In recent years, there has been an exponential increase in the granting of fast consumer loans, thanks to the improvement of macroeconomic indicators in the Euro Zone.
Trends in the Fast Credit market
Fast online loans are an interesting alternative for individuals or families who want to finance an event, buy a car, furniture or simply go on vacation.
Unlike traditional financing methods, these credits are instantaneous and minimum guarantees are usually requested within the reach of the vast majority of the population that normally consisted of a payroll.
In addition, several return facilities are offered, depending on the client’s needs, being able to extend the deadlines so that the monthly installments are easier to meet.
The extension of consumer loans has been later than in most of the countries around us. Why? This is because the majority of the population has given more importance to property ownership, such as housing.
In addition to the increase in the contracting of fast loans, the maximum repayment term has also increased. Since 2011 the hiring of these products has increased.
Today, one in four Spaniards has hired a product of these characteristics. And, in most cases, the return is within one to five years. As a general rule, at a higher age and higher level of income, more tendency to contract this product and also a higher level of indebtedness, also because it has more capacity.
As in all markets, competition stimulates the lowering of loans. In this segment there has been an entry of new operators that have facilitated the emergence of ways to obtain fast money.
Households have reduced their mortgage debt and, consequently, have greater room to maneuver to contract this type of products. In addition, and as a result of the economic crisis of 2009, there has also been a change of mentality in families in which more importance is given to buying consumer goods. Fast credits are an interesting alternative for certain cases and offer availability with less paperwork.
Now, it is also possible, today, to apply for a quick loan without the need for payroll and have the amount available in just 15 minutes.
There is a type of financial product, the microcredit, which is designed to solve short-term liquidity problems, basically for the acquisition of consumer goods of medium cost, such as a computer, television or similar.
In some cases, we have the availability to pay for the product and the financing, but an unforeseen situation arises and we cannot wait a month to dispose of the money.