Loans during pandemic crisis

As a consequence of the great crisis, both health and economic, caused by the coronavirus, many citizens are forced to apply for an online personal loan or consumer credit in order to alleviate this great blow they are suffering.

It will also be the businessmen who will need to resort to extra financing in order to keep their facilities, machinery or merchandise in good condition and to be able to resume their normal activities as quickly as possible.

But what coronavirus loan options are currently available?

Loans for individuals during the coronavirus

Loans for individuals during the coronavirus

As such, there are not too many loans to alleviate the effects of the coronavirus. The Government has indeed proposed to act as a guarantee on loans to face the rent payments for certain people with especially difficult circumstances. But beyond this, any other person will have to resort to the usual personal loans.

Loans for individuals are the most requested for this purpose, and continue to be so after the coronavirus crisis. In fact, many users ask us about the possibility of borrowing to buy food for quarantine, but also financing for the company in the face of the covid-19 crisis. More and more families, self-employed people and companies see the need to apply for consumer loans to alleviate daily needs.

This crisis has led to only the trades with essential activity being maintained, the rest, if it cannot be carried out in the form of telework, will have to pause its activity. This causes many families that currently do not receive enough income to continue making their payments, such as rent, electricity and water bills or other types of monthly expenses they have.

Consumer loans will be small loans, similar to fast microcredits, but with higher interest rates than mortgages. The minimum amount is usually $ 500 and the maximum will depend on the entity and the financial profile of the applicant and they usually include commissions for opening, cancellation or early amortization, but they can be up to $ 60,000 in some entities.

They are characterized by being an exchange of goods and services, so a real estate guarantee will not be necessary, in these loans the guarantee will be a personal object.

Requirements for applying for fast coronavirus loans

Requirements for applying for fast coronavirus loans

The minimum requirements for a loan to overcome the coronavirus are these 3:

  • Have demonstrable income
  • Not be on any delinquency list
  • Have an official and valid identification document

Due to the coronavirus crisis, some measures are applied so that families can make the payment of loan installments. Citizens may delay the payment of fees, if the income of the family unit does not exceed $ 1,645.80, or if it is shown that there is a joint debt with several creditors that is 35% of the income of the family unit.