What do I need to know about this type of payday loan?
This type of financial product, which you can request only with the DNI / NIE, has become the ideal solution for those occasions in which you need to get money urgently . These are roughly, the characteristics of these payday loan instantly without paperwork :
- The application process is through a web page . You fill in a digital form where you must enter your personal information
- The only necessary documentation is the copy of the DNI / NIE , and that it is valid
- This financial instrument can be requested by people who are registered in delinquency files ,
- Once requested, you will receive a notification from the entity that will then indicate that the request is “in the process of evaluation”
- Most payday loan are approved immediately, allowing us to get money instantly
- In general, the sums of money are usually small , and payment can be made in a few weeks
When is it advisable to apply for a payday loan?
This type of payday loans, in general, are ideal for really punctual payments , mainly those that occur unexpectedly.
It is an excellent option for those people who do not have time to be collecting documents, in this case only the current DNI / NIE is necessary.
Although everything sounds very easy, it is important to know that this type of payday loan usually has interest rates a little higher than traditional payday loans, so it is good to think twice before making the request.
These high interest rates are due to the high default risk rates that this type of payday loan usually has, since the entity has no way of guaranteeing the applicant’s return payment.
What is the maximum amount that we can obtain in a payday loan with DNI / NIE?
The sum of the amount offered in the payday loan instantly without paperwork varies according to the institution. What must be taken into account is that, regardless of the money granted, they are payday loan that must be returned in the shortest possible time.
In general, these payday loan have a payday loan limit that does not exceed 1000 euros, with a maximum payment term of 30 days. At the end of the established period, the entire mum payday loan plus the interest generated must have been paid.
How to calculate what you should pay?
In personal payday loans, or other types of financial products, the total calculation of the debt is made through the relationship of the Nominal Interest Rate (NIR) and the Annual Equivalent Rate (APR) . However, for its short period of validity, the APR can not be used to estimate the total cost of these -payday loan without paperwork.
In these cases, the total cost must be calculated by adding the daily interest rate of the agreed -payday loan. As a reference, most entities place rates that usually vary between 1 and 5%. Due to this factor, it is necessary to have a clear idea of all the conditions that the contract has before signing .
Why was my application for payday loan rejected?
One of the main reasons why your application has been rejected is because our name is in one of the delinquency files , . Although appearing in one of these files is not a limitation for some lenders, a series of requirements must be met in order for the application to be approved:
- The debt that appears registered in the file must not exceed the maximum amount established by the financial institution . Although there are exceptions, the limit is usually not greater than 1000 euros
- The origin of the debt should not be of any financial product, that is, it can not come from any previously requested payday loan , such as debt for payday loan cards or any mortgage
It is necessary to have a regular source of income that guarantees the lender the return of the payday loan, regardless of whether we are in the delinquency register or not. These regular incomes can have their origin in the money received for the pension, payroll or unemployment benefit.