Requesting a credit from our bank is usually our first option when we need financing to buy a car, renovate housing, pay for university tuition or make the trip of our dreams. However, it is possible that the personal loans of our bank have conditions that convince us, either by having a too high-interest rate or by demanding too strict conditions of attachment (domicile a payroll of a very high amount, hire several insurances, etc).
Fortunately, via Payday Now, we can find payday loans with very good conditions. Within the current financial market, many lenders operate that can grant us very cheap credits without forcing us to transfer our current accounts. Next, we will see who can lend us money without being their clients, what requirements we must meet to accept our request and how we can change bank if we are not comfortable with ours.
The cheapest online credits
If we do not like the conditions of the credits of our bank, we can request financing from several online financial institutions that will not oblige us to contract other products or to direct our income. Through online banking, we can get loans from € 2,000 to € 15,000 in a fast, agile and simple way, since the entire application process can be done entirely through the Internet. In addition, the interest rate on loans without changing banks is usually very competitive to attract as many customers as possible. Let’s see an example:
Free Mini-credits: get up to € 300 without interest
Mini-loans have a higher interest rate than conventional personal loans, but some companies do not charge fees to their new clients. If we want to obtain a low amount of money, it can be interesting to request a free mini loan to one of the following companies:
Other financing options outside of your bank
If what we need is extra money to make purchases, we can explore different ways of financing. In this case, the most indicated will be to hire credit cards that do not oblige us to open a linked account in the issuing entity. In the current market, we will find several cards that include this feature, but the best ones are the ones that we will see next:
All the credit cards that appear in the table do not have emission, maintenance or renewal commissions, so they will be free for us year after year. Remember that the interest rate will only be applied if we use the installment payment method; If we return all the credit used at the end of the month, we will not pay a single euro in interest.
How to know if you are facing a better loan than your bank
The interest rate is not the only aspect that we must take into account when we compare the personal loans of our bank with those of other financial institutions. To know which credit is better, we will have to look at all these factors:
- The annual equivalent rate or APR, which reflects both the nominal interest rate (NIT) applied and the fees charged by the entity. This rate also includes the cost of the insurance that guarantees the payment of the loan (life or payment protection) but does not always reflect the cost of the rest of the linked products.
- The price of linked products, because they can significantly increase the cost of a loan. In order to know what the expenses of connection will be, we will have to carefully read the fine print of the loan contract.
- Possible notary expenses. If we ask for a consumer credit of a high amount, many entities will require us to sign the contract before a notary and will charge us the fees of the public official.
Requirements to obtain financing through another entity
Before requesting financing from a bank that is not ours or from any other lender, it is advisable to know what the requirements will be and make sure all of them are met. Each entity establishes different access conditions depending on its risk policy, but in general, all of them will ask us for the following:
- Be of legal age and reside in the national territory.
- Have sufficient income to pay the loan installments. Depending on the entity, the income must come from a payroll or may also be collected through a pension or the compensation we charge as self-employed.
- Have an active bank account and our name. The collection of the fees will be paid, in general, to a current account of which we are owners.
- Have a good credit history, that is, have returned our previous credits within the term. Also, if we have other loans in effect, our chances of getting another loan will be lower.
- Not have unpaid debts. If our data appears in a file of defaulters such as ASNEF or RAI, no bank entity or most of the private lenders will approve our loan application.
If we meet these requirements, but we want to make sure that they will grant us the personal loan we need, we can download the free HelpMyCash.com guide “How to increase your chances of getting a loan”. Thanks to this useful tool we will be able to discover what our current possibilities of obtaining a loan are, how to increase them and to whom we should go depending on our economic profile.