Any entity that grants financing and that is not regulated by the Central Bank of Spain can be considered as a private capital credit lender.
One of the characteristics of companies that grant private capital loans is that they are not usually a physical entity, but rather, manage all their operations through online. Which, in fact, helps speed up the approval process.
The most outstanding products in the world of companies that finance private capital loans are fast loans and mini-loans. Since they offer us small amounts of money in a matter of minutes, ideal to solve economic problems that we did not have.
Another of the products that are most requested from these entities are the lines of credit to which many self-employed and SMEs turn to obtain a liquidity when they are delayed in payments of clients or invoices.
Get private capital loans without payroll
Most companies that provide private capital loans do not require a payroll to access any of the types of financing they offer.
For these companies it is sufficient to demonstrate that we receive sufficient income with which we can then pay off our debt on time. It does not matter if the source of its origin is a pension for retirement, unemployment, a subsidy, among others.
If we have alternative income to a payroll, for these companies to approve our request for private capital loans , it will be necessary to comply with the following 3 requirements: this source of income must be regular, justifiable and sufficient.
The source of income with which we are going to subsidize our private capital loans must be of an amount that allows us to repay the loan .
Most common mistakes when requesting private capital credits
When we ask for a financing from a private equity company, we have to take into account the type of commitment we are taking with it. Not only do we have to pay back the money that was lent to us, but we also have to pay the interest and do it within the period of time established in the contract.
So we should try not to make the following mistakes when requesting private capital loans:
- Stay with the first offer we find: we limit ourselves to the first option we find and we do not dedicate ourselves to looking for a third option that most likely offers us better benefits.
- Hire it knowing that we will not be able to return it: there are many cases where despair wins us and we assume a debt that we can not liquidate.
- Fix only the advertised interest: If we go to a private equity company, we will find it easier to find financing that does not include commissions.
Determinants for the cost of private capital loans
Apart from interest, the cost of private capital loans is determined by several factors that will directly or indirectly affect the cost of financing that we want to hire. Some of them are the following:
- The amount and the term; since the more capital and the term of the private capital credit that we request, the more interest I will have to pay.
- The TIN, which is the Nominal Interest Rate of the loan without guarantee.
- The APR (Annual Equivalent Rate), the most characteristic indicator to measure and compare the annual cost of loans without a guarantee of high amounts.
- The commissions.