Payday loan application

When we need money, the first thing that comes to mind are banks, traditional loans and the long and heavy application processes with endless paperwork and bureaucracies. However, our society evolves and the world of finance is also modernized.

Fortunately, there are more and more alternatives to be able to request a financing that adjusts to the needs of the client. Among the range of possibilities highlights the option of online personal loans or mini-credits, a service increasingly consumed. That is why we want to take this opportunity to unveil the secrets of this new way of financing yourself and tell you about the main differences they have with traditional bank loans.

What should you keep in mind when applying for a quick credit?

There are many quick credit comparators where you can find many companies that offer these services, but there are a number of elements that you must take into account when choosing the company through which you will apply for the credit.

1. Application form

The process to apply for a loan at a bank involves attending a bank in person, in many cases asking for a prior appointment or waiting in line to be attended by an agent. In a first meeting, the bank employee informs you about the types of services they offer and the conditions to request them, which can take your time. However, this will only be the beginning of a long process of meetings with your agent and if you meet the conditions, several meetings will take place to check if all your documents have the necessary requirements for financing. Only the process can last for weeks or even months, so this process is worth it to access large amounts of money.

However, when we need fast money, the best form of financing is payday loans that are requested through the internet via Purple Payday. The process is simple, it only entails filling out your personal data in the same web page and once the electronic form is sent you will be able to receive the money in the account that you have indicated.

Pay attention to how long it takes to receive the money with each of the companies and assess the speed and simplicity, in addition to the opinion of more users.

2. Required documents

While traditional loans require a huge dossier made up of all possible documents that prove your financial solvency, the mini-credits do not require any type of documentation, beyond your personal data.

You can forget about the demands of giving your payroll or having an endorsement so that it is not necessary to have a high economic status. This is one of the biggest advantages of online personal loans since everyone can have the option to request this financial aid.

Although not all online companies free you from the delivery of paperwork since many of them make you attach copies of documents. We will simply ask you to fill in some information, but you will not have to go through paperwork or endorsements.

3. Speed and accessibility

As we mentioned before, the process of applying for a conventional loan in a bank usually takes several days, weeks or even months until we can gather all the necessary documents. However, mini-credits are requested simply by filling out an internet form, which will take you very little time and once your application is reviewed you will have the money in your account in 15 minutes.

They are financial services with an enormous accessibility for all the public, it is enough to have a computer, tablet or telephone to connect to the internet. Valora receive your credit with only 10 minutes.

4. Amount of money

Here lies one of the great differences between these two financing services. Bank loans require a more bureaucratic and longer application process since the amount available is usually much higher. However, online personal mini-credits have a much simpler and faster procedure since the amounts are smaller. For a personal loan, the maximum amount does not usually exceed 300 euros per application, so users resort to this help in times of emergency or to cover a specific expense.

Keep in mind that after the return of your first credit you can re-apply for a larger one, pay attention to this value in the companies since it varies from one to the other. 

5. Return period

The large amounts of bank loans have a longer repayment term, of years, many times decades since they are used to finance large investments such as a house, a business or a car. On the contrary, personal loans are as quick to request as they are to return since the amount is much lower, as we saw earlier. It is the client himself who chooses what amount he wants to borrow and how much time he needs to return it, with a maximum period of 30 days to pay the amount. This process of choice can be done through a loan simulator that at the same time you choose the amount and the term will inform you of the interests of your mini credit, making the calculation of your loan much easier.

The differences between traditional bank loans and personal mini-loans through the Internet are considerable since both services have been designed to meet different needs. Despite the wide range of possibilities for borrowing, it is important to remember that the most important thing to have a healthy economy and not be tight at the end of the month is to plan and only borrow when you are really aware of the ability to return it.