With the arrival of the crisis, the proliferation of requests for fast online credits skyrocketed. This is how the credit market began to grow, especially online credit, as the need for liquidity, both for families and for companies, became indispensable.
In the case of families, the main reason for requesting this type of fast online credits arose from the delay in the collection of payroll, salary restrictions, etc. causing that need for cash to generate the need for urgent credit.
On the part of the companies, what happened was the delay in the collection of invoices, an increase of collection terms, and the well-known delay in the collection of invoices for public entities (up to 6 months).
In addition, with the rise of the Internet, more and faster online credit or private credit institutions began to appear, directed at individuals, with very attractive conditions at first, whose owners still say: “the first 300 euros for free “; but with totally inflexible non-payment conditions. Conversely, fast online credit entities for companies do not have this type of conditions, so it is very important to differentiate between these two types of personal and business online loans. To know how to differentiate them, we are going to carry out a comparative analysis of the two types of online credit that can be found in the market: for individuals and for companies.
Fast online credits: general modalities
But first of all, we are going to see the main types of fast online credits that we can find in the Spanish financial market:
Easy and immediate online quick credits
Quick easy and immediate online credits are credits offered by most web platforms for financing for individuals. PaydayChampion has very simple application mechanisms, and the requested documentation is usually fast and easy to find, without the need for very high economic knowledge. In addition, the money is usually received within a few minutes of requesting the loan, as long as the data is correct and there are no incidents.
Urgent online credit
This type of online urgent loans is very similar to the previous one, but it usually requires having regular income on a regular basis. They are usually granted in order to meet unexpected financing needs.
Fast credits online 24 hours
The fast 24-hour online credits are, unlike the previous ones, credits that are granted to individuals in a maximum of 24 hours. Therefore, they acquire the condition of urgent credit due to the short period of concession. The average amount requested is usually around € 700, they are very easy to apply for and they even grant them with ASNEF.
Quick credits online without papers
Fast online credits without papers are a type of quick grant credits that are mainly characterized by having to deliver the documentation strictly necessary for it. This type of fast online credits breaks with the high bureaucratization suffered by the most traditional financing entities.
Quick loans online without a payroll
Fast online credits, usually have as an indispensable condition for granting the possession of an indefinite employment contract, which presumes economic stability in the future. In contrast, this type of fast online loans without payroll is granted to the applicant without having to have an indefinite contract. In spite of this, they usually request to have a fairly stable source of income, but not necessarily a payroll. They could request, among others: scholarships, pensions, unemployment benefits, billing of a self-employed person, etc.
Quick loans online with ASNEF
This type of urgent loans is characterized, mainly, by granting loans to people included in ASNEF. Although it is true that they allow the granting of credits with ASNEF, they usually demand the possession of a stable source of income.
Microcredits or quick mini-credits online
The fast microcredits online are a fast online credit modality that consists of the request by the individual of online credits of small amounts. The average amounts of this type of fast online loans are usually set at around € 600, and funding entities usually establish a minimum number of days around 60 days.
Fast online credits with the car’s endorsement
Some fast online credit entities can request for the granting of this type of fast online credits the personal endorsement of the client with his car. This is the main characteristic of these credits.
Fast vs. urgent personal online credits for companies: Comparative
Interests of the fast credits online
As we have already pointed out at the beginning of this post, and as is already known, the main and most important risk of this type of fast or urgent online credits, also known as fast money, is the high-interest rates of delay to which you have to pay. face the individuals who are not able to return the requested credit.
This is something that does not happen in the case of loans for companies, which are granted through alternative financing platforms such as crowdlending, which grant loans between individuals.
Purpose of online quick loans
They also differ in that fast or urgent online credits for individuals do not need to express the reason for which they are requested, and in contrast, when a fast online credit is requested for companies, it is essential to know the reasons and purpose of the requested amount.
Generally, this happens because the amount requested is much higher in the case of online credits for companies than for individuals. The first has, in general, a minimum of € 3,000, while private individuals have a maximum of € 1,000.
Fast online credits: term
The term of return of the fast credits online also varies depending on the applicant. In the case of individuals usually have a minimum of 60 days established, or what is the same, 2 months. In contrast, in the case of companies, the average time in the return period for online quick loans is approximately 18 months.
Fast online credits: waiting time
The last of the main differences between one and other fast or urgent online credits is the term for the loan. In the case of personal loans it is totally instantaneous: in 15 minutes you can get your credit online.
On the other hand, in the case of urgent online credits to companies, the waiting time for the granting of the loan will be approximately 48 hours from the moment in which the financial company receives all the pertinent documentation.
The need for companies to get credit online urgently
The need for liquidity in Spanish companies leads to the obligation to request online financing through platforms such as ours, obtaining loans through crowdlending.
On the one hand, many companies face a lack of liquidity for three reasons:
- The fall in demand, after the crisis, has been the main cause of lack of liquidity for many Spanish and European companies. This has given them the need to seek financing for working capital in order to continue with the business.
- Non-payment is another of the fundamental causes of the lack of liquidity in companies, especially in the case of Spain. Both private clients and public entities have delayed payment to their suppliers for up to 6 months, which has forced companies to seek financing of working capital in order to continue working.
- Poor financial planning can also be a reason for lack of liquidity in companies. Until this poor planning is solved, companies will have to face their short-term payments, getting fast online credits to face them.
On the other hand, the difficulty of obtaining credits through traditional banking has made possible the proliferation of Fintech companies that combine financing with technology, thus creating alternative financing platforms for companies through the Internet, such as MytripleA.
Online credits for companies with MytripleA
MytripleA is a Fintech platform dedicated to granting P2P Lending loans to individuals and companies. That is, individuals, lend their money to companies that request financing through the online platform.
The main characteristics of fast online credits with MytripleA are:
- The possibility of making the online credit request in 2 minutes
- Analysis of the project in approximately 48 hours
- Delivery of the requested money in a maximum of 5 days after the publication of the loan in our Marketplace
- The minimum credit of € 3,000 and a maximum of € 300,000
- Flexible return period: generally between 6 months and 2 years
- Does not consume CIRBE