Monthly Archives: May 2019

Military Loans for Bad Credit – A Wise Alternative to Payday Loans

Are you worried that your credit history is preventing you from qualifying for a loan? Are not other lenders and banks willing to help? If you have less than perfect credit, do not rely on a payday lender: Pioneer Services’ bad credit military loans may be the answer.

Our payday loans to the military could help you get the money you need. Our fixed payments allow you to smooth your credit score, even if it’s too tight. The advantages of a bad credit military loan are many, and the few worries, because we offer:

  • Amount of the loan from 500 € to 10 000 €
  • Easy, secure application, with fast response
  • Fixed rates and fixed conditions
  • Completely confidential
  • Service to all branches, ranks and types of credits

Why we can serve the military with bad credit

Why we can serve the military with bad credit

We have more than 25 years of experience serving the military community. We understand the challenges facing military families. If you are approved and you treat your loan responsibly by repaying it on time, this could help you establish a positive credit history. That’s a smarter way to borrow!

“You saved my life, I struggled with the debt and you gave me my first loan, you advised me on my credit, and I was able to get out of debt and improve my credit. my second loan, my credit is so good that I can go virtually anywhere. ”
Staff Sergeant, US Army

Competition grows in fast credits

It is getting easier, getting quick money to face an unforeseen event, or take advantage of an opportunity. There is more to do a search on the Internet, to find a long list of websites where you can apply for a quick credit. The key is to know how to choose the best option, which will probably depend on the interest rate and the credit conditions. Generally, the amount offered by the microloan companies does not exceed 600 euros. And in many cases, this amount is reduced by half if it is the first request, and the return period is usually not greater than 30 days. It is a novel product, nonexistent in traditional banking, which has grown as a result of the crisis and the ease of access to the Internet. According to the Spanish Association of Microloans(AEMIP), the turnover of the fast loans is around 200 million euros. Even in the case of quick and easy loans, not everyone can get the money. In fact, according to the AEMIP, only 50% of applications are approved. Typically, solvency is analyzed through regular income from work  or from a pension, so that they function as a payroll advance.

The cost

The cost

The immediacy of the response and the shortness of the deadlines entail a greater risk, whose counterpart are relatively high interests. If we use the APR, usual reference in the comparison of loans, it shows values ​​higher than 4,000%. Therefore, the microloan companies strive to explain that, by their nature and terms, the APR is not a valid reference for microloans. The competitiveness of the sector is generating a  price war. Taking as a reference a loan of 300 euros, the fees at 30 days can range between 84 and 111 euros, representing interest rates between 28% and 37%. The average of the offers compared is 98.27 euros, equivalent to an interest rate of 32.76%.   

What is the profile of clients of this type of loans?

What is the profile of clients of this type of loans?

According to a study by viloan, it is a predominantly male, middle-aged and salaried public. Specifically, two out of every three people who receive their quick loans are men and the average age is 41 years. 82% of the clients work as employees, compared to 10% with a retirement pension, 5% with other benefits and 3% with self-employed workers. On average, they request a loan of 241 euros and justify an income of 1,310 euros. And as for the place of residence, Madrid and Catalonia account for 41.7% of customers. Fast loans are still a novel product in Spain and there is some distrust in consumers. Against the voices that say that there is no regulation for microloans, these are governed by the regulations on consumer credit contracts and on remote marketing of financial services for consumers. In addition, AEMIP was created two years ago, that today groups more than half of the companies in the sector. This entity has promoted the adoption of acode of good practices,  to give greater protection to customers. So fromCréditoSí we insist: if you are going to request a mini-credit, do it in a company attached to AEMIP.