Getting a loan without collateral can sometimes become a real feat. And the situation is even more complicated if we are registered in the microcredit. As a general rule, traditional financial institutions will reject any client whose financial situation is not faultless. This often leads users to bet on private financial entities. A good opportunity but that you have to know well.
In this article we are going to explain what the microcredit registry is and what consequences it has to be in it when applying for a loan. We will also talk about the lenders and alternative companies that offer loans without endorsement and with microcredit. This will make it easier for you to understand what the requirements are and which lenders can be trusted.
How can it affect us when requesting a credit without guarantee
Microcredit, like Financial Credit Institution or RAI is one of the main default files. microcredit is a private company where you can consult the commercial data of individuals and companies. This is a public record. It is useful for lenders and loan companies to review the history of their future clients and check if they are debt free.
As with Financial Credit Institution or RAI, the data prescribes after five years. That is, if you do not come out naturally by paying the debt or offering the information that shows that it is already paid, after five years the record will disappear. Regardless of whether the debt has been paid or not over the years.
In microcredit we can find information related to the following type of information or commercial data:
- Information regarding credit cards, loans, checks, consumer credits, etc.
- Data referring to university credits.
- Information about credits with trademarks. For example, large surfaces such as Cream Bank.
Financial institutions use this type of records to check whether companies or individuals interested in a loan have any type of outstanding debt. In the case of having it, traditional banks will not offer credits to these profiles. However, loan companies and private lenders will.
In the case of Chile, microcredit is managed by Equifax, the company in charge of the Financial Credit Institution or RAI records in Spain.
As always, the easiest way to get out of these bad debt listings is to pay the debt. Once achieved, we will have more opportunities to obtain more advantageous loans for us.
What kind of loans without endorsement and with microcredit can I get
As we have explained a few lines above, traditional banking does not offer loans to this type of client. And much less if they do not have a guarantee. In general, the requirements of the banks always include a comfortable financial situation and not being registered in the delinquency files.
However, having an unpaid phone bill or a monthly gas bill can put us on this list. And even if we pay off the debt, it may take some time to disappear from these records.
However, clients or companies looking for loans without endorsement and with microcredit can achieve them. Let’s see what they are.
Varieties of loans without endorsement and with microcredit
- Microcredits with Financial Credit Institution. This type of credit usually ranges from $ 50 to $ 750 and is characterized by its granting speed. In less than fifteen minutes and through the Internet you can have the requested capital. Normally there is usually a maximum of $ 300 of loan for new clients, which can increase to approximately $ 750 for those who ask for money from the same companies again. Until recently they offered a maximum of 30 days for the return, but currently the period is extended in some companies to 60 days.
- Quick credits. In this modality, the amount offered is somewhat higher than that of microcredits. With a quick credit you can get loans of up to $ 5.00. In general, the repayment period ranges from 3 months to 36 months. The interest rate amounts to approximately 6%.
- Collateralized loans. To apply for one of these types of loan, you do not need a physical figure, that of the guarantor, but a guarantee. This guarantee is a material asset with which to cover the loan in case the borrower cannot repay it at any given time. They are usually used as guarantees from vehicles to real estate. In the case of Private Capital MB we can offer up to 25% of the value of the property in the form of a loan. The repayment period and interest are calculated based on the amount requested, the value of the property and the reason for requesting the credit.
Although we are registered with Financial Credit Institution, the greater the economic stability at the time of applying for the loan, the easier it will be to obtain it. It may also be more interesting to apply for an initial loan to pay off Financial Credit Institution’s debt and be able to access more financing opportunities later.
Updated information with Private Capital MB
If this article on loans without collateral has been useful to you and with microcredit we encourage you to check the news section of our blog. Here you will find updated information on the world of finance and economics. We put some examples of articles that may be of interest to you:
- Personal loans without guarantee and with payroll
- Debt cancellation loans (how they work and how to apply for them)
- What are assets, liabilities, and equity? Differences
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