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How do quick credits work?



Quick loans are the right solution for those people who need to have liquidity quickly and efficiently. Today there are several financial products on the market that share this characteristic.

Features of quick credits

Features of quick credits

As a general rule, fast credits are characterized:

  • For its agility in the procedures. Unlike traditional loans, which usually vary between 1 and 4 weeks, quick loans are practically immediate.

The speed will be directly associated with the economic amount requested. The greater the amount of liquidity, the greater the requirements and the longer the waiting time to verify the veracity of customer data.

Despite this, the speed is very high. We talk between 15 minutes and 48 hours depending on the type of loans. For example, microcredits are granted in just 15 minutes from when they are requested through a web page.

  • For its ease when requesting them. Precisely to make them much quicker to grant, they must be easy to apply for. For this reason, all these loans, or at least most, operate through the internet. Simply having connection to the network can be ordered from anywhere and at any time. Through different forms, the necessary information is requested so that, through algorithms, the website can weigh whether the requested loan is viable for each client.

Traditional financial institutions also offer these types of loans and allow them to be carried out by other methods besides the internet. For example, through ATMs or in the offices themselves if they are pre-granted loans.

What speed do they have when granting credit?

What speed do they have when granting credit?

Quick loans are the fastest option to get urgent private capital money. As we explained a few lines above depending on the type of loan and the amount, the money is received in the checking account itself between 15 minutes or 48 hours.

Sometimes the money will take a little longer to arrive for several reasons:

  • Good because it is a somewhat high amount and you have to manually check certain forms. This is the case of those quick loans associated with a home.
  • Because the transfer of cash between one account and another takes a little longer. Despite the fact that the transfer is immediate, sometimes banks take a little more time to transfer money from one account to another. To avoid this problem, the best thing to do is locate those lenders who work with financial institutions where we have a checking account. In this way, the transfer of cash to our account will be immediate. Just like when we transfer money quickly from one account to another within the same bank.

What are the most common quick credits?

What are the most common quick credits?

Undoubtedly the most requested fast credits are the following:

  • Quick mini-credits or micro-credits. They usually offer a capital that ranges from $ 50 to $ 1200 and are usually effective in just 15 minutes. They are ideal for last minute contingencies and usually have a return period of about 30 days. Their interests are usually high. For $ 100 you usually charge around $ 35 of interest.
  • Quick personal loans. In this case we can obtain from a minimum of $ 3,000. So they are ideal for unforeseen renovations, car fixes that we did not expect, and so on. They offer a return period of between 12 months and 10 years directly associated with the total amount requested. The subscription is usually monthly and its cost is usually around 8% APR. They can take up to 5 days to become effective because the paperwork is somewhat more complicated.
  • Pre-granted loans. Increasingly fashionable in financial institutions. If you operate through the internet with your bank and have a stable income, surely you have already received more than one warning. The concession is quick because the bank has already made a previous assessment of our amortization capacity and this allows us to access them immediately when the need arises.

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