Would you trust the quicken loans they offer you online? If you still do not get familiar with this way of getting fast money, you should read what the advantages of online loans are.
What are quick loans?
Assuming you are in a situation with the following circumstances, you have no money saved, you cannot pay with what you have because you would be left with nothing and to top it off you owe money.
They are known as mini-credits, express credits, lightning loans or simply quick loans. This name has been earned because the processes for assigning a loan take much less than other institutions and do not consider necessary a guarantee or credit bureau. There are very few documents that ask for the loan to be carried out
- ID Number of the bank account where the money will be deposited
- Proof of address
- Some even ask for proof of income
- Contact information
What are the terms and conditions?
You should compare in several sites of companies that offer fast loans, maximum 24 hours and several do not present information about what is the interest rate or the Total Annual Cost (CAT). But of the few sites where they clearly state what the terms and conditions are. They are the ones that ask for more documents. Because these loans are fast, they represent a risk for the institutions that offer them the annual rate goes from 36.4% to 50% and a CAT from 87.2% to 131.3%. It should be considered that these concepts depend on the amount requested and the time in which it is estimated to be paid. Do not forget that like financial institutions, in case of delay or non-payment surcharges apply.
Wait, there are more options
It is not necessary to risk your finances. If you need a quick loan online there are already options that could help you out of trouble or endorsements. There are other models of companies that perform the same activity. You can get a credit without having to do lines or paperwork. Maybe you’ve seen ads where they offer you up to millions of pesos in just minutes, find out before you call. Some things you should consider when applying for a quick credit are,
- Take care of your personal data such as passwords, PIN of your credit or debit card, etc.
- In case you are offered millionaire amounts of money in a very short time, the risk that these companies take is greater. Therefore the interest and commissions will be much higher
- If they call you from a company that you do not know and offer you credits, it means that they somehow got your data and believe me it was not a good way
- Inform yourself about the interest rates you will be paying and especially the time
- Since the whole process moves on the Internet, protect your computer with a good antivirus
- Think very well what period of time you are going to request to pay
- Verify that the website you enter has the “https” as a guide to know if it is safe
Now you have an idea of what fast loans are and how they work, remember to navigate carefully and not risk your financial information. It is better that you take your time to evaluate your possible options so you avoid falling into debt by quick loans.
The first thing is to look and compare the Total Financial Cost
The interest rate charged by banks is only one of the components to reach the total cost. Then you have to add administrative expenses, granting commissions and various insurance. This will get to the CFT which is a much more accurate measure of how much you have to pay for a loan. In addition, it allows a much more homogeneous comparison between the proposals of the different banks. The entities are obliged to inform it, even every time they advertise a certain line. So every time you analyze taking a credit of any kind it is essential to review that data since finally the CFT will inflate several percentage points the credit cost.
Conclusion: Think twice before embarking on a long loan
If you think that one year is enough for the return of the credit, do not extend unnecessarily. And in any case, if you pay all the installments in the foreseen terms you will not have major problems to take a new one later. In recent weeks several banks went out to advertise personal loans at rates below 30% per annum. But you must be extremely cautious with this type of offering. It happens that in general, they go hand in hand with very long loans which exceed 36 months. Remember that the incentive of banks will be to ensure a high rate for as long as possible to improve their profit levels.
