Will 'apps' be the solution to get mini online loans even faster?

In recent years we have seen how many technology companies have launched mobile applications to send and receive money quickly, so we can make free capital transfers that are received instantly. The key to their success is the speed and convenience of the service they offer, as with the online loans of private lenders that allow you to get money instantly- homepage. However, sometimes, the speed with which the transfer occurs slows down due to factors related to banking entities. As a solution to this problem, the methods used by these apps could be integrated, so that it would be possible to access the money in a matter of minutes.

Online mini-credits that we can get instantly

The key to private equity companies that offer mini-credits is that through them we can get money 100% online and in a matter of minutes. The immediacy and comfort with which we obtain the capital is the reason for its success, however, transfers can be delayed up to 48 hours. This drawback occurs, above all, in the case of transfers between different entities. Another reason that could cause a delay in the time we receive the money is weekend transfers, depending on the day we request mini online loans, we could take a day or two to receive the money in our account.

Currently, there are many private companies that offer mini online loans with which we can get money instantly and without paperwork.

As we have already mentioned, these mini online loans allow us to get money quickly, but in some cases, the money could be delayed up to 48 hours. Given this drawback, we could consider that, given the appearance of fintechs that launch applications of quick money transfers, the solution could be reached through this same system.

Could apps solve the equation of mini quick loans?

Could apps solve the equation of mini quick loans?


As we have already mentioned, there are many apps that are used to send or ask for money among friends, family or acquaintances that simply work with your phone number. Transfers of this type of application are produced immediately since it does not matter if our accounts are in different entities. This system consists of linking our smartphone to a current account so that if we want to send money to someone, we only have to do it through the mobile by selecting their contact. Thus, there is no need to waste time and the person will be able to enjoy the money quickly. This is possible because the different entities work together, so that, if people with different banks use the same application, there will be no additional cost or delays in transfers.

A good example of this innovation is Bizum, a platform that allows free capital transfers between individuals. There are more than 30 banks that have reached an agreement to launch it so that if we send capital to a friend who has a bank other than ours, they will get the money instantly. By means of this application, the banking entities unify the payments by mobile making them compatible with clients of different banks.

If we take this type of platform as a reference, we could conclude that if the lenders of online mini-loans created an app that would unify the various financial entities, the transfers could be made in minutes. This application would have to bring together the main Spanish banks so that their clients could receive the money immediately.