Unsecured loans: what do they consist of?

When applying for a loan, one of the conditions demanded by many financial institutions is that of having a guarantee, a concept that appears repeatedly in financial language. But what is an endorsement? There are different types? Is it essential to get a credit?

What is an unsecured loan?

What is an unsecured loan?

Although most banks ask for a guarantee when applying for a loan, there are financial entities where it is not necessary. They are known as unsecured loans. In these cases, it is not necessary to involve a third party who is responsible for the loan applicant in the process. As well as it is not necessary to put as a guarantee a home or property.

For unsecured loans, the applicant is only asked to review his credit history and ability to repay. A process that, in the case of other lenders, only takes a few minutes since it is fully automated.

Entities that grant credits without endorsement

Entities that grant credits without endorsement

Lender grants credits without endorsement, as can be achieved even if the applicant is on debtors list of defaulters. This is because lender takes more criteria into account when studying a loan application and accepting it or not. You can request from 750 dollars to 5,000 dollars and return them within a minimum period of 6 months and a maximum of 48 months.

Not all financial institutions make it so easy to get credit without collateral. There are cases in which banks do accept if the amount is low and the client has other financial products with them, such as insurance, a mortgage or other accounts. And this after a process that can take days or weeks while the application is studied.

Requirements to get a credit without guarantee

Requirements to get a credit without guarantee

The requirements to apply for a loan are quite simple to meet, and it is only necessary:

  1. Be a resident in the country and be over 18 years old.
  2. Being the holder of an online bank account, where the credit will be paid if the request is accepted. Account ownership will have to be verified by sending a refundable dollar.
  3. Have a valid identity document from which a photo must be attached.
  4. Have an email and a mobile phone number.

Remember that the entire process is online and is done through the website. You do not need to send documentation by post or make any phone calls. All the process from when you request the loan, until you have the money in your account is online and you can do it from your computer or mobile with an Internet connection, wherever you are.

Online mini-credits resolve the loss of your ticket to spend the weekend

 

It has sometimes happened to all of us that after spending some time organizing a trip, we did not calculate the times to get to the station or the airport well and we stayed ashore with the ticket in hand. If this situation is familiar to us, there are options beyond resigning ourselves and going home. In the market we can find mini-credits online that will allow us to get extra money to make a new reservation and escape a few days to any other part to disconnect without giving up our getaway.

Get a new ticket in a few minutes

Get a new ticket in a few minutes

Getting fast credits is less and less complicated due to the great variety of products that online mini-credits that we can find in the market. These products are designed to achieve small quantities and cover occasional unforeseen events in our economy. They are requested through the Internet, so in just a few minutes we can have the money in our account to resolve setbacks such as the loss of a plane ticket or the reservation of a new train ticket if we have arrived late at the station. 

The previous products share a common characteristic: they are totally free if we request up to 300 dollars and we return them within a maximum period of 30 days. Therefore, if our needs are adapted to these conditions, we can benefit from a fast free credit. Of course, the cost can increase if we take more than a month to refund the money.

Look for promotions when requesting mini-credits online

Look for promotions when requesting mini-credits online

In the current market there are a wide variety of companies that sell mini-credits online with different conditions. Therefore, we can search for the product that best suits our needs. Furthermore, this increase in supply that has been taking place since the crisis benefits the consumer. If this is our first time going to a lender, we can enjoy a quick mini loan with no interest.

These temporary promotions represent a savings opportunity for customers who, at the expiration of the term, will only have to return the capital they requested without the interest that has been generated during this time. Most companies usually have current offers of this type. Therefore, if we do not want to overpay, we can consult several lenders on the Internet to see which one offers better conditions.

What happens if I take longer to return the financing?

What happens if I take longer to return the financing?

If we do not meet the repayment term, the interest will no longer be zero. For each day of delay we will have to pay the additional cost that the lender considers, so the cost of the mini loan will increase. For this reason, it is important to choose carefully when we are going to refund the money. To do this, we can adjust the date when we know that we will have income in our account again.