May 1, 2019

Why are Online Microloans Compensating?

Online microloans are financial products that have evolved constantly since their origins. We can highlight two advantages that appear in the same name: microcredit and online.

But it has been the social changes that have perfected these credits, to the point that what we now know as online microloans are different financial products than we can consider antecedents. They maintain an obvious family air, but there is no doubt that, considering what they offer, they have gone for more. microloans and online credits have been mutually enriched, so the new product that emerged from that combination is already different from the ones it has been transforming.

From Astro Finance, we explain below why this historical evolution will allow you to enjoy credits adapted to your needs.

The most distant background of online microloans

The most distant background of online microloans

First of all, we remind you that microloans already existed during the last century. Its origin is linked to a very specific context, especially geographical. These financial products, devised by the Bangladeshi Mohamed Yunus, consisted of white credits. We refer to some products with very advantageous conditions for the borrowers.

Obviously, there was a social purpose in these conditions of concession so desirable. The objective was to promote development projects in areas where the poverty of its inhabitants prevented having enough capital to start with them. As the terms and quotas were not limited to short-term economic interests and the amounts borrowed were not astronomical, it was not problematic to wait until the initiatives in which the funds had been invested began to yield results. Some results that, monetized, made possible the return of borrowed money.

Although the meaning of the original microloans differs from what they now have as commercial products, a part of these advantageous conditions still exist in the current ones. As a company that mediates between lenders and borrowers, at Astro Finance we are interested in having the largest amount of information about online microloans. In this way you will have sufficient elements of judgment to choose the ones that suit you best. Keep reading.

Online management as a quality leap

Online management as a quality leap

There was another type of microcredit, without the social goals of the previous ones, that had been there for decades and preceded them. These were the ones that, to distinguish them nominally from the previous ones, we can call mini-credits.

In these cases, more than the objectives, the amount was highlighted, which would not be high. These minicréditos had coexisted with those offered by traditional banks and, in a way, represented an alternative and secondary market. As they did not stand out for the sums of money that were lent, their interests tended to be higher. Therefore, it was considered that they were basically useful for urgent needs.

However, the arrival of the Internet in our lives was going to suppose an evident improvement in the conditions of these financial products. The possibility of working in real time with customers allowed the suppliers of these loans to implement economies of scale that would make it possible to offer more attractive products for consumers.

But, above all, the facilities at the time of doing the negotiations are the biggest advantages of processing the credits online. Keep in mind that you will not have to stick to the limited opening hours of branches. Nor will you have to make photocopies of documents, since you will be able to attach them from your user account.

Therefore, do not doubt that you will save time and money entering the platform from which to request your credits. Then we tell you the precise procedures through which you will be able to apply for the money loans you want. Pay attention.

Request your microcredit with the greatest comfort

Request your microcredit with the greatest comfort

Remember that you will be able to apply for your online microcredit from the comfort of your home, that is, you are one click away from doing the steps that can take you to that urgent money you need. You just have to register on the platform page with your username. Then you can access the credit simulator, in which you can choose the amount of money you require and decide in what term you are committed to return it. In this way the opportune interests will be generated.

On the other hand, remember that you will have to enter a very simple information. Personal data that basically are those that appear on the DNI that will show that you are between 18 and 65 years old. Besides, if you give your mobile phone number you can be informed about the status of your money request.

As for the banking data, you will only have to make it clear that you have regular income that allows you to pay back the loan with guarantees. These regular revenues, on the other hand, do not have to match the payroll format. Consequently, you save yourself those heavy requirements that the risk departments of banks are demanding from their clients when approving a loan. Requirements, apart from the payroll, such as the guarantee and the absence of the files of defaulters managed by entities such as ASNEF and RAI.

When do you have to ask for these microloans?

When do you have to ask for these microloans?

As its name suggests, we refer to financial products that do not involve large loans. For example, between 300 and 800 euros. In this sense, we recommend that you make use of this financing formula when you have specific needs. Do not use them to pay for common expenses, those that you have every month, except if an unforeseen expense has unbalanced your budget.

If you abuse online microloans for current expenses you could incur over-indebtedness. He opts for them, among other assumptions, to pay a fine with a surcharge, buy a product on offer or make a necessary investment to earn more money.

In short, online microloans are financial products that, in view of their evolution, adapt to your eventual monetary needs.