At the moment there is a considerable offer of online loans . It is a quick way to get money, a useful way to solve financial contingencies.
It also helps you improve your solvency or cover any type of economic mishap.
The application for quick loans through the Internet has been generalized by users who wish to resort to more comfortable practices than those offered by traditional banks. At the click of a click, immediate liquidity is available and the user personalizes the return of the money according to his own capacity.
Now, it is important to inform yourself before the rights you have as a consumer and how to resolve any situation that may arise. In the network, everything that glitters is not gold, that is why it is convenient to go to portals and entities that comply with current legislation and offer transparent and secure operations. This is the case of Bank , a quick loan comparator that has a wide range of trustworthy financial services.
The legal framework of online loans
Consumer loans are regulated by Law 16/11 and those that are worth 200 euros or less are regulated by Law 22/2007. Therefore, even if there is no specific legal framework that regulates fast loans that are granted through the Internet, there is a regulation for loans in general.
The companies that offer mini-loans are not supervised by the National Securities Commission or the Bank of Spain, as are other entities that sell larger amounts. However, this does not mean that consumers are not covered by current legislation, such as the one mentioned, which regulates the provision of money and its conditions.
Therefore, companies that offer online loans must comply with a series of obligations that guarantee the rights when requesting online loans from their clients. Moreover , there is the Spanish Association of Microloans that has a Code of Good Practices. A set of ethical standards that provide greater consumer protection for this type of online financial products.
The main objective is to strengthen the confidence of the user who asks for fast money and assure him the rights he has. It is fundamental, therefore, to request this type of loan in trusted portals that have transparent information and comply with current legislation , such as Bank . The financiers who offer their products in this comparator must comply with a series of requirements, responsibilities and obligations.
In addition to the immediacy in obtaining money, online loans have many other advantages. They launch promotions with discounts at the time of application and allow people included in lists of defaulters such as ASNEF to access the loan market, do not ask for guarantees or large requirements. The information is transparent and the consumer knows for sure the cost of its operation.
The early amortization of online loans
The customers of the quick mini-loans have the return period indicated at the time of the request. Sometimes it’s thirty or sixty days. As the consumer can see in the conditions, every day that passes generate some interest that is paid when the loan is returned.
However, it is likely that the user has the liquidity to return the money before the end of the term and thus save the remaining interest. In line with this, it should be noted that all loans, whether online or traditional, can be repaid in advance. Of course, there will be entities that offer the service for free and others that charge a commission for it.
The current Spanish legislation explains that in the case of online loans, the financial institution can not charge more than 0.5% of the money that is amortized in advance, since they are loans that have a duration of less than twelve months. ?
Therefore, consumers who have requested fast money through the Internet can make an early amortization, but the company can not charge them more than 0.5% of the money that has been returned as such.
It should be noted that many companies that offer mini-loans do not charge for the early cancellation of the debt, so that the consumer directly saves the interest he should pay for the days left to return the money.
The right to withdraw from online loans
Another scenario that can be given is that the consumer receives the loan money but regrets having requested it since he has already resolved his mishap. As in any other type of loan, current legislation provides fourteen calendar days for the customer to cancel the contract with the borrower.
The right of withdrawal is contemplated in the legal framework that regulates loans and mini-loans . Thus, as in any other financial transaction for the provision of money, the client can desist during the first fourteen calendar days at the signing of the contract.
If you are in the current legal term, the company can not penalize the user with any commission and this is in its right to cancel the contract in advance. All you have to do is return the money you have borrowed and pay interest from the day you were granted the money until the day the return has materialized.
Thus, consumers who request fast money through the Internet have the same rights as those who do it in the most traditional ways. The legislation is the same for everyone. The code of good practices has only reinforced confidence in financial institutions that operate over the Internet.
Before signing the contract, the financial company provides the user with the documentation so that they can study it and also a copy of the contract. It is obligatory to do it and it is a right of the client to have it. You also have the right to claim any undue payment.
Online loans have become one of the best alternatives to get immediate money , yes, it is convenient to operate with trusted portals that comply with current legislation and provide maximum security in all its operations.