The quick loan: its features as well as advantages and disadvantages

There are undoubtedly situations in life where decisions need to be made quickly. So also in financial matters such as a necessary borrowing with the help of a quick loan. This is particularly true when it comes to quickly and easily solve an unexpected financial special situation. Be it that it comes to a water damage to the house quickly, but costly or to repair the urgently needed vehicle. If an unexpected bill pops up, it is not unusual for the monthly financial planning to quickly get out of hand. The financial problems are there and a quick fix will be needed. Those who can not resort to savings in such situations inevitably face the decision to take out a loan. Sometimes these unexpected costs are incurred at very short notice, so here is the above-mentioned quick loan ago. The question is, what is a quick loan and where can I get this special loan?

Key features of a quick loan

Key features of a quick loan

The so-called quick loan is quite a term that can be found quite often in the vastness of the Internet. But an exact definition of what the typical characteristics of such a loan are is in short supply. This is simply because this term does not actually exist in the regular language of banks. Only with the advent of the Internet did the quick loan celebrate its “birth”. Thus, the term quick loan usually appears in the form of the “fast online loan” or even “quick loan with immediate payment” on. Also the variant as Expresscredit is to be found frequently. The ingenuity of the credit industry is therefore almost unlimited in the creation of loan terms.

The quick loan in its definition is quite simple. Because the quick loan is basically an online variant of the classic installment loan of a classic bank and absolutely comparable to the TactCredit. This means that in the base the approved loan amount – plus interest – with fixed monthly amounts must be repaid. Similarly, the amount and duration of the quick loan are comparable to a normal installment loan. This means that both rate and duration can be flexibly designed. The minimum term for a short-term loan, like the classic installment loan, is also 12 months in most cases.

The most serious difference and thus responsible for the title “quick loan ” is the entire processing, granting and disbursement process. Because exactly in this credit process, the term “fast” should be clear and unambiguous. For some banks which offer “quick loans”, these loans differ from the classic installment loans also in terms of the minimum loan amount. For example, banks are offering these short-term loans from as little as 1,500 euros minimum loan amount. However, the installment loan from the same bank is usually only available from 3,000 euros. However, this separation between the two types of credit depends on the lending bank and is in no way part of a binding definition of the quick loan.

Advantages of a quick loan

Advantages of a quick loan

Who needs money for whatever reason, fast and usually within 48 to a maximum of 72 hours, usually has two things! Infinite time and connected, anything but a long patience! Long paths, long consultations and long waiting times when processing loan applications at the bank are not very helpful in such, rarely postponed, financial emergencies. Anyone who is in such a financially precarious situation needs immediate support. The best way to do this is to provide easy financial help from providers whose loan models are geared precisely to such credit customers and their borrowing needs. First point of contact for a quick loan assistance, here are the modern direct banks. These banks offer experience according to real fast loans. Because direct banks work more effectively, which means that almost everything is processed online. Far away from the sluggishness and complicated structure of a classic house bank.

Those who apply for a quick loan online with these modern, structurally-optimized direct banks usually know within a few minutes in a binding form whether the loan application is approved or not. Because behind the application submitted online, a fully automated IT process (thanks to the appropriate software!). This concerns both the loan processing and the required credit check. If the loan application has been approved promptly, it is usually possible to dispose of the loan amount within two to three working days. Provided the bank has been provided with all necessary documents and evidence to prepare the loan agreement. At best, if you have a current account with the lending direct bank, the likelihood of having the requested and approved loan amount within 24 hours is very high. Some direct banks say this to existing customers who apply for a quick loan, even expressly without additional costs!

Disadvantages of a quick loan

Disadvantages of a quick loan

This form of loan does not really have a real disadvantage. Except for the fact that such loans are granted almost exclusively through the so-called online banks or direct banks. A consultation, as one knows it perhaps from the own classical branch bank, is often not offered in this form. In addition, each applicant should be aware of a quick loan that, due to the fully automated credit check, there is no individual credit check of the borrower. If the credit information retrieved online from private credit and / or other credit reporting agencies such as Creditreform, Arvato-InfoScore, etc., displays only the slightest negative attribute, the system automatically terminates the processing and sends a rejection of the quick loan to the borrower due to a lack of creditworthiness.

Often offered on the Internet fast loan without private credit exists only conditionally. The quick loan without private credit is therefore always to be considered with a thoroughly required critical objectivity. Here, the mini loan with its various options of express processing and flash transfer, as they offer some of the mini loan providers we have presented, is an exception. In this respect, in the case of a mini loan or microcredit using the said service options, it is quite possible to speak of a quick loan. With the restriction that on the one hand with a “fast” mini credit the loan amount is limited and on the other hand the needed “speed” can be achieved only by acquisition of appropriate service options.

Fundamentals of the quick loan

Fundamentals of the quick loan

As with any credit business, the short-term loan is usually synonymous with a credit agreement online. Its basis is the direct input of all relevant credit data into an online loan form. As a result, the online provision of required documents by the borrower is necessary. The faster these necessary documents (salary statements, employment contract, account statements, identity document) are sent online as scanned copies of the bank, the faster the loan processing takes place. H ere is true with most providers for a quick loan for same-day processing include submission of documents to weekdays until 12 pm = same-day processing. If successful, the money will be paid out within 24 hours. In this respect, you should always have all necessary documents ready immediately. Which documents are required can be found on the websites of corresponding fast loan providers as credit information. He who takes this to heart, can certainly face any financial special situations with a certain serenity.

Editors’ tips on the topic “providers of quick loans”

Editors

Anyone who needs a loan within a very short time, for example, if an invoice has to be paid immediately or an urgent repair has to be carried out and this can not be paid from the currently available financial own funds, has to decide to use a loan for this purpose. But before you quickly resort to the often expensive credit line, there are certainly attractive alternatives to this discretionary credit.