On this page, you can search and compare among all the offers of credits that offer to finance without interest or commissions and request the one that suits you best. Discover which entities allow you to get the best credits for free and compare among them to get the one that best suits your profile.
Types of free credits that we can get
The financial market offers thousands of products provided by hundreds of companies. This means that there is a competitiveness that produces a war of offers that results in very attractive promotions. These include those of mini-credit and quick loans companies that will allow us to obtain free loans, which will mean that we will exclusively return the loaned capital, without interest or fees or commissions.
These offers with which we will eliminate the additional costs involved in contracting to finance can be very helpful at specific moments. However, they are often subject to a series of conditions, such as the return in a shorter period of time than usual or that we should be new customers of the entity to access them. Therefore, it is important to read the terms and conditions of the contract before signing it to avoid surprises during the refund. These are the main free credits off the market:
Mini-credits are the main products that can provide us with interest-free financing. The huge competition in the microloans sector has meant that there are many companies that grant us free credits if we are new clients. Its amount is usually around 300 euros maximum and its repayment period is around 30 days as a limit. Despite this, there are companies that will grant us free financing if we repay the loan in a shorter period of time.
Fast loans allow us to get up to 5,000 euros in a matter of minutes, are requested online and have an average monthly interest of around 5% TIN. It is important that we make sure that they do not include commissions or links, that is, to look at the APR (Annual Equivalent Rate) of the product that will indicate whether the credit will be really free or not, although these products do not usually include commissions or the hiring of linked products. We must also bear in mind that the TIN (nominal interest rate) may be at 0%, but this variable only includes interest, therefore, as we have already mentioned, the APR will be the one that checks us if it is totally free or does not.
Payroll advances are a financial product offered by banks for salaried workers. With them, we can obtain the amount of one or more payroll in advance. This type of loan has to be requested, therefore, in the entity in which we have the payroll domiciled. Depending on the bank in which we request it, we can obtain payroll advances with an interest of 0% as many times as we want, once we have repaid the previous advance.
Another example is credit cards since many are free products, which lack opening and maintenance fees. You also need to know if these offers without costs will be during the first year or over several years. When we use them, we can get free financing if we choose the deferred total payment method, that is, by paying the money used the following month. In case of using the deferred payment method, it will not be a free credit, because we will have to pay interest generated during the months that we postpone the payment. These interests range from 12% to 29% in most cases, depending on the entity with which we hire the card.
Any of these products could help us to obtain financing without interest, although it will depend on the conditions of the credits of the entity to which we request them and of our profile as borrowers. In addition, depending on our situation, it will be more advisable to resort to one financing or another. Being up to date with the different promotions, we can obtain free financing from different sources, thus obtaining free credits of different types.
In the event that we need a small amount of money instantly to solve an economic mishap, our best option is to request a mini-credit online or use a credit card. On the other hand, if we need loans to finance a project, we will have to resort to larger personal loans or credit cards, provided that we have previously one.
Where can we apply for free loans?
When we decide to ask for a free credit we have several options where we can request it. Depending on the entity we go to, we will choose different types of credits that will vary depending on the amount, the return period, contracting conditions … Below, we present the different entities to which we can go if what we are looking for is Get free credits:
Financial institutions of private capital: these entities are the most specialized in quick mini-credits, although they also grant personal loans of greater amounts. The enormous competition has led to the emergence of a wide variety of offers with which we can even get free credits, without any interest or commissions. The great adaptation to the new technologies of these entities allows us to get these products in less than 15 minutes.
Banking entities: they are the financial entities by antonomasia and the first ones we go to when we need financing. Due to the growing pressure from private equity companies, many banks have launched pre-granted loan offers for their clients that they can receive in their accounts instantly after accepting the entity’s offer. These loans vary in their amount and conditions between entities, but also depend on the profile of the borrower of each client that is offered.
Department stores: some large commercial areas such as Eroski, Alcampo, MediaMarkt, or El Corte Inglés allow us to buy products of all kinds. Sometimes, they offer us the option to finance these purchases for free. The most common is that these loans are not delivered in the form of money, but as the very good that we want to acquire and that we can pay in installments in monthly installments that include part of the capital without interest.
The entities that offer free mini credits will ask us to fulfill a series of conditions. The first is that we will have to be new customers of the company. In addition, we will have to make the repayment of the credit in an agreed period, which will never exceed 30 days from the concession. If we do not meet the deadline, the lender will charge us with interest for delay, which considerably exceeds the normal interest of the mini-credit.
Essential requirements to obtain free credits
Companies that grant free credits usually do not offer large amounts of cash, so the requirements for granting their loans are quite lax- info page. Depending on the lender with whom we apply for our free credit, we will have to meet certain conditions, although most will require us to comply with these five conditions:
Be of legal age: depending on each lender, the minimum age will be 18, 21 or even 25 years. Similarly, few companies grant loans to people over 75 when the loan contract ends.
Being a resident in Spain: we will have to prove that we are permanently resident in Spain since the products that these companies offer are regulated by Spanish legislation and conform to the conditions of our financial market.
Have regular and sufficient income: they do not have to be perceived through a payroll. However, the remuneration we receive must have the following three characteristics: be justifiable, regular and sufficient.
Have a bank account of which we are owners so that they can enter the money of the credit fast and with which they can check our movements of cash of the last months.
Not having outstanding debts: when we appear in files of defaulters, the possibilities of obtaining financing are reduced remarkably.
Although many companies reject clients that appear in a file of defaults, there are lenders through which we can obtain loans without interest even though we are in ASNEF. However, the debt that caused us to appear on this delinquency list must meet the following conditions:
- Not be linked to any bank entity. The non-payment may come from a fine, a utility company such as electricity or water or even a telephone company. However, it can never come from a bank, such as an overdraft in our bank account, a credit card, a payroll advance …
- Do not exceed the money limit established by the lender. Generally, the limit is 1,000 euros, although depending on the private entity we go to maybe 500 or 2,000 euros.
In addition, to access free mini-credit promotions we will have to comply with the conditions imposed by the lender. Often, these offers are only available for new clients, so if we have already requested a loan with that entity, it will not be possible to obtain it. Another example of these conditions is to repay the loan in a period less than the maximum 30 days, so we will have to ask for it when our payday approaches.
Documents to request interest-free loans
The free mini credits are characterized by having a very flexible contracting process and with hardly any paperwork. In addition, more and more lenders have included services to increase the speed of their processes.
An example of these services is the Instantor and Pich, two applications of identity validation with which we will only have to give the lender momentary access to our checking account through our online banking to deliver all the necessary information. This process is completely safe and confidential, as the lender can only collect information through these applications and not make any changes or transactions through our account. Once the process is finished, the company will delete all the data collected to preserve our anonymity.
However, the companies that grant, in general, will require a minimum of documentation to certify that the information that we have sent them in the application form is true. In this way, each company will ask us to present some documents and others, depending on their internal operations, but the roles that the vast majority will ask us will be the following:
DNI / NIE: a document that certifies our age, our identity and that we are residents in the national territory.
Bank statement: to know our balance of accounts and confirm that we have a stable source of income, such as a payroll, an unemployment benefit or a pension.
Contact: usually, they will ask us for a telephone number and an email address through which the communication will be established during the rest of the term of the loan.
A number of accounts of which we are holders: to be able to enter us the money of the fast credit.
Before sending copies of these documents we must ensure that they are fully updated. Otherwise, the financial institution would reject our request and we would have to do it again from the beginning, which would significantly slow down the entire process. Therefore, we must confirm that, for example, we have our DNI or Passport are not expired. In addition, it is important that the documents we deliver be legible and not be damaged, as it may be another reason why we reject our application.
Analysis before granting a credit without costs
Before granting us a loan without paperwork, the entities carry out a prior evaluation of our profile in order to make a decision. The basic thing they need to know is if we comply with the requirements they demand and if we are sufficiently solvent, that is, if we have the capacity to repay the debt within the established period and comply with all the conditions to which we commit ourselves.
These are the aspects in which, generally, entities and lenders will be set to decide if they grant us the capital or not:
Our ability to pay: the entity will review our monthly income and expenses, check if we have outstanding loans and if the past credits have been paid on the exact dates. This will be reviewed through CIRBE.
Our history of defaults: the entities will analyze if we have outstanding debts, and in the case that we have them, they will check where they come from and what amount they are treated. To know this, they will use a file like ASNEF or Equifax.
Credit history: many companies will check if we have requested a loan in the past and if we have one in force. These data will serve to check our behavior as borrowers in the past.
Currently, we can find many private equity financial institutions that have an algorithm called credit scoring, which is responsible for automating the entire process of analyzing our credit applications. This algorithm analyzes, in a matter of minutes, all our personal and economic data, from which it calculates our level of solvency to be able to decide whether to pass your filter or not. In this way, the lender can send us a response in record time telling us whether or not to approve our request.
How can I reimburse the free credits?
Most of the interest-free loans on offer are mini-credits, so the reimbursement is made by paying a one-time fee within the period indicated by the promotion. As there is no interest to pay, the return period does not affect the price of the free credit, although logically we will have to return the money on time so that we do not receive late payment penalties. The repayment term may vary depending on the conditions of the offer since some free credits can be returned in several months or even years.
In the case of free personal loans, the lenders give us different options so that we can reimburse the money and these are the most common ways we will find ourselves:
Bank transfer to the entity: it is the most used option to return this type of credits. The lender will provide us with one or more accounts where we can make the money deposit online or by physically going to the office and giving the transfer order.
Payment in cash: we can do it by approaching the entity’s office and depositing the money in the account that has been provided to us or in the ATMs associated with the lender.
Card reimbursement: in the same way as if it were an online purchase, many lenders allow us to reimburse the credit capital with our card online. It is important to make this payment with our debit card and with a sufficient balance to not have a bank overdraft. Otherwise, we could end up over-indebted.
Directing the payment to our account: all we have to do is schedule the loan payment on the agreed date and automatically the entity will make the payment as if it were the payment of a receipt.
Most entities will offer us the option of making payment through any of these channels, but it is important that we make sure which ones are accepted before doing so. In addition, we have to be aware that transfers are not always immediate. If our account is not from the same bank as the lender or we made the request before the weekend, the transfer may take up to 2 business days to be made.
When will my free urgent credit arrive?
The processing of free mini credits is the fastest in the financial market. From the moment we initiate our request until we have the money in our current account, it can take less than 15 minutes. However, there are several factors that could slow down the request until two business days after the start of the process.
Beware, not all 0% loans are free!
Some entities, especially banks, try to attract clients with 0% credits that, in reality, are not free. If we read the fine print of these loans we will see that, in some cases, the price does not include commissions and other costs such as linking expenses or payments to third parties that will increase their price considerably.
If we do not want to be confused with these offers, we will have to make sure that the TAE of the credit is 0% (since this rate reflects both the interest and loan fees) and we will have to carefully read the contract to see if there is any hidden cost or a linked product that increases the price of the credit and stops being free. In any case, it is essential that we consult any questions before signing the contract.
In addition, we must have clear what our obligations will be when contracting this type of financing products, since in case of non-compliance with the agreed reimbursement period, for example, the financial institution can apply late penalties, which would significantly increase the total cost to pay. In these cases, the loan that we hired would stop being free since we would have to pay the delay commissions.
Next, we show a video in which the CEO of HelpMyCash, Laurent Amar, explains some of the keys about the free credits and where he responds to a user of the forum who asks if we can trust the loans that are advertised as free or without commissions:
Precautions when contracting a credit at 0%
Despite the bad reputation of private lenders, their offers are serious, without risks and in the case that we have any questions, they put at our disposal different channels to resolve them. In addition, they are very transparent in terms of hiring conditions and the promise of getting loans and loans without interest is usually true, without tricks, although there are two things that we have to take into account before hiring them thinking they have no costs:
Attention with the commissions!
Many entities, especially banks, offer loans with 0% interest, but this does not mean that they are free loans. These banks will charge us commissions or attach products linked to the financing contract for us to obtain them. So it is important to look at these types of aspects if we want to obtain financing without costs. Therefore, it is advisable to look at the APR of a loan and not your TIN, as it will give us a complete information on the price of the loan.
Make sure you meet the conditions!
In case of not returning the money within the established period or not being a new client, that is, if we do not comply with the free requirements of each offer, the interest will be that of any normal mini credit, that is, between 30 and 40 euros for every 100 euros lent to 30 days.
Once we have made sure that the quick loan is completely free, we can request it with total security and we will only have to pay for the borrowed money. However, as much as the mini-credit is free, it is not advisable to request it if we do not need it.
If we have doubts about the conditions of the financing product that we wish to acquire, we can contact the customer services of financial institutions and make our inquiries. Normally, we can transfer our questions to lenders both online and by telephone 7 days a week.
Will there be penalties if I do not return the free credit?
Yes Even if the loan has no interest, if we do not refund it within the indicated period or we stop fulfilling any of the conditions established in the contract, the entity will charge interest for late payment and will apply a series of penalties that will increase the price of the loan, something that will cause us many other problems. These are the most common measures lenders usually take in the event of non-payment of their free credits:
Fee for debt claim: it is a fixed amount that the lender will charge us for each notice of default.
Default interest: in the free bank credits, cannot exceed by two points to the normal interest of the loan. In contrast, default interests of private companies are not regulated.
Registration in a list of defaulters: once our data have been registered, we will not be able to borrow from any bank or the majority of private equity companies.
The judicial claim of the payment of the debt: if the non-payment of the free credits is prolonged, the entity has the right to claim the money lent by the judicial channel.
Embargoes: the guarantee of these credits is personal, so if we do not return them we run the risk of seizing our present and future assets.
It is important that we make sure not to suffer any of these sanctions, as this will be recorded in our credit history and may be an impediment when requesting another credit. In addition, we will end up paying more for something that at first would be free.
If, for example, we believe that you will not give us time to reimburse the money on the established date, it is best that we inform ourselves about the extension options offered by the entity. In this way, we will be able to extend the return period, even if we have to pay interest, but we will avoid any sanction of those mentioned above. In addition, the cost we will pay for not returning the credit on time will always be greater than the interest that applies to us in the event that we request the extension service.
It is also important to inform us if the lender we go to includes this service in the contracted product because if not, it is essential that we make sure to reimburse the money on the agreed date.
Security measures before hiring free loans
By contracting financial products over the Internet, we can have doubts as it can cause us greater insecurity than going to a store physically. In the case of banks, it is easier to know if it is safe, however, if we go to a private entity, it is important that we take into account certain aspects to ensure that the company is official. If we take into account these aspects, we will not have any problem when requesting free credit:
The company will NEVER ask us for money in advance. If we decide to request money urgently, it is because we do not have liquidity, so no lender will ask us for money in advance and we must doubt anyone who does.
No company can take us out of ASNEF, therefore, if we find a lender who asks us for money in advance to get us out of ASNEF or any file of defaults, it is best not to send the money and make sure that the lender is trustworthy.
All information must be accessible and transparent on the lender’s website. In the event that we have any doubt, the entity will be obliged to provide us with all the information we need and in the event that something is missing from the lender’s own website, we can call and ask any question.
Once we have accessed the website of the lender, the URL should show the sign of a green padlock and start with the acronym https://. These are the indications that the website is indeed the financial entity and that our personal and economic data will be encrypted and can not be accessed by third parties.
In the event that we still have doubts about the reliability of the financial institution, we can consult our doubts through the network with other users who have already had experiences with the lender in question. In this way, we can learn about other points of view and assess the extent to which it is safe to request financing from that financial institution. In the event that we know a trusted person with experience in the financial sector, it is convenient that we ask for your opinion and advise us what to do.
It is also a good idea to review in different associations in which private equity entities are included, such as AEMIP (Spanish Association of Microloans) if the entity to which we have gone is within. Not all official lenders are part of these associations, but if they do, we will not have any doubt about this and we will be able to make a totally secure contract without any risk.
The cards work as free credits
One of the payment options, when we resort to finance our purchases with a credit card, is the total deferred payment. If we choose this mode of refund, we will have to return the money spent on our purchases when the credit line is renewed at the beginning of the following month, that is when we reach the renewal date of the credit line. This type of financing has no interest, so we can consider it a free loan.
This type of payments of credit cards reminds to some extent to the minicréditos, with the difference that we have granted the financing once we have granted this plastic from our bank and from the financial institution to which we have requested. However, there are promotions and cards that offer us the free postponement of payments for more than one month, which is an increase in the term with respect to mini loans.