How does it work
What stages does it comprise in the non-bank loan application process?
The market for quick loans credited to an account is growing year after year and the companies that grant online loans are increasing. It is not necessary to have studied economics to know that the greater the competition in the market, the greater the interest that companies must show to get customers. So, at the end of the day, those who use online loans can expect better deals every year.
Even at the present time, although the Spanish loan market is only a few years old, the situation and the variety of offers for a potential borrower are quite good. This is due to the fact that traditional lending companies, advertising on poles and at bus stops in the past, have come to realize the growing power of the internet.
So, if the online loan market grows month by month, what is the standard model for applying for a loan? Unlike banks, online loans are based on an instant service and a quick deposit of funds. The entire application process is not difficult and only a few details differentiate one company from another.
From entering the lender's page to receiving the money
- The first step is to choose the right loan company . The choice is wide, there are loan offers available from 50 to 40,000 us dollars. Also, the payment term is flexible and most people can choose the one that suits them best. Terms start from 1 day, and for larger loans, they can last up to 84 months.
- The next step, if we have already chosen the company that interests us, is the choice of the amount of money in which we are interested and the payment terms.
- Once the desired amount and the payment term have been chosen, we will be asked to fill out a form . In some companies we will be asked to indicate the source of income and the purpose of the loan, although these fields are found less and less frequently. The data present in the identity document, such as name, surname, identification number or address will certainly be necessary. You will also have to provide your phone number and confirm it using the sms code that you will receive in the message.
- You will then need to confirm your personal data with a verification transfer of 1 cent or 1 us dollar. Thanks to this, the loan company has the assurance that the data and the bank account number are correct and that no one impersonates the client.
- The penultimate step is to wait for the request to be processed. It usually takes between 3 and 15 minutes.
- Finally, if the decision is positive, the funds will be transferred . This process is usually automatic, so the transfer will reach our account in a few minutes. Of course, if the lender has an account at the same bank. Through email you will receive the loan agreement and the terms and conditions thereof.