Discover the best payday loans available online that currently exist in the market. From minicréditos to get money in 15 minutes to personal loans with which to get up to 60,000 euros online.
Types of online consumer loans there are
Although a few years ago the only way to obtain financing was through banking entities, today we can find a wide range of consumer loan offers with different characteristics and advantages, each type to meet a type of need. Discover the different types of online consumer loans that we can find:
- Quick mini-credits: these are loans with which to obtain small amounts of money very quickly, between 300 and 700 euros maximum, to be reimbursed in a period no longer than 30 days. Its cost is around 1.1% daily and must be returned in a single payment of the principal plus interest. These consumer loans are created to obtain extra liquidity at specific moments. These credits do not require to be clients or change banks to be able to request them.
- Personal loans: these are loans designed to carry out projects of a different nature that require a larger budget. They offer amounts from 3,000 euros and up to 60,000 euros. Its repayment period is between 12 months and 10 years, depending on the amount requested, and its cost ranges around 8% APR. We can find these personal loans in both banks and financial institutions.
According to our profile, the need for credit, the purpose for which we require the money or the speed with which we need it, it will be convenient to go to one type or another. Knowing the offers of consumer loans will help us to choose more adequately our needs.
How to differentiate the best offers of consumer loans
There are many variables that will directly or indirectly affect the cost of financing that we want to hire. In addition to interest, other factors such as commissions, term or connections will also have an important part in calculating the interest we will pay in total. Therefore, it is important to take into account the factors that affect loans in order to differentiate the best offers of consumer loans:
- Interests: it is one of the most important factors to take into account, although not the only one. In addition to looking at the TIN (the interest we will pay for the credit), it will also be necessary to take into account the APR, since this percentage includes both interest and other costs such as commissions. In addition, the APR will be the way to compare between offers of consumer loans from different entities, since it is a percentage that is present in all the credits. The current average APR of consumer loans is around 8.5%.
- Commissions: the formalization, opening, and study are the most important as they must be paid along with the first installment of reimbursement. These commissions are between 1% and 3% of the requested capital. When having to pay them together with the first installment, this supposes a greater economic effort. The best personal loan offers are those that do not have formalization fees.
- Linkages: these are products that we must hire to access credit. These links can be free (payroll or receipts), in which case it will only involve one more procedure for the contract, or with an additional cost (payment insurance or credit card), in which case they will make the credit more expensive. The best thing is to look for consumer credit offers without links.
- Term: it is the least striking variable, but it occupies an important place when it comes to generating interest. These interests are calculated based on the amount that we request and during the time that we are repaying the loan. In this way, the shorter the term we choose, the less interest will be generated.
In short, a loan with an APR below 8%, without mandatory bindings, without formalization fees and allowing a certain flexibility in terms of shortages or change of term will be a good offer.
How to calculate the cost of consumer loans
As we have seen, the variables to be taken into account to calculate the cost of consumer loans are many. For this reason, using a loan simulator is a good alternative to calculate how much we will pay for the loan that we want to contract depending on the amount and the term we choose. We can find these simulators when we want to hire an online loan, although it is also possible to use external calculators such as HelpMyCash.com. With the following calculator we can find out according to the variables that we choose how much we will pay in total and perform different scenarios according to the variables that we change:
Rights when contracting a consumer credit
Law 16/2011, of June 24, on consumer credit agreements, is the consumer credit law that regulates the contracts for all loans destined to finance the needs of Spanish households. When we hire a personal loan and we sign the contract we are giving the consent that we have read, understand and agree with the rights and obligations that appear in it. Therefore, it is essential to understand well what we hold and read carefully all the clauses that appear as well as ask any questions that may arise during the reading.