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How does it work
Choose between the options that we show you and click on the link, you will be redirected to the website of the lender where you will have to finalize your loan application.
If you are accepted before 3 in the afternoon between daily (Monday to Friday) you should receive the money on the same day.
To be accepted
If you are not accepted in the option you chose at the beginning, go back to our comparator and try a new lender. You could be accepted into more than one if that's what you want.
Our comparison table is available 24 hours a day 7 days a week and is updated on a daily basis.
As an online personal loan comparator, we are the first interested in that users know the characteristics of these financial products. When we are going to order one of them, we should compare their conditions, since they are economic decisions of great relevance.
Not only does the amount of money that we have to return matter, but we also have to assess, among other issues, the term to return it, the interest or what requirements they ask of us. Without a doubt, there is an evaluation process that we have to carry out before each decision and that will be essential for us to make correct determinations.
Therefore, as we want clients to have sufficient elements of judgment to choose the personal loan online that compensates them the most, below, we delve into the circumstances they must take into account when choosing these banking products online .
What are online personal loans?
They are financial products in which, in exchange for the payment of interest, money is made available to the client that will be returned within a specified period of time. The fact that it is a class of loans in which the personal factor is emphasized implies two fundamental and related aspects.
On the one hand, these are granted, instead of to organizations (such as, mainly, companies and Public Administrations), to individuals. On the other hand, the fact that these loans are aimed at people, by nature, means that they have a lower amount (between 50 and 50,000 euros) than those that are marketed with companies.
The difference with respect to life-long loans is that the procedures related to their management can be carried out online, which is an ease to take into account compared to conventional ones. Being able to request and process them online represents an advantage worth mentioning , since it allows us to save money and time, both in obtaining the supporting documents and in their presentation.
Types of online personal loans
With regard to the classes of these loans that we report on this comparator, four types must be assessed.
It should be noted that the names used are very common in the field of contrasting financial products, but they are not the only ones used in it, nor do they have to coincide with those commonly used on other similar pages. It is simply the ones that have been considered most useful on our site so that its readers are guided in the world of personal loans.
In this sense, we have valued, as the main indicator, the amount of the loan, but it is not the only one that we have taken into account. In the following lines we summarize the categories that visitors to our page can compare:
- Loans with Nigerian Loan authority. With an amount of up to 600 euros for whose loan possible inclusions in the lists of defaulters of the National Association of Financial Credit Institutions (Nigerian Loan authority) will not be taken into account .
- Mini-credits. Up to 900 euros of financing.
- Bank loans. Those managed by traditional credit institutions, from which up to 50,000 euros can be obtained.
- Non-bank loans. They are financial products processed by alternative banking entities or online banking and their amounts can reach 15,000 euros .
How to get a personal loan online?
It is as simple as entering the web pages of alternative credit institutions that operate over the Internet, whose number has been growing in recent years.
Once these sites are accessed (some intermediaries between lenders and borrowers also perform these services), it is possible to choose the appropriate financial product through the loan simulator. We refer to the amount of loan money that is desired and the period of time in which the client agrees to return it, which will generate the fees to be paid for the operation and will complete the information on its total cost.
If the banking and personal data to be entered in the loan provider's system are suitable, which is a decision that will depend on a computer algorithm, the requested loan will be approved.
Who can get a personal loan online?
These are financial products with a fairly open and broad audience. As we will see in the next section, they are usually characterized by a lower requirement of requirements (except in the cases of bank loans, which do have stricter ones). But in the rest of the products, in which the credit institutions manage, these do not have the same presence.
As for the population that can access these financing channels, we must emphasize that similar criteria are usually valued in bank loans and in those that are not.
In those who manage Internet banking, the possibility of obtaining one of these loans is usually open to those between 18 and 65 years old . For its part, in traditional banking exceptions can be made, depending on the confidence that inspires the customer's credit history, with respect to the last age. The age of majority, on the other hand, will function as the criterion to take into account to favor access to this financing by the youngest applicants.
Requirements to obtain a personal loan online
As we have commented in the previous section, the requirements to obtain a personal loan, leaving aside age, previously, at a time when Internet banking did not yet exist, had to do with the demonstrated ability to repay the amounts borrowed by the entity's client.
However, the economic crisis of 2008 caused major changes in the Spanish banking sector. As it was the subject of a public bailout, in return, its risk departments were placed on stricter requirements regarding the approval or denial of loans. We must remember that numerous non-payments had been detected in the refunds of the installments of financial products agreed by the banks with their clients. Above all, we highlight those of mortgage loans.
So, in compliance with the control measures established, conventional banks began to require, to approve loans, the presentation of payroll and guarantees and inspected the files of defaulters that made up organizations such as RAI, CIRBE or Nigerian Loan authority.
As many regular customers of banks could urgently need financing and it was not good for them to wait to meet these requirements or they were unable to do so, they opted to look for it in Internet banking entities. These, taking advantage of the growing demand that came to them in this direction, eliminated the previous requirements when deciding on the loan to be granted.
This circumstance does not mean that they do not ask for reliable guarantees that the borrowed money will be returned. The guarantee that online banking entities are going to request is that of regular income . These incomes are, for example, those that usually occur in the field of the self-employed. Besides, its amount can exceed those of a payroll, as it often happens.
Documentation necessary to apply for the loan
Of course, to lend the money you have to check the solvency of the person who asks for it and the best way to do it is to request documents proving the economic capacity of each profile.
This documentation, for its part, is usually requested in paper format at traditional banks. Online banking takes advantage of the agility that the network of networks allows in these procedures, since it is possible to attach these documents (for example, scanned) on their platforms. You just have to have a registered user and its corresponding password to use this service.
For its part, conventional banking is increasingly giving its clients the possibility to carry out these procedures for sending documentation over the Internet. But what documents are usually required in these cases?
First, we have to confirm the identity of the applicant. Among other things, to verify that your age is between 18 and 65 years. In this regard, the DNI is the most appropriate document. Scan it and attach it or deliver it photocopied are the simple steps by which the delivery of personal documentation is solved.
With regard to bank details, these can be accredited through payroll receipts, property ownership documents (they may belong to other people) by which the loan is guaranteed, or invoices showing income regular.
What are the interests of a personal loan?
We can consider the interests of these financial products to be like the price of lending a certain amount of money to be repaid in a certain period of time. In the simulators of the websites of the personal loan providers we will be able to see how much it costs, adding the interest, an operation of this type.
In these consumer loans, a nominal interest rate (TIN) is applied that, in general, will not vary during the entire repayment term of this financial product. Apart from these fixed interest rates, some variables are also applied in these personal loans, but they are not the usual ones.
On the other hand, when calculating the total cost of these consumer loans, it is important to include in the transaction the cost of the combined sale products that are sometimes linked to their concession. We refer, for example, to credit cards or mortgage life insurance. These entail the payment of fees or commissions, such as maintenance, which must be added to the monthly disbursements that the personal loan will originate.
Likewise, we must not forget that credit institutions have a certain discretion when establishing the conditions of the personal loans they put on the market.
In this sense, they will function as mechanisms similar to the risk premium and the loans of money or payments of debts between States. If the client has a reliable rating from the risk department of the lender, lower interest will be charged.
However, when the risks of non-payment of the installments by the borrowers are high, the credit institutions will choose to raise the interest, so that they will be covered against the defaults that may arise in the returns.
How do I return the money for an online personal loan?
Paying off a loan is the part of the client's commitment in the agreement that the granting of all these financial products implies. The traditional method to make it easier for the customer to return it is to pay in a fractional way and over time the total sum of the money he has received.
In this regard, installments are established that usually divide the amount to be returned equally. Although we also have to assess that some consumer loans allow differentiating the sums that are going to be paid in each installment.
Without going any further, a common example is to set higher amounts for the first installments, due to the psychological and practical effect of getting rid of significant amounts of refunds, and later and in a more comfortable way to face lower amounts in payment of fees.
In fact, a similar formula is used with the VAT of a home and the money that remains to be paid and that remains for the formalization of the mortgage loan.
Likewise, we must point out that the amount of interest may vary depending on how the payment through installments of these personal loans is shortened or lengthened, which will be a matter that credit institutions will also take into account and that can be verified through simulators of operations.
In short, it is worth comparing personal loans online , since we can save money and get more advantageous conditions.