Quick Loans: A Comprehensive Guide

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Thinking about getting quick loans? Have you considered whether or not you know enough about them? Perhaps it’s a good idea to research them more before committing to getting one.

Write a list of the top things to know about quick loans and ask yourself questions like “Can I get a quick loan with bad credit?”, or “Is a quick loan right for me?”. Only after you’ve exhausted your research will you be able to make an informed decision on taking on a financing option like this.

Keep reading for a comprehensive guide to quick loans and find out all you need to know!

What Are Quick Loans?

Quick loans are unsecured loans that, as the name suggests, are offered quite quickly, especially compared to other traditional loans. You might also find them under the name of payday loans or same day loans, depending on the lending company and the type of quick loan they are offering.

Quick loans come in different amounts and with different repayment terms, depending on the lender, so be sure to check what each company has to offer.

Where Can You Get Quick Loans?

Generally, because quick loans are meant to be given out fast, the application process is quick and easy and can be carried out in person, on the high-street, or online. It only requires you to fill out a form and send in some personal financial documents. The time varies, but the process is generally completed quickly, as you will see in a minute.

How Long Does It Take To Get Quick Loans?

The entire application process is dealt with swiftly because of the nature of the loans, so you can expect your application to be reviewed quickly and for the response to be more or less instant. After that, as long as you send in any required documentation on time, you can even get your loan on the same day as you apply. Whether or not you receive your money on that day depends if you get cash or a bank transfer.

How Much Can You Get With Quick Loans?

The amount you can get with quick loans varies, and it depends on multiple factors: the lending company, but also your financial situation. A higher credit score will obviously grant you a higher amount of money; the same is true if you have a guarantor or an otherwise very secure financial position. You can typically get up to around £5000.

If, however, your credit history is not stellar and your financial situation is quite precarious, you may not present enough security for the lending company, which can limit the amount you can borrow and/or slap you with a pretty high interest rate.

How Do You Repay Quick Loans?

Quick loans are repaid like any other loan, in instalments, over a period of several months. The amount you pay, as well as the period of repayment, depends on how much you borrow in total, as well as your general financial situation. That is, if you're not getting a payday loan, in which case, you will get a relatively small sum that you are required to pay in full within one month, including interest.

Can You Get Quick Loans With Bad Credit?

The short answer is that yes, getting quick loans with bad credit is certainly possible. In fact, it can be quite a good solution for individuals who are struggling to get accepted for a traditional financing solution, like a loan from a bank. However, there are things you need to be aware of.

While lending companies will grant you quick loans with bad credit, the amount might be limited, and your interest rate will definitely be higher. In fact, depending on how high your interest rate is (sometimes up to 300%), it might not even be worth getting one, but that is up to you to decide.

Can You Get Quick Loans If You’re Unemployed?

It is possible to get quick loans if you are unemployed as well, much like individuals with bad credit. The same circumstances apply: you may find that you are offered a limited amount of money and you should expect the interest rate on your loan to be considerably higher than if you were employed or had good credit.

Are Quick Loans Right For You?

Before you decide to get quick loans, you need to consider what you need the money for. A quick loan can be great for a one-time, unexpected expense that you can then pay off relatively easily, but it does not solve your financial problems if you are having constant trouble covering your everyday expenses. If your income does not cover your expenses, perhaps you might consider a credit card, as the interest rate is lower and it might be more affordable for your particular situation.

What Are The Risks Of Quick Loans?

Obviously, the biggest risk with quick loans is that you may enter a vicious circle, if you attempt to use them as a long-term financing solution. That is unsustainable because it’s a very expensive loan to get and it doesn’t make sense to continue to get them if you are constantly having trouble.

In addition, you also run the risk of borrowing more than you can afford to pay, so you should always make sure that the monthly instalments or interest rate are something you are comfortable with paying.

In conclusion, quick loans can be a good option to have in case you need some financial help in case of an emergency or for an unexpected expense. You can get them whether you have a good financial situation or if you need quick loans with bad credit. Check Equifax to see your credit history and determine how much you can get with your quick loan.

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