dollar loan is a line of credit that allows you to obtain financing, being able to have an amount of money that can be used at the client’s convenience, with a refund in monthly installments set at their discretion.
A financing alternative with which you can benefit from always having the money you need at your fingertips, with the peace of mind of being covered in any situation and facing different types of economic needs, from money for projects to serious contingencies that may require amounts higher.
Requirements of dollar loan
dollar loan establishes a series of minimum requirements to be eligible for its product, requirements that are in line with what most companies require. Specifically, the conditions they ask for are essentially four:
- Be at least 18 years old
- Have resided in Spain for at least 5 years
- Have a valid DNI / NIE
- Do not appear in the Financial Credit Institution file
This does not necessarily imply that anyone who meets these requirements will obtain immediate approval of their application, but at least it marks an initial filter that defines who can NOT access this financing. The economic conditions of each will be those that ultimately determine both the approval and the final conditions of the loan.
Amount and term of repayment of the loan
dollar loan offers you loans from 200 USD to 4,000 USD to be repaid in monthly installments from 5 to 48 months.
Depending on the amount you request, you will have a different return period depending on the conditions of your credit:
- For amounts up to 200 USD you have a return period of up to 5 months.
- For amounts up to 500 USD you have a return period of up to 12 months.
- For amounts up to 1,000 USD you have a return period of up to 28 months.
- For amounts between 1,500 and 4,000 USD you have a return period of up to 48 months.
As you can see, it is a flexible lender that adapts the amount of your credit to the most advisable repayment term in each case.
The amount to request ranges from a minimum of 200 USD to a maximum of 4,000 USD.
To be able to access the money, you must make the request through the dollar loan website specifying the amount you want, and it is the simulator that indicates the minimum monthly payment, the term and the total capital to be returned.
However, it must be pointed out that these are merely indicative figures, since they are based on the fact that the client will use the total available capital immediately, which does not necessarily have to be that way. In addition, the client himself can request to make a payment greater than the minimum stipulated if he wishes, since in this way he will pay less interest.
Approval of application
Once the application is completed and the relevant information is provided, the decision is communicated instantly.
Given the particular conditions of this product, what is received is an offer adapted to what the system considers to be adequate and within acceptable risk levels. If after sending the information the client is not considered to meet the conditions, it will be rejected. But if you meet them, you will be offered a line of credit with an interest based on the risk analysis, and whose conditions may vary significantly from one case to another.
In this way, clients with a lower risk analysis can receive financing offers at an interest rate of 33.20% APR, while those with a higher risk profile can obtain financing offers under much less advantageous conditions. Specifically, credit lines can be approved at an APR 301.34%, that is, interests almost 10 times higher.
In any case, the client is the one who has the last word on whether or not to accept the offer under the proposed conditions, and if he does, he will have immediate access to the funds in order to spend them as he wishes.
As already indicated, the simulator on the dollar loan website is a tool that serves as a guide, but what is valid will be the conditions agreed between both parties to the contract.
The number of installments, therefore, will depend on the monthly amount to be paid. Since the amount of the fee is a fixed amount, if this fee is set at a higher amount than the minimum, the number of installments will be less.
Another variable to consider is the amount that is used, since it is on this that interest is calculated. Withdrawing the approved amount in full implies paying much more interest than withdrawing only part of it. There is also the option of making advance payments with the intention of reducing the impact of interest on the total amount to be returned, and obviously, shorten the terms.
Payments process of loan
Payments are automatically collected on the date indicated in the contract and charged to the credit card provided. The minimum monthly payment is 49 USD, regardless of whether early repayments are made, that will always be the minimum charge, reducing in this case the term.
However, when discounting the returned capital there is a factor to take into account, and it is that it is not only the disposition of money that will affect the time remaining to pay. It should also be borne in mind that the capital to be returned can be increased by the numerous commissions that dollar loan applies.