Quick loans are a type of payday loans that is characterized by being low money loans to be repaid in a small repayment period in most cases. Quick loans are the easiest way to get money, without the need to do paperwork and anonymously, in addition to getting approval and money quickly.
To obtain quick loans, as with payday loans, you have to make an application and the financial institution conducts a study of your situation before accepting it. This study is done anonymously, very quickly, without having to give explanations so that you will use the money and in some cases it is not necessary to do any type of paperwork or have a guarantee available.
There are two types of financial products that can be requested within quick loans :
- – Mini-loans or mini-credits:
They are operations of € 50 to € 600 with a very short return period, normally between 20 and 40 days. They are used for small emergencies and small incidentals such as the payment of a fine, the breakdown of a household appliance, the breakdown of a vehicle or fixing a damage in the home.
The main financial entities that offer mini-loans can be seen here.
- – Quick loans:
These are operations ranging from € 500 to € 10,000 with a return period of up to 5 years. These types of loans are more similar to payday loans, but they still have the peculiarity that they are granted in a matter of hours.
What are the advantages of quick loans?
The main advantage of quick loans is that they offer money to people who could not get it through their bank, since they are granted without having to give explanations and without paperwork. Another advantage is that they can be managed entirely online and anonymously, and their processing is very convenient. Finally, they are quick both in the management and in the delivery of the money, being able to have the money in a few hours.
What are your disadvantages with payday loans?
The main disadvantage with payday loans is that the interest rates are higher, it is always advisable to hire payday loans if possible. They are recommended to obtain them when urgent money is needed and it is not possible to obtain it immediately and when the amount you have to pay in loans per month exceeds 40% of the monthly earnings obtained.
Now you choose, you can apply for quick loans or select another type of payday loans to find the loan that is adapted to your needs at this time.