Since the economic crisis affected Spain with all its intensity, the indebtedness of families has been increasing. In a progressive way, the family economy has been significantly damaged. Coping with the expenses that make the operation of a home possible and complying with the debts contracted with the bank becomes very uphill.
This situation has caused the appearance of a greater number of delinquents that become part of the most famous delinquent file, ASNEF, which puts the possibility of accessing a loan in serious difficulty. However, some credit companies have seen an opportunity to offer loans for defaulters. Today it is easier than ever to get a loan late. In this article we tell you what they consist of and how they can be accessed.
What is ASNEF?
Before knowing how to apply for loans for delinquent let’s review what is ASNEF and what implications it has appear in the registry. This is the largest list of delinquents in Spain. This list shows all defaults of organizations and companies that are ASNEF members, from banks and financial companies to telephone, gas, electricity or insurance companies, among many others.
This record is the main source of information for most financial institutions that consult it before approving a loan or credit. Therefore, if you ask for a loan and the bank does not grant it to you, it is likely that you are in ASNEF.
How to know if you are in ASNEF
Given the operation of the registry and its own bureaucracy, you probably don’t know that you are part of it . Hence the unpleasant surprise you can take when asking for a loan. Luckily, as we will see later there are financial institutions specialized in loans for defaulters.
If your bank has not granted you a loan and you have confidence with it, you can ask if you are in the delinquent registry . The other option is to consult it on the ASNEF website or requesting the consultation by mail or ordinary mail. If you want to review the complete procedure you can consult the article entitled How to know if you are in ASNEF and leave the list.
Loans for defaulters: requirements to request a loan while in ASNEF
Some financial and credit companies have seen an opportunity in the market and offer loans for defaulters, even if they are listed on ASNEF. Therefore, yes, you can apply for a loan while registering but with some conditions.
Since being on the list of defaulters implies that you have difficulties in responding to payment obligations, companies that grant loans to defaulters will put some conditions on you :
- They are loans with low amounts . In cases where the borrowed amounts are higher, they will include some guarantee that serves as a guarantee. It can be a real estate property, a bank guarantee or a vehicle. In general, this amount will be between 200 and 500 dollars.
- You must repay the loan in a single installment and in the short term .
- You should read the credit characteristics well, such as interest and clauses . They should not be more demanding than normal, but it is worth checking.
Loans for defaulters without collateral
On the internet you can find financial companies that grant loans without collateral through a completely online application. Although no guarantee is needed, you will need to provide some documentation :
- An identification document, DNI or NIE.
- Document proving legal residence in Spain.
- The latest payrolls or any other document that shows that you have a monthly income (for example, a pension or unemployment).
Disadvantages of loans for defaulters
Once you apply for the loan for delinquents online, you will get a response very quickly. Some of these credit companies offer a term of 24 hours . If your credit is approved, you will receive the money.
According to the conditions of the requested credit, you must return the money in the stipulated time. To do this you can make a bank transfer or make a card payment.
However, if you could not repay the loan for delinquents, the entity that has provided it to you may apply late payment interest for the entire duration of the default.
You may also face a commission for claiming debtor positions. If you still cannot afford the payment, the credit company will try to negotiate with you. If after that process the debt remains unpaid, you could face a claim of non-payment by court .
Loans for defaulters that are granted in a simple way online, can become a drag if you can not cope with the payment terms. Therefore, we recommend that you only apply for these types of loans in case of urgency and only if you can afford the payment.