When a person decides to leave their country and settle in another, usually encounters several obstacles in the way. It is not easy to leave everything we know behind holding on to the hope of finding a better life, but in many cases it is totally necessary. When arriving in Spain, a foreigner has to put in order their papers to normalize their situation in the country and be able to opt for a job. However, in case you need quick money you can resort to loans.

Can I borrow fast while abroad?

Although many foreigners think they do not have the option to ask for quick loans , they are wrong. In fact, once you have your Foreigner Identification Number (NIE) you can request a loan without any problem.

It is true that years ago, conventional banks and even many private financial institutions demanded a guarantee and made a thorough study of the income and economic situation of foreigners before granting them the money. However, more and more financial companies are becoming aware of the situation in which many foreigners arrive and, therefore, put their requirements at a lower level.

In this way, today it is possible for a foreigner to request a loan or loan and only require the NIE and residence in Spain to grant the loan.

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What kind of loans can be requested while abroad?

Actually, a foreign person can opt for the same credits and loans as a person who has Spanish nationality. Therefore, you can choose both conventional loans, which are requested in banks and online loans that only need a mobile phone with Internet connection to be effective.

Conventional credits

Banks and savings banks offer their clients loans indistinctly, without making any kind of distinction between Spaniards and foreigners. However, it is possible that as a foreigner you must provide a greater documentation to a person who was born in Spain. In addition, as a general rule, the requirements of traditional banks tend to be stricter than those of other financial institutions. Therefore, we must assess whether we need fast money or if on the contrary we can wait for the corresponding study to grant us the money or not.

We must also take into account the amount we are going to ask for. Normally, large amounts of money are requested in conventional banks, so if a small amount of money is needed to cover the expenses of an unforeseen event, another option may be more appropriate.

Fast loans online

They are ideal for those people who have had an unexpected and require liquidity quickly. It is not surprising that when a foreigner arrives in our country they need a few months to have liquidity. We can not forget that when you go to another country you have to find where to live, look for a job and, in addition, solve and fix many issues related to the bureaucracy that will take a while before having a legalized situation and able to develop an activity labor.

For this reason, many times, although whoever comes to the new country does so with an economic cushion that covers it, if an unexpected event arises, it is very likely that he will not have to face it. But this does not mean that the person is insolvent or is not going to pay their debt, simply that they have just started a new stage and they need an initial push before they adapt completely and have liquidity again.

Nobody likes someone else to study their finances, a study that is not at all reliable, since a foreigner who has not been in our country for a short time will not have a regular income and this does not mean that they have not had it before either. In Atrapacredito we are aware that a period of adaptation is necessary before regularizing the income and to have sufficient liquidity and savings to face the contingencies that may arise. Therefore, the only requirement we ask is that the foreign person has an address in Spanish territory.

It is not logical to demand someone who has just arrived and who wants to form a new life, an endorsement that takes charge of the debt in case of non-payment or a stable income. Nobody starts at the top, but everyone should have their opportunity to climb.

So, an online loan can be the solution for those foreigners who, for whatever reason, need money quickly to repair an appliance, give a bond for renting a flat or even fix a car breakdown that is needed to go to work. That is, if the amount that is required is reduced, the smartest thing is to use an online credit institution to dispose of the money as soon as possible and without complications. In addition, all this will be a much simpler process than the one that has to happen when asking for money from traditional banks.

Are credits for foreigners more expensive?

This is a doubt that many people have that come from other countries because when they want to have some money they put many obstacles. However, this is not the case at all. A loan granted to a foreign person will have the same interest and the same conditions as the loan granted to a person in the country. However, if it is requested in a traditional bank, the interest rate may vary since the risk to the entity will be higher or lower depending on the situation of the applicant.

However, when online loans are requested, the interest will depend only on the time of return and the amount required. Therefore, no other factor will matter when calculating the interest rate. On the other hand, it will not be necessary to assume loan opening costs or pay the fees of any notary since everything will be done through the Internet.