Fast loans are a type of financial product that brings together a series of specific characteristics related to their cost, the approval period, the maximum amount to be requested or, even, the way in which they are formalized. Overall, most of them constitute an online service, that is, they are processed over the Internet.
However, beyond its specifics, the functioning of any fast loan it is not particularly different from any other financial product. They allow access to a limited amount of money that must be repaid in the form of monthly installments within a set period of time and assuming a number of additional costs in the form of interest.
Some of the most notable distinguishing features of this type of loans son:
- Agile Procedures: In most cases, your approval is carried out in a short period of time that can start from a few minutes, up to 24 hours from the formalization of the request.
- The maximum amounts that are usually granted by quick loans tend to be lower than their traditional counterparts. On average, they rarely exceed € 10,000.
- They require more lax documentation: in most cases, applicants only need to prove their majority age, their exclusion from any register or list of arrears (although some entities grant them even if this condition is not met) or the availability of a current account from which the transfer can be made.
Opting for a quick loan can repay you in the form of several benefits. Its positioning as one of the most requested financial products can be easily explained if we pay attention to its main associated advantages:
- They don’t have the same restrictions as conventional loans. In most cases, you don’t need to have a payroll to get approved. Furthermore, when it comes to the solvency requirements for future borrowers, we have also found a much more flexible proposal. In many cases, the applicant is not even required to have a salary as such.
- Simplification of processes: unlike what happens with the conventional system, the processing of fast loans involves simple methodologies and is mostly made up of systematizations and automated phases. Getting money instantly into your bank account is possible and, moreover, without the need to leave home because everything is formalized entirely online.
- There are no restrictions on investments: in many cases, the personal loans of classic banking institutions are limited to very limited objectives. In the case of fast loans without paychecks, however, there are no obstacles or limitations regarding the purpose for which the requested money can be used.
- They do not require registration as a new customer within new entities or companies – after initiating the application process, the prospective customer or borrower does not need to open an account within the entity granting the product. You just have to provide a destination account number where you want to receive the granted money. On the contrary, in most classic banks, it is possible to access the catalog of financial products available only if you are a customer, which implies insurmountable limitations, especially if this involves the assumption of additional fees for commissions or other types of complementary services. .
Where can fast cash loans be applied for?
Although online platforms specialized in granting instant online loans have proliferated in the last decade, the truth is that this financial product is not limited exclusively to this type of entity. If you are considering requesting one, keep in mind that there are two basic types of entities where you can find them:
Banks
It is true that their presence in conventional banks is not usually particularly common. However, you can find several banks that offer quick loans along with other product lines that can be contracted independently but also alternatively. Some of the most popular formulas are payroll advances or credit cards.
Companies or entities specialized in the granting of microcredits
Unlike what happens with traditional banks, they specialize exclusively in the micro-credit segment. As we have already mentioned in all the previous sections, it is a product designed essentially to provide money quickly, without cumbersome procedures or overly demanding conditions. Agility, security or immediacy are its main strengths, even if on the other hand the amounts that are usually granted in this type of entity tend to be rather low compared to those offered by traditional banks. Often the limit is set at a maximum of 800 or 1,000 euros.
