myKredit Spain

Quick verdict: MyKredit (myKredit.es) is a Spanish online micro‑loan lender operated by TRIVE CREDIT SPAIN, S.L. It focuses on fast, fully online short‑term loans. Typical new‑customer limits are €100–€600 for 1–4 months. Returning customers can access up to €2,500 with repayment in up to 6 months. Pricing is disclosed via representative APR/TAE ranges roughly 636%–2,932% (reflecting short durations). Repayment is flexible: card, bank transfer, Bizum, or auto‑debit (recurrent authorization). A 14‑day withdrawal right applies by law. Extensions (prórrogas) are available for a fee. Used responsibly, MyKredit is a quick bridge for urgent expenses; repeated use becomes expensive.

What MyKredit is (and isn’t)

• Direct, online micro‑credit for small amounts and short horizons. No branches, no co‑signers or collateral. The entire journey runs on the website with SMS/OTP confirmations in a personal area.
• Two tiers of limits: newcomers start lower (€100–€600, 1–4 months); after timely repayment and account tenure, limits may rise up to €2,500 with plans of up to 6 months (monthly instalments).
• Transparent calculator + representative TAE: short‑term fees annualize to very high APR/TAE. The cash cost is disclosed up‑front; the annualized figure looks huge because the horizon is weeks or a few months.
• Not a revolving line or long‑term solution. Treat this like an emergency bridge for one‑off gaps—not as a recurring budget tool.

Bottom line: Fast, online, and structured for speed over price. Plan your exit on day one.

Who runs MyKredit and where it fits in Spain’s market

• Entity: TRIVE CREDIT SPAIN, S.L. markets MyKredit in Spain. The company’s legal and privacy notices identify the brand and its registry particulars.
• Category: part of Spain’s micro‑loan / mini‑credit segment: smaller amounts, short tenors, underwriting optimized for quick decisions vs. bank‑style documentation.
• Comparables: Vivus, Wandoo, Cashper, etc. MyKredit stands out for Bizum support, recurrent auto‑debit capability, and 6‑month plans for repeat customers.

Product snapshot at a glance

• New customers:
  • Amount: €100–€600
  • Term: 1–4 months (monthly instalments)
• Returning customers:
  • Amount: up to €2,500
  • Term: up to 6 months (monthly instalments)
• Representative cost: TAE ~636%–2,932% (typical of short‑term micro‑loans; cash cost depends on amount and tenure chosen).
• Speed: application in minutes, instant decision in many cases; disbursement within minutes or hours depending on bank rails.
• Channel: 100% online; no collateral or guarantors; minimal paperwork required (digital KYC when requested).
• Repayment methods: debit/credit card, bank transfer, Bizum, and automatic charges under Recurrent Payment Authorization.
• Safety & rights: GDPR‑aligned data handling; PCI‑DSS for card environments via compatible processors; 14‑day withdrawal option; Spanish consumer credit rules apply.

The end‑to‑end process (how it actually works)

A) Simulate & select
Use the on‑site slider to pick your amount and term. The calculator shows your monthly instalment and the total to repay. Choose a realistic plan aligned with your next pay cycles.

B) Apply (account + form)
Create an account, verify your email and mobile, and provide personal/banking info. In some journeys, you may be asked to connect a bank account read‑only or upload simple proofs (DNI/NIE, basic income evidence). MyKredit evaluates affordability and fraud checks and can consider applicants even if listed in ASNEF (not guaranteed).

C) Decision & pre‑contract
On approval, you’re presented with a standardized pre‑contract (SECCI) and your specific TAE, instalments, and due dates. Save a PDF or screenshots.

D) Funding
Funds are sent by transfer. Depending on infrastructure (instant rails, bank cut‑offs), money can hit your account the same day—often within minutes.

E) Repayment & automation
Pay by card, bank transfer, Bizum, or let the system auto‑charge on due dates via a Recurrent Payment Authorization (Spanish: Autorización de Pago Recurrente). You can also prepay partially or in full.

F) Extensions (prórrogas)
If you need more time, you can request an extension (extra fee). When a prórroga is approved, the new schedule supersedes the previous due date.

Naming caution: In Spain, TAE is the annualized rate (Tasa Anual Equivalente). MyKredit’s “APR” label, when referring to Autorización de Pago Recurrente, is not the U.S. “APR (Annual Percentage Rate).**

Amounts, terms, and how to read the pricing

New customers generally start at €100–€600 and 1–4 months; return customers can grow to €2,500 and up to 6 months.

Why the TAE looks huge: A two‑to‑four‑month plan annualized to a TAE will naturally look very high—even when the cash fee in euros is clear and finite. That’s true across the micro‑credit market. Focus on the total to repay and whether your budget supports it comfortably.

Illustrative, non‑binding example: Suppose you borrow €400 for 4 months. Public examples for micro‑loans in Spain often show monthly instalments close to €190–€200, implying roughly €350–€400 in total charges across four months (TAE at the extreme of the range). Your actual offer depends on your risk profile and the exact day counts—always read your SECCI.

Early repayment: You can prepay partially or in full; micro‑loan contracts typically permit prepayment without punitive fees. If you intend to prepay, do it early in the cycle to minimize time‑based charges.

Extensions: A prórroga resets your due date for an extra fee. It’s a safety valve—not a strategy. Avoid chained extensions which multiply costs.

Repayment methods (what works best when)

• Card (debit/credit): Fastest for same‑day clearance. You can save a card and authorize automatic charges on due dates.
• Bizum: Popular in Spain for instant payments; convenient for one‑off instalments or catching up quickly.
• Bank transfer: Works if you schedule a few days ahead; always include the reference they provide to match your account.
• Auto‑debit (recurrent authorization): If enabled, the system attempts a charge automatically on your due date(s). Keep funds available to avoid retries or late handling.

Practical tip: Even if you plan to use auto‑debit, set a calendar reminder and keep a backup method (Bizum or card) ready in case your primary method fails that day.

What happens if you’re late (and how to stay out of trouble)

• Communicate early. If cash‑flow is tight, contact MyKredit before due date and explore a prórroga.
• Staged collections. Missed payments may trigger reminders, retries of saved methods, and escalation to claims/collections. As with other lenders, sustained default can lead to inclusion in ASNEF (Spain’s main arrears file) and, if necessary, monitorio court claims.
• Costs and schedules. Exact surcharges or default interest depend on your contract. An approved extension generally halts default charging until the new due date applies—again, check the contract wording.

How to avoid issues:

1. Align your due date with salary inflows. 2) Enable auto‑debit and set manual reminders as failsafe. 3) If a payment fails, use Bizum or card immediately and then confirm in your customer area.

Privacy, security & compliance

• GDPR: As a Spain‑based lender, MyKredit outlines lawful bases for processing (contract, legitimate interest, consent for marketing). You can exercise access/rectification/erasure/portability/restriction/objection.
• PCI‑DSS: Card data and flows are handled in PCI‑DSS‑compatible environments; the site states adherence to PCI‑DSS for stored/processed cardholder data via secure servers.
• Cookies & analytics: Expect a consent banner and options to manage tracking.
• Consumer rights: You have 14 days from contract formation to withdraw without penalty (you return principal and pay the proportional cost of days used, if any). You can also prepay anytime.

Who MyKredit suits (and who should avoid it)

A good fit if you:

• Need €100–€600 (first time) or up to €2,500 (repeat) for a short, planned period.
• Want an all‑online journey with quick decisions and same‑day funding.
• Value payment flexibility (card/transfer/Bizum/auto‑debit) and the option to extend once if truly necessary.

Look elsewhere if you:

• Expect to need more than 1–6 months; a classic instalment loan may be cheaper.
• Are juggling multiple debts or have volatile income—consider debt advice or restructuring first.
• Want low APR; micro‑loans are expensive when expressed as annualized TAE.

Practical, copy‑paste checklist

1. Pick an amount you can repay from your next one or two paychecks.
2. Save the calculator screenshot and the SECCI.
3. Schedule due dates on your phone calendar; enable auto‑debit as a backup.
4. Keep funds ready one day early; bank cut‑offs can surprise you.
5. If tight, request a prórroga before due date; choose the shortest workable extension.
6. If late, pay something the same day (Bizum/card) and contact support—partial payments can limit extra costs.
7. Don’t chain micro‑loans. If you need months, ask about longer‑term alternatives or talk to your bank/credit union.

FAQ

Pros & cons

Pros

• Very fast end‑to‑end online journey
• Flexible payments: card, transfer, Bizum, auto‑debit
• Extensions available (safety net)
• New→returning path: larger limits and longer plans over time
• ASNEF‑friendly (considered case‑by‑case)

Cons

• High TAE by design (short terms annualized)
• Extensions add cost; chained rollovers become expensive
• Collections risk if you miss payments (ASNEF/monitorio)
• Not suitable for long‑term financing needs

Editorial verdict

MyKredit delivers exactly what the micro‑credit niche promises: speed, simplicity, and flexible repayment—including Bizum and auto‑debit—with clear total‑to‑repay figures before you commit. For a one‑off, time‑boxed cash gap, it’s pragmatic. For anything that might stretch beyond a couple of months, the cost escalates fast. Use once, pay on time, and move on.

Not financial advice. Borrow the minimum, set reminders, and avoid chaining loans.