Advantages of microcredits

Microcredits are a very good option to access money loans

Microcredits are a very good option to access money loans

Microcredits instantly are a very good option to access money loans and solve a certain liquidity problem, they are specially designed to meet a specific need, under a specific repayment time and interest rates that vary according to the contract.

In some cases, it is possible to find microcredits without interest rates, as well as promotions that allow us to enjoy a better experience during the loan. Its operation is simple, does not require large paperwork and approval time is very fast, representing an ideal type of financing for those who need urgent money.

For its part, bank loans are designed especially for companies and legal persons, who need a high amount of money for a large investment, representing in turn a large paperwork, thorough requirements, long response times and others.

Without a doubt, the economy of the world strongly points to microcredits as a financial solution. Since the renowned professor Muhammad Yanus created the concept of microcredit, it has been used as a method of helping people emerge economically through various lenders and financial institutions, which with the loan of small amounts of money, provide significant help.

Are there differences between instant microcredits and bank loans?

Are there differences between instant microcredits and bank loans?

Yes, the differences between both forms of credits are based on the company that processes them and the form of management. Instant microcredits are usually offered by organizations and financial entities, in addition to Astro pages, while bank loans are services offered by state banks.

Another key difference of microcredits and traditional bank loans is the ease and flexibility of management, due to the few requirements requested in microcredits and the rigorous list required by banks. Approval time also represents a key difference, as well as repayment time, limit amounts and interest rates.

Know the 3 main advantages of microcredits instantly

Know the 3 main advantages of microcredits instantly

Despite the great recognition that bank loans had as financial aid, today there are more people opting for microcredits instantly due to their flexibility, ease of processing and their various advantages.

However, bank loans remain the main choice for companies and legal persons who need high amounts of money for a given action.

Do you want to know the advantages of microcredits over bank loans? Continue reading, then we will present the 3 most relevant benefits that have caused users to choose Astro financing.

It is a small request for money

The banks point to loans of high sums of money, because approving a loan of $ 200,000, $ 500,000 or even millions of dollars, generates hundreds of dollars of profits at the end of the contract.

But if you need a reduced sum of money for a specific expense, a project, a purchase or the payment of a debt, microcredits are instantly the most viable option for you. The lenders charge an interest rate that fits the amount, as well as the loan repayment time.

The requirements

We know that applying for a bank loan is a long, demanding and very thorough process. Therefore, the requirements required in a bank for a loan will always be more rigorous and specific than those requested in a microcredit management instantly.

For Astro microcredits, it is only necessary that the person be of legal age, be a Spanish resident, have a bank account in their name, an email, a telephone number and in some cases, a proof of income or financial guarantee.

Credit history

In general, bank credit rejections are mainly due to the user’s credit history. The bank credit history covers all the credits that you have requested, the credit cards and the way of administration of the borrowed money.

Unlike this, microcredits do not instantly question your way of using money, nor do they require a perfect credit history, so they are designed for those who have never applied for a loan or even, who have had problems with previous loans.

While it is true, banks offer large amounts of money, as well as various types of financing capable of adapting to the profile of each client. The choice between instant microcredits and traditional bank loans is always based on the amount required by the user, the most comfortable repayment time and the requirements at your disposal.

Interest rates: banks VS Astro financial institutions

Interest rates: banks VS Astro financial institutions

The reasonable interests of banks represent their greatest advantage, however, it is a feature that is directly related to the long credit approval time and the high amounts of money offered in the contracts.

Microcredits instantly have interest rates applied according to the percentage of money requested, establishing the contract under one of the two types of interest:

  • The fixed interest: it is maintained throughout the loan contract.
  • The variable interest: it is a differential interest according to the sum in the value of a reference index. It varies according to the increases or decreases of the reference index, added to the fixed differential. It is usually the least used by Astro loan entities.

In any case, during the management of a fast money loan online users have the option to select the type of loan, which could also generate a change in the interest rate.

If, on the contrary, your needs are even more extensive and you require a greater amount of money, you can go to the bank offices and request a bank credit that covers your financial need.

Without a doubt, the options and financial solutions provided by microcredits are instantly of great value to the community, representing an ideal option for unforeseen situations and that are beyond the budget made for monthly expenses.

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