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Rhodalyn M. Maddix
WHAT ARE QUICK LOANS?
Quick loans are loans issued within a short period of time, with easy screening and approval processes and are normally offered to borrowers with bad credit or in need of quick financial assistance. Usually, quick loans are in small amounts and are in the form of personal loans. Most often, quick loans range between hundreds to thousands of dollars. For unexpected emergencies such as medical issues, or your car is broken down, quick loans are the perfect options. One interesting thing about quick loans is that the loan process is faster than traditional loans.
Research has shown that 46% of Americans are unable to cover $400 of their expenses because they don’t have enough money. In case of an emergency, they will have to borrow from family or friends, sell some assets to raise the money or get a loan. One way out of this state is a better credit access but unfortunately, more than 50 percent of Americans have low credit scores depriving themselves of bank loans. With quick loans, you only have to fill an application online and wait a few minutes for the lenders feedback on whether the loan will be granted or not. Though it looks good, it can lead you into more financial problems. This is so because the amount you will repay on the loan and the APR can be very high.
How Can I Get A Quick Loan?
To get a quick loan, you first must find a place to get the loan or a lender. You then have to fill their application form and submit it together with other requested requirements. Usually, you will have to wait a few minutes or a few hours sometimes for approval of your loan request. After your request is processed and approved, the money will be sent into your bank account so you can withdraw it for your need.
Where Can I Get A Quick Loan?
You can get a quick loan from banks, online lenders and other financial organizations.
How Do Quick Loans Online Work?
A few lenders out there offer quick loans. when you open a lender’s website, it will start by requesting the amount you want to borrow. Based on the loan amount, some will decide on your repayment terms while others will give you flexible terms. It is very important to take your loan from a lender you can solely trust. This is because the customer service, APR, terms and length of loan offered varies from lender to lender so make sure you know your options.
It is not always a perfect idea to get the loan amount into your bank account. This is because, some of the lenders offer an APR of 1000% and more which can lead you into repaying so much money than you expected. It is very important to take all the time to shop and research round for the best deal that will suit you before you apply and accept the quick loan. Make sure all information you input are correct. In some of the loan requirements, you must be citizen of the country and at least 18 years of age. Other information includes your full name, contact details and your place of work.
Quick Loan Options
When your credit is bad and you need a loan, there are two loan options you can select from. They are secure and unsecured quick loans. With an unsecured loan, you don’t have to present any asset or collateral to the lender for the loan, but that comes with a high interest rate. When you opt for a secure quick loan, you will have to provide a guarantor and a collateral before you can get access to the loan you need. To choose any of these options, consider your current financial situation and credit rating.
Also consider the interest before applying for the loan. Unsecured quick loans have very high interest rates and are proportional to the lender’s risk. So, before you take the loan, take some time to properly examine your financial problem and be sure you can pay back the loan together with the interest. Normally the time lenders give to their borrowers to repay their loans is short and you should repay the full amount within the grace period so you will not be defaulted.
Therefore, you should have the following to get a quick loan when you have a bad credit.
1. A collateral or guarantor
2. Know your credit rating
3. Know your financial condition
When to Apply for A Quick Loan
Usually, lenders who offer quick loans on the same day are very expensive, always attending to customers in need of bad credit loans. If possible, look to utilizing your savings or selling-off some of your belongings to raise some money to cover an emergency. If you are sure you urgently need the loan and have explored all avenues and still are unable to get the loan, then you can go in for a quick loan. But make sure you compare prices, terms and conditions of each product and choose the best.
How much Does A quick loan cost?
When you apply for a quick loan with an intention of receiving the money quickly, it means you will be paying a high interest rate on the loan. For a loan to hit your account within 24 hours, some lenders will charge the cost of transfer or fast track fees so it will be best to find out the cost involved before you take the loan.
How Can I Apply for The Loan?
To apply for a quick loan, you have to
• Be a citizen of the country
• Be 18 years and above
• Be employed or self-employed
• Have a bank account where the loan can be transferred into with a debit card.
• Show your source of income in the form of government checks, pay stubs, etc.
• Provide a valid email address and your phone number.
Acceptance Criteria of Quick Loans
Quick loans acceptance criteria vary from one product to the other. Generally, you have to be a resident of the country, 18 years and above, have an active bank account, valid debit card and capable of convincing the lender you can make all repayments on the loan.
Are There Any Legal Issues to Consider?
Most often, quick loans, particularly payday loans are approved faster due to the use of online application and forms, also because the loan approval is not based on bad credit. You can have a bad credit and still get the loan you need. Moreover, much emphasis is not on background checks. Compared to the traditional loan methods, quick loans often can be processed in a less regulated and rather informal way. Applicants should therefore be cautious of the possibility of identity theft and loan fraud scams when dealing with any lender, particularly online lender. Most Quick loans are associated with hidden fees and very high interest rates.
How To Choose The Best Loan
When you are stricken by an emergency situation and you do not have the money, don’t be in a haste to go in for a loan. Hasty decisions can lead you into more debt and problems in the future. Below are a few considerations you can make before applying for a loan:
• Based on our current income, calculate how much you can borrow and be able to pay back.
• Carefully read the repayment terms and ask the lender all questions that bothers you concerning the loan for clarification
• Be sure you can afford to pay back the loan, the Annual Percentage Rate (APR) on the loan and the interest percentage you will pay on the loan.
What Are the Benefits of Getting a Quick Loan?
As mentioned earlier, quick loans are very convenient ways of getting money when you are low on cash and caught up in a situation because of its fast process and basic requirements. When you apply for the loan, the lender will process your application and grant the loan on the same day or a few weeks. This applies to most lenders, meaning lenders notify their borrowers about their approval instantly. Borrowers don’t have to wait for long to know if their loan has been approved or not.
People with poor credits can apply for a quick loan and receive the funds.
Quick loans can serve as a lifesaver by preventing you from incurring late fees or expensive overdraft.
Online application for quick loans is very fast with swift approval. Most lenders offer early an early repayment without any fees attached.
Disadvantages of Quick Loans
Most quick loans are short term loans with very high interest rates. Some lenders even demand you repay the loan within a month. Quick loans provide a short-term solution to your financial crises/ situation so you should go in for the loan only if you can repay on time
Types of Quick Loans With No Credit Check
The best place to look when you urgently need a loan that involves no credit check is the internet. This is because, the request, processing and approval is done online, saving you the stress of moving out of the comfort of your home. It also makes the process faster and more convenient. There are two forms of quick loans namely personal loans online and payday loans no credit check. These loan types differ in many ways and to an extent, serve diverse purposes.
Which Loan Type Is Right for Me?
You can choose the type of loan depending on your needs. You can begin by asking yourself questions like:
1. How much money do I actually need and is it sufficient enough to get me through this situation?
2. How long will it take me to repay the money in full? A week, month or more? Will I need more time to repay?
3. Do I value flexibility of a loan term? Do I want special packages? Or do I need a basic loan?
What Is the APR On An Online Quick Loan?
Your credit score will determine the APR you will be offered. Lenders offer low APR’s to people with high credit scores and high APR’s to people with low credit scores. Always check the terms and conditions the lender is offering before you go ahead to finalize the loan application. After you accept the loan and you are not satisfied with the amount you will repay, you can be offered 7-day cooling period, meaning you cancel the agreement you have made with the creditor and return the loan.
Can I Apply If I Have A Bad Credit?
You can apply for a quick loan if you have a bad credit. If your bank account has exceeded its overdraft limit, you have missed your credit account repayments or have late credit repayments on your contract phones, credit cards, loans or catalogues, and urgently need a loan, you are free to apply for a quick loan. Most quick loan lenders are focused on your ability to pay back the loan and on time rather than on your score or issues concerning your credit.
All lenders have their eligibility criteria. Some lenders accept people with bad credits while others only accept people with good credit scores.
Other Things You Should Know About Quick Loans
Most Quick loans are unsecured and does not require a guarantor. This means you don’t need a collateral or the signature of another person to secure the loan.
Waiting for long when you badly need a to borrow a quick loan is not pleasant. With quick loans, your loan can be approved within the shortest possible time. You can apply and receive the loan on the same day. As soon as your loan is approved, you can get the cash within an hour.
Bad Credit Accepted
You can also get quick loans on the same day you apply even when you have a bad credit. Quick loan lenders don’t just look at your credit score. They pay more attention to your income and ability to repay the loan
Quick loans are for emergency use only. You can use it when you need quick money to settle an unforeseen expense such as:
1. Car Issues:
A car becomes important when it is your means of transport to work, social events and school. However, when a breakdown occurs and you have insufficient money to pay for its repair, getting a quick loan may be the best way to get your car back on the road. Most often, garages and mechanics request you make the necessary payments in full at the time of repair. In case you are unable to pay, they might impound the car. Others even go ahead and file a mechanic’s lien which allows the garage to take the title for the car with the repairs that has not been paid. When you are caught up in such situation, you can apply for a quick loan which will provide you with the money you need to pay for the repairs on your car and avoid any unpleasant situation.
2. Medical Emergencies
In a case where your mother or loved one has been hospitalized due to an illness and you are to pay the medical bills but at the moment, you are low on cash because you just paid your utility bills and you are currently waiting on your next paycheck, you can quickly go in for a quick loan. Sometimes you have no savings, or a credit card and your ward also have no health insurance. Clinics and hospitals might provide a discount on cash payments prior to the time of service. when you find yourself in such situation, you can save some cash and release your burden by taking a quick loan.
3. Making the Loan Process Fast and Safe
You may need a quick loan for many tangible reasons. No matter how urgent you need the loan, make sure you get it from reputable lenders. These lenders make quick loans a fast means to get the funds you need. Resist going through so much stress over an emergency and get quick loans for those needs.
4. Avoid Late Fees by Making on-time Payments
Sometimes, you may need quick loans to pay your utility bills, credit card bills and phone bills to prevent negative reports on your score and late fees. Paying your bills on time will prevent any penalties.
Ways to Borrow When You Need Quick Cash
When you are in desperate need of cash and don’t have the time to find a loan and compare costs, still think over your decision to ensure you’re not singing up for a predatory loan. The good thing is there are some lenders out there who are better than others and quick loans that are better than others. Your preference will affect how quickly you will receive the loan and the cost you will incur.
1. Start searching for lenders
There are numerous lenders online, in shops and other organizations that offer loans. To find the best loan, take your time to shop around and compare their prices and rates. This will help you make the best choice for your emergency needs.
2. Look for lenders with fast approval.
For best rates and fees, a personal lender should be what you should be looking out for. In submitting the application form, add your identification and proof of your income to fast track the process. Lenders take between one to three days to process any application, approve the loan and fund the money. Also, the interest rates on the loan will largely depend on your credit, running between 10 to 15%. Most quick loan lenders also charge origination fee which is about 1 to 5% of the loan balance.
3. Ask for a loan from a friend or family member
It’s very convenient to ask friends and family you are close to for help in times of emergencies. Ask those you think can loan you some cash within the shortest time. Discuss with the lender and agree on the terms and conditions of repayments including how frequently you will have to make payments and if you will be paying an interest on the loan. To protect your friendship and finances, it will be best to make efforts of signing a promissory note for the loan. Alternatively, you can get the loan from any member of your family or a friend, then apply for a personal loan. As soon as you receive the funds of the personal loan, you can then repay the family member or the friend to avoid any issue that will tarnish your relationship with him/her in th future.
4. Get cash advance or use a credit card
If you are a credit card holder, you can go into this line of credit. You can do this in two ways. Firstly, you can put an emergency expense on your credit card. The second option is taking a cash advance. You just have to take your credit card to a bank or an ATM where your credit card will be charged, and money will be given to you in return. Sometimes some of these credit card issuers will allow the borrower to make the transfer into your credit account online. Usually, you will face a free cash advance credit card, ranging from 3-5%. An additional average of 24% APR on the interest will be on your credit card. Your balance will accumulate interest each month till you are able to pay the balance. Due to the high costs, you can consider getting quick cash through cash advance loans and consolidate the debt on your credit card with a personal loan to be able to get lower interest rate.
5. Try secured loans
If you tried getting a quick loan but didn’t qualify. You tried other personal loans and credit card and you still didn’t qualify; the best alternative is to get a secure loan. With a collateral such as a house, car, etc. you can easily get the money you need. Though the process might not be the fastest, you are assured of getting your loan amount. But bear in mind that it is a risk you are taking, and you might lose your asset if you default on the loan. However, if you are struggling to get a loan due to your bad credit, you can easily qualify for a secured loan
Quick Personal Loans You Should Avoid
When you are in financial difficulty and need a loan, analyze your financial situation and when you can pay back the loan. Don’t rush into getting any loan. Some loans can lead you to more debts or bankruptcy. Below are some predatory loans you should avoid.
1. Advance-fee loans
Federal Trade Commission (FTC) cautions us against no-credit-check loans or Advance-fee loans as they are mostly scummy and predatory. Advance-fee loans lenders always brag that your credit will not be checked. But they usually will ask for an amount upfront or have hidden fees attached to the loan. This should tell you that the lender isn’t lending you the loan bearing in mind your best interest. Borrowers should walk away from such lenders.
2. Payday loans
To get the total payday loan amount you need, you have to hand over a check for the cash. The loan the lender will give you does not include their fees and is equal to the check, according to federal trade commission (FTC). The lender will cash the check when your paycheck comes in. Payday loans look good and are very attractive with marketing strategies to lure you to sign up for the package. But it comes with very high interest rates and fees and are just like predatory loans.
3. Car title loans
Car title loans are like payday loans and FTC instructs borrowers to be cautious of such loans. Your collateral becomes your car’s title instead of being secured with your check. Car title loans are short term loans and are usually expensive with 100% APR or more. Note that you can lose your car if you are not able to repay the loan. When you desperately need money, just take some time to get information on quick loans, and all other forms of loans to help you make the best decision. Making hasty decisions can lead you to scams and predatory lending tactics.
Resist using loans to repay other debts. Loans only offer short-term solutions to your needs so make sure you pay off your debts as soon as possible. Before you take a quick loan, carefully think about your ability to repay the loan. If there is the least chance that you will not be able to repay the loan at any point, find other solutions.
When you are in dire need of money, you can explore the use of quick loans from Afterloans.com
Disclaimer: All loans offered through this website are subject to credit and underwriting approval. AfterLoans.ca is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations. Our lenders lend from $500-$5,000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.