If you need financing, the most classic options in the market are personal loans. They have resorted to it and many people turn to them when they need financial help. However, if you want to request a personal loan with the best conditions, you should know how to do it and what to look for to know if it suits you.
Who to apply for a personal loan?
With the crisis, conventional banks greatly reduced the granting of personal loans and many people were left without access to financing products. In this context, numerous private capital financial companies emerged, occupying a commercial space that until then was being neglected and began to offer a banking product different from traditional personal loans. In this way, many people began to use these entities to request a personal loan, since they had access to a fast, comfortable product (in many cases they can be hired 100% online) and very accessible, due to the few requirements that private lenders usually demand and that I convert the loan application into something very simple.
In turn, banks have had to take a step forward and there are already many entities that offer the possibility of requesting a personal bank loan online. They have also gained in speed, although they still do not approach the rapidity of the quick loans offered by private equity companies. Therefore, we can say that at present it is possible to request a personal loan with both private lenders and with conventional banks, although everything will depend on the type of financing we need and on whom we ask for it.
In addition to the aforementioned private lenders, new alternative routes have emerged with which to obtain personal loans, such as loans between individuals, also known as P2P. These are virtual platforms where people who seek financing contact users who are interested in obtaining profitability from their savings and for that they lend money for projects that may interest them.
Apply for a personal loan step by step
Requesting a Cash When You Need It. online is very easy today thanks, above all, to the fact that new technologies allow us to carry out practically the entire process Internet. The steps to take will vary depending on the entity we go to, but in general, we will have to follow this procedure to process our request:
- Choose quantity and deadline: thanks to the simulators that count the entities that offer online loans we can know the total cost according to the amount and the term that we choose.
- Fill out the form: we will have to detail our personal, labor and economic data. This data will be used so that the entity can analyze our profile and decide whether to approve our personal loan application.
- Send documentation: once the form has been sent and received a pre-approval, we will be asked to send some documents to verify the data of the form. In general, it will be sufficient to send a receipt of income, an identity document, and a bank statement.
- Read and sign the contract: finally, the entity will definitely approve the request and send us a document with all the clauses of the contract. We must read this document carefully and sign it as long as we agree with all the clauses.
Once the entity has the contract duly signed, the contract will be formalized and we will transfer the capital to the corresponding current account. Depending on the type of entity, the application and grant term will vary. In personal loans, the most common is that they are about 48 hours, although the whole process could be extended
Application form for a personal loan
The application form for personal loans always follows a similar pattern, however, we must bear in mind that there is a wide variety of lenders in the current financial market, so the process that we will have to follow to apply for a personal loan It will always depend on the procedure developed by each entity. However, with most companies we will only have to provide the following information to request the personal credit that interests us:
- The amount of money we need and the repayment term we want to set to return it.
- Our personal data, with which the lender will analyze our profile.
- Our economic situation (income), personal (single or married and with or without children) and work (seniority in the company, rank, studies …).
- If we have any outstanding debt we will have to communicate it, as well as the amount and origin of the non-payment.
- Some way of contact, such as our email address or a phone number.
As we have said, this is in general terms, since everything will depend on the entity to which we turn. The same goes for the process that must be carried out to hire a cheap personal loan since each company has its own. Normally, we will have to insert the amount and the term in the loan simulator of each entity, then fill out a form with our data and send the documents that require us. Subsequently, we will have to read and accept the contract to complete the credit application.
How to request a personal loan in 25 questions
If after doing all this process, the bank approves our request and makes an offer, we must study it carefully to assess whether it suits us or not. To know if the offered credit has good conditions, we can download the free guide of the online comparator HelpMyCash.com “How to ask for a personal loan to the bank in 25 questions”, in which we will find several keys that will help us find out if we are facing a good offer.
To whom to go to request each type of loan?
The increase in the number of private lenders in the financial sector has generated a very important evolution in the financing market. Currently we not only have a wide variety of companies to which we can turn to ask for a personal loan, but we also have the possibility of contracting a greater number of financing products, which are very different from each other.
- If what we need is some money quickly, fast loans from private lenders are an interesting option. With them, we can get liquidity that will reach our account in a period of between a quarter of an hour and two days at most and to request one of these personal loans the requirements are very flexible.
- Another option is to request a personal bank loan, which is the classic way and through which we can get a higher amount than the fast loans, but also in a longer period of time and having to carry out more paperwork. It is also true that these loans tend to have a more competitive interest than quick loans.
- A third way is to resort to new forms of business that have arisen thanks to the rise of the Internet. Nowadays, thanks to crowdlending it is possible to obtain financing through a platform through which we can obtain amounts similar to those of a personal loan with money lent by different private investors. In addition, if we have a good profile and the project we want to finance has a low level of risk, the interests that will apply to us will be much lower.
Depending on our situation and needs, we will resort to one type of product or another. However, we must compare all the options offered by each product in order to select the most appropriate one based on our profile. If, for example, we need money immediately, even if they are more expensive, fast personal loans can be a good option. On the other hand, if we are already clients of a bank and offer personalized conditions, personal loans may be appropriate. Everything will depend on our financial situation and the needs we have.
The simulators to request a personal loan
Currently, most entities have adapted to the new technological world, which provides tools that make things much easier when making a request for a personal loan. One of those great advances in the inclusion in practically all the websites of loan simulators.
Both conventional banks and private lenders offer us the possibility of using their simulators in their own web pages. With these tools, we will be able to know instantaneously how much we will pay for our loan depending on the term, amount and other expenses that it may have (if it includes them). Whether it is a mini-loan or a larger loan, with one or multiple installments, we will only have to enter the capital and the term in the simulator to use it and thus be able to make the loan application.
This tool is very common nowadays and we can find it in any entity dedicated to the granting of credits to the consumer, either private or public. However, they are not the only ones, since in some online comparator like HelpMyCash.com we can also find it. In turn, the Bank of Spain also has a simulator that can be very useful when requesting a personal loan that fits what we need.