• Editor's rating
  • 4.5 star rating
  • 80%
  • Lunacredit
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  • Last modified: 27th May 2018

LunaCredit is a financial service owned by Rapido Finance , and it specializes in small personal loans with a very short repayment period. Other branches of the company are designed for other types of loans, but Lunacredit specializes in these fast microcredits.

By its nature, a microcredit is designed for those people who need to plug a hole quickly or who need a little money to start a small business (such as gardening or something like that).

You have to understand that this type of loan is not designed to go on vacation, or to face current expenses, or anything similar. The idea is that you can solve an unforeseen event as soon as possible and then return the money as soon as possible.

We are going to give a couple of examples of situations in which it may be wise to opt for one of these credits:

The first situation would be, for example, that of a gardener who has been fired from his job. However, he knows a good number of clients and, if he had the necessary work tools, he could serve them.

Through a quick loan from Lunacredit, this person could buy his tools, and earn enough money during the first month of work to pay back the credit and have some benefits.

The second situation would be, for example, a family that lives quite comfortably , which does not have money to spare but can afford to go out to dinner on some nights, go to the movies, buy some treats, etc.

And, one day, that family has an unforeseen event at home , and they have no money to deal with it. In this case, that family can request a microcredit like this one and face that expense, and, during the following month, restrict that superfluous consumption to face the repayment of the credit.

In these two examples, the high interest rates of fast credit are not a problem. However, in other more difficult situations, those interests could become a problem. Therefore, you have to use these credits wisely.

How are the loans in Lunacredit?

Now, let's talk about Lunacredit loans. We have already said that the interests of these fast loans are high (it is something common to all fast microcredits and without guarantees), but… How high?

And the answer is ... Quite a bit. But let's go in parts.

The first thing you have to keep in mind is that we are not going to get large amounts of money here. The idea of ​​"mini-credit", by definition, is that the credit is small. Thus, we can receive up to € 1000 and we will have to return them within 30 days (maximum).

And, as you can guess, this type of loan is not characterized by having low interest rates, but rather the opposite. With a minimum APR of 3112% and a maximum of 5431%, we are facing one of the most expensive loans when it comes to being repaid.

To give you an idea, if we request a loan of € 300 and we plan to return it after 30 days, we will have to return € 399. That is to say, we are facing quite high interest rates, and that can cause some financial problems for whoever hires the loan (which is why it is advisable to be careful).

Now, the fact that the interests are higher than what we are used to seeing is not something that should surprise us. At the end of the day, we are talking about loans that are granted quickly and with hardly any questions.

Thus, it is normal for the lender to want to ensure a safety margin so that, if some people do not pay him, he can continue to have benefits.

It is because of these high interests that we must be careful when requesting a loan of these, and only do so if we are in any of the situations mentioned in the previous section.

Main conditions in Lunacredit's fast microloans and mini-credits

The main conditions of the mini-loans and mini-credits refer, fundamentally, to the interest that must be paid for them , which, as we have already mentioned, are quite high.

However, there are some other conditions and characteristics of these loans that should be taken into account.

For example, you can pay your installments in advance without being charged any extra, and, in this way, you will save part of the interest that you should pay in the following days (this is very good in the case of having an unforeseen event and, later , get money sooner than you thought).

In addition, they also allow you to contact them if you are late in your payments, so that they do not automatically include you in the Credit Checker , but you can negotiate a solution, such as an extension or something similar.

In short, that, although the interests are high, the truth is that Lunacredit offers enough additional benefits to avoid taking more risks than the account.

What requirements must we meet to apply for a loan at Lunacredit?

The requirements to apply for a credit in Lunacredit are the following:

  1. Reside in the United States.
  2. Be between 22 and 70 years old (yes, even if you are 18 years old, you are still not a credible person - at least, not for Lunacredit).
  3. Have a bank account.
  4. Show that you have a regular income with which to pay off the loan.
  5. Have an email address and a working telephone number.
  6. Have a positive credit history.

As you can see, they are the most normal requirements, so you will not have any difficulty in acquiring your credit. This is one of the main advantages of Lunacredit mini -credits: You can obtain them quickly and easily .

Advantages and disadvantages of Lunacredit

Having seen all of the above, let's take a look at the advantages and disadvantages of Lunacredit mini-loans. In this way, we can have a more general and faster vision of what the pros and cons are and we can have a more impartial conclusion. Let's go there!

Main advantages

Next, we will mention what are the main advantages of Lunacredit :

  1. Quick and instant credit.
  2. Few requirements to obtain them.
  3. Accompaniment in case of non-payment.
  4. Early repayment without additional costs.
  5. Excellent customer service.
  6. Very friendly and easy to use website.

Main disadvantages

Now, let's see what are the main disadvantages of Lunacredit :

  1. Very high interest.
  2. You need to be at least 21 years old to apply for your loan.
  3. Relative little flexibility.
  4. Only up to € 1000 (normal, taking into account that it is a mini-credit).
  5. Only up to 30 days (normal, considering that it is a mini-loan).

Our final conclusion

In general, we can say that Lunacredit is a very good option when it comes to obtaining fast mini-loans , but only if you understand what a fast loan means and what it implies.

If you are looking for financing for a complicated business project, or to buy a home or a car, for example, Lunacredit is not for you (among other things, because they will not lend you such a high amount of money).

However, if what you need is to deal with a small unforeseen event or buy four tools necessary to start a freelance job (the examples we gave at the beginning of this analysis), Lunacredit is a very good option.

And, in the end, if we compare Lunacredit with other fast mini-loan services, we find that it is not bad at all. It is not that it is something spectacular and that it stands out much above the rest, but it is very good. It is a competitive option.

The problem, logically, comes if we compare it with a more long-term personal loan, because these loans already allow us to obtain a greater amount of financing and, in addition, they allow to return it with much lower interest . And, in return, of course, they are much more restrictive with whom they offer the credits and loans.

So, yes, we can say that Lunacredit is an excellent option to get our microcredit and face unforeseen events or start a small business, but that, if we need a greater amount of money or a longer-term loan, we must choose a loan personal.

As you can see, Lunacredit is one of the best financial institutions to request your fast credit . If you want the best conditions with the lowest requirements, few options better than Lunacredit. And the opinions are unbeatable!

Lunacredit Summary

Summary: There are times when a quick credit can get us out of a hurry or an emergency economic situation. Thanks to Lunacredit we can have up to € 1000 in just 15 minutes!

Score 4.5 star rating