Prestamer: Analysis and Opinion
Loan is a financial company that offers fast mini credits with minimal documentation and that operates automatically. This means that we can make the request to a Loan any time of the day or night, on a working day or public holiday, and that a response will be obtained in a matter of minutes without having to wait for a person to review the information provided. An assessment at http://www.monraku.com/direct-loan-servicing-consolidation/
If you have an emergency or need the money immediately, you can learn about the particular characteristics of Loan, be sure to read and find out below.
Initial limit of 300 USD for the first credit
The amounts offered by the Loan range from 50 USD minimum amount to 1,000 USD maximum amount . Establishing an initial limit of 300 USD for the first credit, which in the case of satisfactory return will cause the immediate increase in the available limit, reaching 1,000 USD of maximum money.
Loan repayment terms
Loan establishes the maximum repayment term at 21 days , a fact that we must take into account if we decide to operate with them, since if we cannot make the loan payment within the established term, we will have no choice but to resort to an extension and therefore we will end up paying higher interest.
As with all fast credit products, the requirements to be able to access one of these loans are very easy to fulfill, given that its objective is to be able to reach as wide a group of people as possible . The age of majority , by legal imperative, is a basic requirement, and in addition you must have Spanish nationality, have an operating mobile phone and register on the Loan website .
Although it does not make an explicit reference to Financial Credit Institution, it should be noted that Loan indicates as one of its advantages that the credit history is not definitive for the granting or not of the loan . This, translated into plainer language, comes to mean that each application will be treated individually by studying a set of factors, and that having a damaged credit history does not make it impossible to obtain the loan. It will be one of the points that your automated system will take into consideration, and depending on the set of circumstances of each person, it will be considered or not as a problem.
How the application process is carried out
If we decide to request a loan from Loan, we have to follow a simple process that only takes a few minutes . First of all, we have to go to the Loan website and create an account, for which we will have to provide a series of data through a form and send a copy of the DNI.
Next, we need to specify the desired amount, the term in which we intend to pay the loan and indicate the way in which we are going to make the payment, from among the 4 options offered .
Once the response with the acceptance has been received (which occurs in 9 out of 10 requests), all that remains is to sign the contract, which is carried out effectively by confirming the loan conditions via SMS, so that it can be placed in The money delivery mechanism is running.
When the loan money is received.
At this point it is necessary to make clear the difference between the delivery of the money by the Loan and the possibility of being able to access it. As we have pointed out, Loan works through an automated system – in fact, on its website it is mentioned that the decision is not influenced by any human factor -, so it is possible to obtain approval and delivery of money almost immediately, but the possibility of having it It will depend, as always, on the working hours of the banks.
Therefore, it does not differ too much from any other microloan. In the most favorable cases the money will be available within a maximum period of one hour , and in cases such as when the loan is made during the night or on weekends, it will be necessary to wait until the next day or the next business day. In all security, whatever the circumstances, it will be received in a maximum of 48 hours.
The amount received can be returned in a maximum of 21 days , although it is possible to do it before that period and reduce the payment of interest. There is also the possibility, already mentioned, of requesting an extension if the deadline does not have the money to complete the payment. This solution will make the loan somewhat more expensive, but it is always a better option than incurring late payments.
To proceed with the return there are several payment systems, which are managed from our personal area. These systems are card, bank transfer, Trustly and, finally, there is also the option of making a cash payment.
Resorting to the services of a Loan can be interesting in some cases and not so much in others. Taking into account that your interests are not exactly low, and that you have 21 days to return, you should be very sure that you will be able to proceed with the payment on the scheduled date before launching to request it .
However, these less favorable aspects are not the only ones to consider. There are factors such as the possibility of requesting up to 1,000 USD which are a plus – other financial companies have much lower limits – and being able to pay back the money at any time and pay interest only for the time that has been disposed of is another advantage. not to be overlooked.
If a payment has to be made on a certain date on a mandatory basis and the money is not available until a few days later, it is a smart way to solve the situation without the cost of the solution being too high.
Other advantages that must also be noted and that in many cases can be definitive, to choose Loan as financial, are the very little documentation to present (enough the DNI) and the high level of acceptance that it presents, and which exceeds 90%, which for people with credit history problems, and who are often rejected in other entities, can be a significant relief.