Analysis and opinion
t is an intermediary that is in charge of sending the information to different entities without the user having to do anything more than choose the amount and the return period.
In addition to online financial institutions, intermediary companies that help the user to streamline the process are proliferating lately. The user has no way of knowing the options until they enter the data in the system and receive a response, based on their financial situation.
How to apply
The registration process is exactly the same as that followed when requesting a loan directly from an online loan financial institution.
You choose the amount and the return period you want and then the usual information that is required in these cases is provided, that is: personal data, contact information, employment situation and if you have a negative credit history (Financial Credit Institution )
Next, the terms and conditions are authorized and the company that manages the website is granted authorization to create a profile with which to manage the requests to the entities that grant the loans.
What is needed to apply for a credit
In order to apply for a loan and that it has options to be granted, it is necessary to meet a series of requirements:
- Be of legal age and have residence in Spanish territory
- Have Spanish nationality and be in possession of a DNI or NIE
- Have a mobile device
However, a specific work situation or a clean credit history are not required. Since the procedures are carried out with companies that accept different types of clients, the applicant’s solvency situation is not defined as an exclusive element.
Since Online Loan does not grant loans directly, but only plays an intermediary role between financial institutions and users, it does not establish specific conditions, but rather a range.
Thus, the minimum that can be requested is 50 USD, while the maximum is 750, the term varies between 1 and 90 days and the APR can be 0% but also rise to a maximum rate of 36%.
The client can only specify quantity and term, being in the hands of the entity that grants the credit apply the rates it deems appropriate and that the client can always accept or reject. These rates will generally be lower the better the applicant’s creditworthiness.
Receive the money
The applicant will usually receive a response within 15 minutes. If this is positive and you accept the conditions of the entity that grants you the credit, the deposit will be made to your account as quickly as possible.
The proposal received will be the result of the automated management that Traffic Control (the company that manages Online Loan) of the information provided.
Through a series of algorithms, the system links the newly created user profile based on the information provided with the conditions of the entities that grant online loans and sends the request first to the one that is most likely to accept it.
Thanks to this, the system can respond, in general, in the affirmative, in a very short period of time, since it collates the information of both to find the best match profile between applicant and financial entities.
In any case, it should be noted that acceptance of the request is not guaranteed, and that if it is rejected, no information is provided about the reasons.