documentation or paperwork and very quickly, with just a few clicks. Let’s see what is the standard procedure that must be followed to access these loans:
Compare and choose among the quick credits the one that best suits our profile. On this same page, we will find products designed for all types of consumers, from specific free credits for new customers to loans in 10 minutes with ASNEF designed for those who have debts recorded in delinquency files.
Decide how much money we want and how long we want to return it. Before starting the process of applying for a loan we have to decide how much money we are going to ask for and what amortization period we are going to choose. We can play with the term to adjust the amount of the fees, but not before being aware that the longer the term, the more expensive the loan will be. You can use the simulator that the credit pages usually have in 10 minutes to know how much the financing will cost, what will be the amount of the installments and what the total owed (sum of the principal plus interest).
Complete the application form with our economic and labor information. With the information that we include in this form, the lender will be able to assess our solvency and our profile and analyze if we meet their risk requirements or, on the contrary, we are not eligible to receive a loan. It is important to make sure that all the information entered in the application form is real and that there is no error, so we will avoid slowing the process by having to fill in the form again or directly reject the application.
Send the necessary documentation to support the data of our application and that the company can verify who we are, verify that we meet their risk requirements and make sure that our economy allows us to borrow and face the loan. Before sending the documentation to the company we have to verify that we are going to send it with sufficient quality so that they can interpret it.
Fix and understand the entire contract of the product we want to hire, accept it if we agree and wait for the money to arrive. Never sign a contract if it is not understood in its entirety or if you do not agree with any point since at the time it is signed, it is assumed that all the conditions it contains are accepted.
As we have seen, the first step is to compare. That is the trick to find the credit with the characteristics most suited to our needs. The free tools of the HelpMyCash comparator allow you to compare quickly between all the offers in the market.
Documentation needed to request money in 10 minutes
As we have seen so far, getting loans in 10 minutes is much easier than we probably thought. One of the things that makes them so fast is that they hardly need to send documentation, so the process is very simple, and being all digitized, the company can analyze the customer profile much faster. Generally, by submitting the following documents we will suffice:
DNI, NIE or passport: through the DNI or, failing that, the passport, the financing company will verify our identity and check how old we are. It will also use the identity document to verify where our address is located and verify that it is within Spain.
Bank statement: through the extract of our usual account the lender can assess the relationship between our fixed expenses and the income we usually receive, as well as verify that we pay our bills on time and check if they charge us monthly installments of other loans or credits. Also, the bank statement serves the entity to verify that the account to which you are going to send the money is really the applicant of the credit and not someone else.
Document accrediting receipt of income: we can deliver a copy of the payroll, pension, state subsidy, etc. With this document, we will be able to demonstrate to the financing company that we actually receive the income that we have written down in the application form and that its amount is enough to cover the debt.
Attaching the previous documents is very simple and will hardly delay us. Also, if we already have them at hand, we will not have to stop in the process to look for them, simply attach them when they ask for them. Of course, before sending them we must verify that we attach them with sufficient quality so that they can be read by the analysts of the financing company.
Is it possible to get a loan in 20 seconds?
Thanks to the advancement of technology, the possibility of obtaining financing in 20 seconds have become real. On the one hand, the premiere of immediate transfers has reduced the time of receipt of money to a minimum. This type of transfers allows sending funds (up to a maximum of 15,000 euros) from one bank to another in a maximum of 20 seconds, any day of the year and whatever the time at which the operation is executed. Although this service is not available in all banks and in many is paid, lenders can already use it.
On the other hand, there is Bizum. An integrated service in the apps of thirty Spanish banks that allows you to send money from one account to another in a few seconds, even if they are in different banks. This system can be used by individuals to send money to their friends and acquaintances in a matter of seconds.
Bizum is integrated into the applications of our banks, so we will only have to activate it to make use of it. In addition, it is free and, we are the bank that we are, we can use it both to receive transfers from other banks and to receive them from other individuals. We will not need to give any account number for it, only our phone number.