First, we must ask ourselves what are the cheap loans:
It can be considered that it is cheap when the money they lend to us can be a bank. An online financier and even a family member or another individual. That the interests charged to us are not excessive. and, of course, without forgetting the commissions and other expenses, which are usually included in contracts that are sometimes more expensive than the interests themselves.
Another way to find cheap loans is through those offered as free loans that we will talk about later and those in which they offer money on credit. and they do not charge interest although there are many cases in which they do not charge interest but the loan has high commissions that make the operation more expensive.
The best way to get a cheap credit, is to make a good negotiation with the bank and for that. Before visiting the entity to ask for the loan, we must be well informed of how the banks analyze the petitions, what documents they usually demand and what requirements we must meet in order to be seen with good eyes.
In the links in green button above. We show you information about the requirements that banks ask for and a comparison of the best quick loans.
Being well informed of how interest rates are at the moment and which is the difference that the bank can accept. It is time to submit the request and demand a certain interest, the maximum commissions that we can accept and even zero commissions and the possible counterparts that ask us how to take out insurance, credit cards, pension plans etc.
As we have indicated above, in addition to cheap loans, there are free credit offers on the market, that is, without interest.
In these cases there may be two possibilities, that the loan is totally free and they do not charge commissions or interest, or that they charge commissions that compensate them highly and do not charge interest.
Free loans without interest and commissions usually occur in those cases that offer shopping centers or stores that sell their products with deferred payment and do not charge interest or commissions. Your benefit is already in the sale of the product.
Another case of free loans without interest or commissions, are offered in the so-called quick mini-credits in which the financial institution has its first commercial credit for the acquisition of new clients as a commercial hook. In the second and future operations you already perceive the corresponding profitability.
In the case of quick mini-credits. The maximum amount is limited to 300 euros and the maximum return period of 30 days.
As we have indicated previously, one of the ways to get free money is by asking for the money taking advantage of the online financial offerings to attract customers.
To take into account always that the maximum amount they grant is 300 euros, and that it must be returned in a short time.
You also have to be aware that the next operations that are requested, the cost will be very expensive. In these financial companies it is possible to collect more than 3,000% calculated in terms of APR, which is as required by the Bank of Spain, that is to say adding all the interest and commissions and taking into account the short term that we have to return the principal plus interest.
Some of these financial companies that offer fast and free money are:
Vivus.es first credit up to 300 euros for free
Solcredito First loan up to 1000 euros for free
Ferratum : up to 300 euros for free
Viaconto : Up to 300 euros for free
Dineo: up to 300 euros for free
When comparing personal loans offered by financial institutions, we must take into account the following aspects:
– We have already explained it before, the best way to compare is to look at the APR (Annual Equivalent Rate). This formula that is mandatory for any loan information, collects all the costs of the credit: interest, commissions, expenses and what is more important that takes into account the term to return.
It is not the same that we charge 1000 euros of commissions to be returned in 3 months, than to return it in 1 year for the purpose of profitability. To be more secure, ask the bank to put the APR in advertising and in the offer.
– Therefore, it is best to use a loan calculator like the one we offer you on this website, and do the different simulations of amount, interest and term.
Knowing our ability to pay or monthly amount that we can allocate to return the money. We can choose the term of the operation and thus be comfortable in the payment of the fee, and request the bank concrete data of quantity and expiration.