Since the crisis erupted in 2008, the failure of traditional financial institutions to offer consumer loans or to purchase a home has become our daily bread. The lack of job stability and lower and lower wages did not help improve the financial outlook for our country either.
Precisely as a result of this situation, where most of the Spaniards were completely abandoned by the banks and without the possibility of obtaining credit to continue with the day-to-day (either with consumer loans with mortgage loans), methods began to appear alternative financing. It was in 2012 when this type of alternative methods came to light and in 2013 when they would end up taking off and obtaining a significant gap in the Spanish financial system. And these methods became an immediate opportunity to continue for both individuals and companies that were born at that time and were unable to obtain credit from traditional financial institutions.
Online credit was born in a period severely affected by the crisis and became the solution for many of the Spanish who needed credit. It should not be forgotten that although financial institutions decided to stop lending money, people still needed to apply for financing. But, what were the reasons for the appearance of these credits?
Why online credits appear
- Firstly, and as we have already explained, because traditional financial institutions decide to turn off the tap and stop lending, both to individuals and to emerging companies.
- The continuous scandals that appear in the press about the bad actions carried out by banks, make confidence among the Spanish increase towards traditional financial entities. These go from being companies of complete trust and transparency, to apparently corrupt companies that only think for their own benefit. Although this involves exercising actions that are detrimental to customers.
- New technologies are the order of the day and users are increasingly comfortable using them. E-commerce grows and security in transactions made through the internet becomes a tangible reality. The fear of operating through the internet (to buy, sell or contract services) gradually begins to disappear.
- As a result of the situation, purely online banking entities arise that are in charge of filling the gap in financing left by traditional banks. They are authorized, trustworthy and one hundred percent legal companies, which are responsible for granting credit to both individuals and companies.
Online credit thus becomes a new method of secure financing to obtain credit, both for individuals and companies.
When do we talk about online credits?
A credit is any financial action where a lender offers financing to a borrower in exchange for interest and the return of the amount in the agreed monthly installments.
We can speak of online credits when these amounts are obtained through the internet. Absolutely all actions are carried out online and from the comfort of the home or business of the individual or the company requesting the loan.
Both the paperwork and the request are made through the internet, without the need for the client to move to be able to make the credit effective.
Another advantage of this type of credit is the ease and speed of receiving the money. Normally, not as much information is required for the granting of the loan. In addition, in most cases, once the data is corroborated and verified by the lender, the client can have the money available in up to 48 hours and directly deposited into his checking account.