Quick loans are available in as fast as 24 hours and are available online. This is great news if you are in immediate need of cash. Admit it or not, you’ll never know when you will be in need of extra cash. Either you need it for medication, quick repairs, etc. Say you need extra funds to spend on your car repair. With quick loans, you have instant access to cash when you need it.
What are the types of quick loans?
Basically, there are two types of quick loans; secured and unsecured. Secured quick loan requires collateral while unsecured does not need one.
Quick loan amount
It varies. It can range from $100 – $1,500.00, if you are in search for extra funds for quick fixes, then applying for a quick loan is a good option.
- Easy access – Loan applicants may file their loan online.
- Fast cash release – In just a number of hours, or within 24 hours, cash will be released.
- No collateral – Unsecured loan does not require collateral which means the process is much faster and upon approval, cash is ready in 24 hours.
- High interest rates – Because it is a financial service, the interest rate can go 15%-30%.
- Missing out the repayment – If you unintentionally miss or forgotten to pay, penalties or fines will be added.
- Secured loan – Since you are submitting collateral, it will take some time before you get the borrowed amount. They will put value to your collateral to determine if it is enough to secure the loan amount.
There are ways to beat the cons.
- Pay on time – You can allow them to deduct the monthly repayments from your bank or set a date where you can make upfront payments.
- Secure your loan – Unsecured loans may be easier to process but you have to remember that this type of loan bears higher interest rates compared to a secured quick loan.
- Compare rates – Check the interest rates before you negotiate and agree to this type of loan. Ask for any other charges like processing fees that they may add or deduct from your loan.
- Be responsible – Use this loan for a good reason, not for shopping. Remember that you are borrowing this money and return it with high interest rate. Make good use of it and return it on time to save you from any additional penalties.