Mini-credits: a funding resource for young people

Mini-credits are a recurrent financing resource at present. In fact, you may have disposed of them on occasion. Be that as it may, the truth is that its versatility and ease of obtaining are two advantages that have not gone unnoticed by the new credit consumer profile.

Why Millenial generation trusts mini-credits?

Why Millenial generation trusts mini-credits?

Several answers correspond to this question. Mainly, this type of credit product is indicated for people who do not need large sums of money. Either because of their lifestyle, or because of a different concept of personal development, millennials are less likely to make large investments in a car or in a home.

In addition, if we take into account that the majority of young people between 25 and 34 years old do not live alone or rent, it is more than justified that their financing needs are focused on whims or on minor professional investments.

On the other hand, the possibility of accessing these low-level loans by people with low solvency, such as young people, makes them even more in demand by this age group. Many young people who have gone through the crisis ended up in financial credit institutions and other delinquency files for small debts. Well, these funding resources do not usually take into account this type of information, as long as the debts for which you entered the file are not very large.

Another possible answer integrates in the equation the profound laziness of this group to face the procedures of traditional banking. You know, if you can do online , much better. Or at least that is what most people with less than 35 years of age think. The apathy of the usual banks has ended up promoting alternative channels to get financing that the youngest can enjoy from the app on duty.

Finally, the minimum requirements and the low document management come to complete the list of main reasons why young people prefer mini-credits. In this way, some credit companies only request a copy of your ID, or a photograph of it, and some proof of income, such as an extract from your usual bank account. In other cases you can ask for a payroll or some proof of being a collector of any state or regional pension.

Conditions of mini-credits

Conditions of mini-credits

As a rule, this type of credit exceeds € 600 and its payment is almost immediate, once your application has been approved. The idea is to favor the agility in obtaining the money, so the requests are reviewed in the 24 hours following your cash requirement.

A period of 30 days is usually established for the total refund of the initial amount, in which case some entities charge a small commission for the management. It is also possible to finance them according to your economic abilities, paying a monthly fee. In this case the interests are higher.

While it is true that these are the general conditions that apply most lenders specializing in this type of financing, I recommend that you study with caution the particular conditions offered by each company. You can ask what you want in advance; accept only the credit if you are sure, or safe, of having clearly understood the loan terms and the total amount of interest to be paid.

By way of conclusion, mini-credits are the perfect and personalized solution that young people demand today. Both the possibility of processing them completely online and the minimum requirements for obtaining them are key factors to justify their proliferation in the last 10 years.

Credit cards for bad credit unsecured -Credit cards for bad credit no deposit

Discover more information about credit cards for bad credit no deposit

Do you also think that your regular debit card needs a make-over and do you go and consider whether it is worth replacing it with a credit card? Then read here where we take a look at the biggest benefits of a personal credit card. As with any other thing in life, there are both advantages and disadvantages of a credit card, so you should, in any case, be critical and perhaps first and foremost make the service of putting a budget before continuing with your application – Credit cards are a bit more responsibility than your regular debit card, as one can quickly be tempted to buy a lot of things on installment – which one might not quite afford.

That being said, many people today prefer to have a credit card rather than a debit card (or maybe both) – and there are plenty of reasons.

With a credit card, Bad credit ok at PurplePayday, you can borrow money now and get them right away. There is no doubt that a credit card is perhaps the fastest and easy way to borrow money and today there are several different providers that offer a complete interest-free period of up to 60 days, sometimes even longer. That means, in principle, that you can go out and buy something that you don’t actually have money for at the moment and pay for the product a month or two later. Here it is, of course, important that you have self-control so that you do not end up in a difficult financial situation. Credit card debt can be hard to come by, so it’s important that you don’t let yourself be tempted too much and too often.

Shop online with your credit card. Undoubtedly, it has become increasingly common to make all of its purchases online, which means that the majority of most card providers offer so-called fraud protection when making purchases online. When shopping with your personal credit card online, you can be absolutely sure at all times that your security is a top priority and that your personal data is not being forwarded to third parties.

Get points every time you buy. You probably already know the popular collection points or brands that you find in most grocery stores today. However, not only the supermarkets are rewarding their customers every time they shop. Over the years, card issuers have jumped in fashion, and today, the vast majority of providers give you the opportunity to collect your points every time you shop. These points can later be converted into bonuses, discounts and in some cases money. If you still have a credit card, we strongly recommend that you keep track of the points that you collect over time.

How to get a credit card. Whether you can be granted a credit card depends on many things, but first and foremost, it is generally a condition that you have been a customer in the same bank for an extended period and that you have a good credit rating. Keep in mind that there is nothing stopping you from searching, so good luck with it!