List of interest-free loans with the first free credit
Below we show you a complete and updated list of fast loans and mini-credits without interest or commissions that can be obtained for free and at 0% interest.
As you can see, options to get free credit exist. Even so, it is always advisable, before launching to ask for any loan, inform yourself in depth and compare among all the available alternatives. Always read the fine print and discuss with an expert those parts of the contract that are not understood, will avoid surprises and will make our experience with the financial institution more likely to be satisfactory.
Are there really interest-free loans?
This is the first question that appears in anyone’s mind when they receive the information that there are entities capable of lending money without receiving anything. A more than logical reluctance, since the figure of the lender has never been characterized by altruism, and let’s not kid ourselves, in this case, neither is the desire to help what motivates them to launch said offers.
In large part this lack of confidence is given by many companies that, under the protection of an attractive facade, have created a series of products, which then have a series of hidden charges in the fine print of the contract.
When the dreaded commissions appear – whether for opening, cancellation, study costs or any other reason – customers end up feeling cheated, since what advertising had presented as a highly advantageous product, turns out not to be so much.
Does this mean that interest-free loans are a hoax? Absolutely. They are real and without cheating, but obviously, there is a reason for their existence. In general, free credits are framed within the policy of financial institutions to increase their market share, and these operations take place under very specific conditions.
Loans and interest are two sides of the same coin that we have always believed inseparable. However, it should not be forgotten that interest is the price received for a loan, and therefore, as in the case of any other product, the lower this price, the more attractive the consumer will be. acquisition of said product.
Becoming attractive to the consumer is, ultimately, the origin of a financial product that a priori seemed unthinkable a while ago: loans without interest and without commissions.
With increasingly fierce competition between banks and financial institutions to attract customers, launching irresistible offers that attract potential new customers is a very efficient way of creating a first bond of trust and developing a relationship that can be extended in the long term.
The target audience for these promotions is the group of people with a pressing liquidity problem that can be solved with small amounts. Today, there are already enough entities that in less than 15 minutes make it possible to obtain the granting of a loan at 0% interest (0% APR) and for which it ends up paying back exactly the same amount that was loaned.
In short, there is no cheating behind the offers of entities that lend money for free. There are no small print or hidden fees. There is simply a business strategy that aims to ensure that certain people who have specific money needs can satisfy it through their specific company, and as a way of achieving this, they offer a promotion that is difficult to resist.
Here are some tips for you to get a free loan with all the guarantees:
- Compare all financing alternatives
- Inform us and read carefully the fine print of the contracts
- Check that the APR is equal to 0% and there are no hidden fees
- Seek the opinion of an advisor who answers our questions
Free loans, how loans are born without interest
The progressive increase in the demand for borrowed money and the great acceptance of fast online loans are the main reasons why more entities and financial companies dedicated to this sector appear every day.
Faced with such demand and with the great increase in supply, many of them have been forced to innovate in order to attract clients. One of the ways they have chosen to stand out from the competition is to offer loans at no cost, thus free fast loans arise. without interest or commissions.
These credits usually consist of small amounts of money (which is why they are popularly known as mini-credits or microcredits ), normally ranging between 300 and 800 euros depending on the company in which we request the credit.
These loans are very useful to get out of an occasional trouble or to face an exceptional situation. And it is that, although it seems paradoxical, exceptionalism ends up being part of our life at one time or another, and it is from this circumstance that this product has its raison d’être.
The interest – free loans are completely free since they do not include expenses of any kind (0% APR). It is advisable to pay attention when signing the conditions of the loan that we contract, which although it does not have interest (0% TIN) may cause us additional expenses or commissions that we have not taken into account despite being included in the conditions of the contract, possibly in the fine print.
Commission-free loans are offered both by banks and by private equity companies and even by financial services of different types. In all cases, the recommendation is to read the conditions before contracting the loan.
We must bear in mind that the financial companies and banking entities that offer these products do not keep loans at 0% permanently, even becoming part of a covert advertising campaign to increase the number of clients in a timely manner.
That is why, given the large number of interest-free loan offers available in the financial market, and as a consequence of the rapidity with which changes in their conditions will occur, we need to compare the largest number of loans and their conditions in real time..
Of course, from the point of view of the recipient of the credit, it is necessary to make sure that things are done well so that what a priori is a magnificent opportunity does not become a problem. It should be borne in mind that the condition of gratuitousness will only be preserved if the amount requested is returned within the agreed period, and that in case of non-compliance with said condition, it would have to face quite high expenses.
Therefore, it is necessary to be very clear before requesting it, that the mini-credit is going to be able to be returned without any problem in the foreseen term. In most cases we refer to a term of about 30 days, although it is increasingly common to find lenders who offer us interest-free loans that allow us to pay back in installments
When is a loan really free?
Free quick loans sometimes hide hiring fees or commissions that should be considered before hiring. In addition, it is advisable that we pay attention to the financing conditions that they offer us and confirm that we do not apply other management costs.
For a loan to be free, the APR and TIN applied will equal 0%
In any case, we need to make sure that we can comply with all the clauses of the contract. Otherwise, some of the following commissions may apply to us:
- Commission for modification of conditions or for change of guarantees: when the initial financing conditions change, we assume the payment of commissions in various concepts to modify our initial contract or carry out new risk studies.
- Commission for delay: we must be aware that the breach of any of the conditions of the contract with the credit institution will entail having to assume high interests. In relation to the delay in the payment of the loan, it is usual to assume an average interest rate of 1.1% for each day of delay.
- Commission for cancellation or early repayment: fast credits that have short repayment periods (less than one year) will not be able to allocate commissions greater than 0.5% of the amount reimbursed in advance.
- Other commissions: before the imminent signing of a specific loan, it is convenient to review all the conditions in which we contract the financing, and assess the possible commissions linked to the loan in question.
It is advisable to carefully read all the information collected in the contract before it is signed and returned to the financial institution, which once it receives it, proceeds to send the money immediately.
How to apply for a free and commission-free loan?
When we need urgent money to solve economic unforeseen events, the best solution is to request an interest-free loan. If we have not yet decided which commission-free credit is best for us, it is best to compare the free loan offers available in the market.
We will be able to choose from a wide variety of offers for quick mini loans even if they appear on defaulters like Financial Credit Institution.
The hiring of interest-free loans is a very simple and safe process that we carry out online. Once the mini-credit that we want to contract is chosen, we will access the online contracting form and we will provide our personal and bank details required to formalize your request.
Once the request has been sent, it will be necessary to wait for a response from the credit institution, which after verifying the authenticity of the data and checking our level of solvency, will respond to our request in a few minutes.
In the case of granting the credit, it is usual for us to have the money in our account in less than 24 hours.
Requirements to request a free first loan
The requirements for requesting a fast interest-free loan will be more or less strict depending on the risk policy of the entity or financial company to which we go to request the loan.
To process the application for a free loan, as a general rule, we must meet the same requirements as if it were a conventional loan and in most cases are the following:
- New customers: Quick interest-free loans are often offered as a special promotion in the form of a free first loan for new customers, as they are a highly attractive hook. Faced with the demand for such a tempting offer, these companies are contacted by a large number of people, many of whom will become recurring customers when they need financing again.
- Applicant’s age: To be eligible to apply for a loan at least 0%, we must be 18 years old. However, each financial institution sets the minimum and maximum age range of the applicant as it deems most appropriate. In many cases the minimum age range is set between 21 and 25 years and the maximum between 60 and 75 years.
- Place of residence: It is an essential requirement to be a Spanish resident to be able to access a mini loan.
- Income level: To apply for any type of financing, we must demonstrate that we have fixed income that allows us to meet the repayment of the loan. It is possible to access a 0% mini-credit without payroll, in any case the regular source of income that we accredit can come from a pension, aid or recurring unemployment benefit.
- Not being included in any list of defaulters: Although being included in a list of defaulters reduces our possibilities of financing in general, there are financial companies that grant free quick loans with Financial Credit Institution.
These are the most common requirements requested by most banking and financial entities when processing a loan application without fees. In case of fulfilling the requirements we will not have problems to obtain the financing.
What documentation do I need to apply for a quick 0% loan?
The management of free online loans is characterized by carrying out the processing of loans without commissions in an agile and paperless way. In the case of interest-free loans with 0% APR, we will only need to present the documentation that proves that we are solvent and that we meet the requirements of the lender.
Usually the documents that we must prove are the following:
- Personal identification document: we need to verify our identity to verify that we are of legal age and residents in Spain.
- Document accrediting our level of income: proof that proves that our income is fixed and we will be able to face the repayment of the loan.
- Bank account statement: we need to justify the monthly income and expenses so that the lender can evaluate its risk policy.
Before applying for an interest-free loan, we must ensure our ability to repay the loan. Although we are talking about loans without interest, we must not forget that if we do not face the payment of its return, we can acquire an over-indebtedness that can bring us problems. Therefore, it is important that we do not forget that both the requested amount and the refund fees must be in accordance with our income level.