Differences between Mini-credits and Instant payday cash loans

Among its characteristics, we know that they do not require guarantees because they were created to lend money to the people who need it the most, and who are excluded from traditional banks because they do not have guarantees. In our country the mini-credit has the following characteristics:

  • It is a credit without guarantees, although the analysis of the projects will be requested.
  • Oriented fundamentally to productive activities
  • Intended for people who can not provide guarantees under any circumstances

On the other hand, in contrast, although many do not notice it, the Credits Ya or also known as Fast Personal Credits were invented a short-term financing option. They are also recognized as money already, or fast loans, quick loans among other names, and it is a type of product that, despite its ease of procurement, has a high cost as a counterpart. These credits maintain a cost of up to 20% APR, very similar to the one charged by credit cards for disposing of funds. Among some requirements that usually have to be met to access a quick credit we highlight:

  • Have your payroll domiciled in the entity
  • Personal information
  • ID
  • Residence card
  • Petition for a small study to assess the creditworthiness of the applicant

Online quick credit

Thanks to the instant payday cash loans you can have from € 500 to € 10,000 easily and quickly, to return between 1 and 5 years- read the facts. In order to apply for the quick credit, you will need a payroll, pension or any document that justifies your monthly income, once the request is accepted you will be able to have the money in 24 hours.

Before entering into the differences between fast online credit and microcredit, we must analyze the main characteristics of the first:

  • The money requested cannot be less than € 500 or more than € 10,000
  • The whole process is done through the internet
  • To be able to request it you will have to send by email the bank card or a receipt domiciled in your name in your bank account, DNI or NIE, and a payroll, pension or proof of income
  • Interest rates are a little higher than personal loans

These are the necessary requirements to request a fast credit online:

  • DNI or NIE
  • An account number
  • Payroll, pension or proof of monthly income

Mini-credits or micro-credits online

Thanks to the fast online mini credits you can request from € 50 to € 800 with a return period of 30 days, all managed through the internet. Once the request is accepted, in 10 minutes you will have the requested amount.

Main characteristics of online microcredits:

  • You can request from € 50 to € 800 to return in a fee
  • In 10 minutes you can have the requested quantity
  • The return period is around 30 days
  • The process is done through the internet, thus saving you the paperwork.
  • To request them you only need an identity document and an account number

These are the requirements to request them:

  • Have an identity document
  • Have a bank account
  • Have a phone number and email to contact and exchange documentation
  • You could also ask for some justification of income, depending on the entity where you request it

Differences between online mini-credits and fast loans

Both options are good if you want to have quick and easy money. However, they have a number of differences in terms of the amount of money to request, the return period and the time it takes to dispose of the money.

However, what really sets them apart is the time or situation in which they are requested. The microcredits are focused on covering small incidents that may arise, such as a breakdown of your car. Your return period is very short, returning it at the end of the month once you get your monthly income. However, online quick loans are often used to finance business or personal projects, either to finance a new company or to travel.

In addition, another big difference is in the types of interest to pay. In terms of online loans, taxes tend to have an interest rate similar to personal loans, although a little higher. While in the case of minicréditos the interest rate is listed as fees, converting them at annual interest rates much higher than the fast loans.

Before applying for fast online credits or mini-credits you have to be very clear about the term you have to return it, since if you do not apply extra charges higher than the previously fixed interest rates.