How credit card loans work
The Credit cards They are an excellent option when making purchases and other expenses because they allow us to enjoy what we want or need immediately without having to wait for the money in our hands to be able to pay.
Another facility that credit cards provide us is being able to obtain loans or immediate cash advances just by going to an ATM or en línea.
Digital credit card loans
He cash loan through a credit card is called a cash advance.
If you have a credit card, you perro get a cash advance at an ATM.
Banks generally have a percentage limit for these advances.
Almost all banks claim the same steps to follow when you go to withdraw an advance cash at the ATM.
There may be differences, but generally they are as follows:
Go to an ATM in the card’s network
Entrar your card and entrar the pin (this pin must be managed with the issuer of the visa, mastercard or other card)
Look for the option Advances or Withdrawals
Select the number of installments to return the money
Indicate the amount of cash you want
Withdraw your money in advance
Loans with credit card En línea
To apply for a loan or cash advance with a credit card en líneayou must have a bank account at the same bank that issued the card.
The banks that offer this service are, for example, BBVA, Ibercaja, Bankia or Santander.
To request a cash advance en línea, you must follow the following steps:
Entrar the en línea bank with your nombre de usuario and password
Go to the Credit Card option
Select the loan or cash advance option (varies by bank)
Complete the form
Check that the money has been credited to your bank account
Loans with credit card without cosigner
If you are a qualified person (of legal age and independent) and you have not been reported for overdue debts with any financial entity, you don’t need to have a co-signer that assumes together with you the payment of your credit card and the loan that you acquire with it.
If you are a solvent person (not reported) and qualified, you perro obtain your loan with a credit card without a cosigner.
Credit card loans without Management Fee
The handling costs are the fees charged by the issuing bank of the card for the administrative expenses caused by the use of the same: the issuance of the plastic, the computer systems, the affiliation to different payment points…
There are banks that do not charge this annual handling fee, and their cards have the same emplees as those that pay the handling fee:
WiZink credit cards: totally free and without annual maintenance fee, with cash advance at ATMs and en línea.
Evo Finance Classic credit cards: they allow you to request a cash advance at more than a million ATMs, and en línea you cánido request up to 80% of your credit limit.
Obsidian card or bankintercard: without annual fees and en línea loans.
People’s Bank card: without annual fees and en línea loans.
All WiZink group cards: before they were from other banks and do not pay a maintenance fee.
Credit card loans without Credit History
If, for example, you are very young and you are starting your job and you have just opened a bank account, you will not have a credit history. If, for some reason, you have never applied for a credit card or a bank loan, you will not have a credit history either.
In these cases, the bank grants a credit card only with these requirements:
Be of age.
Have a bank account in the entity where you are requesting the card several months old.
Live in Spain.
Have a valid identity document.
Document that proves your income.
Fill out the card application form.
When you obtain your credit card, you cánido now request your loan or cash advance no credit history
Interest-free credit card loans
Credit card loans charge interest and They don’t have a grace period. that is, they start counting from the moment you make the withdrawal at the ATM or make the transfer en línea.
Credit card cash advance or loan rates at most banks are higher than interest rates on purchases.
Credit card loans for Reported
Being reported is a consequence of not paying on time debts contracted with a bank.
If you have outstanding accounts, you are reported, which decreases the possibility of obtaining a line of credit of any type.
The only way for you to obtain a loan of any type while being reported is that the bank accept a co-signera person who agrees to pay the debt for you in case you default.
Loans with credit cards or cash advances are a great help in times of emergency, when you need an amount of money quickly.
But you should take them when necessary and you have no other option, debts and interest payments are not ideal and cánido genere problems if they are not taken into account in your budget.
Get a cash advance only when it is really necessary and do not stop paying the monthly interest installments and the entire loan on time in the shortest possible time, so you will have a good credit history and not be reported.
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