Quick loans are the special types of loans that can be availed by any individual at times of emergencies or when he or she is not getting sanctioned for long term loans. These loans are known for their wide flexibility in the various terms and conditions and the lesser number of documents that need to be presented to avail these. Getting sanctioned within time as low as 24 hours, one need not have to keep any asset as a mortgage in order to avail it. This article details further on the same and how can it help the people in distress.
Edullinen vippi are basically categorized into the following 4 types based on their sanctioning period and terms and conditions: –
- Same day loans which are sanctioned on the same day of completion of the application for the loan and have generally higher rates of interests compared to the other loans.
- Payday loans which are sanctioned within 48 hours of application and are not guaranteed by any collateral asset, thus making their rates of interests high.
- Quick no credit checks loans that are sanctioned to people with bad credit history and satisfy the requirement for quick cash at emergencies.
- Credit card loans that are sanctioned against credit cards at lower rates of interests.
The following are the eligibility for applying for any kind of quick loans:
- A resident of India coming either under salaried or self-employed group.
- Matching the minimum threshold annual income to qualify for certain banks.
- Credit card limits during credit card loans.
- Other factors like good credit score and regularity in paying loans also affect the sanctioning period and rate of interest.
Pros and cons
The following are the pros for these loans:
- Speed sanctioning, with an average of about 48 hours post completion of the application.
- Very minimal documentation and literally no form of collateral asset for mortgage.
- No bar on credit history or credit check.
- Online procedure for application of loans.
- Less paperwork involved in the entire process.
The following are the cons for the same:
- Higher rates of interests compared to other loans that can turn out to be bitter pills in the future.
- High chances of falling in vicious cycles of private lenders.
How to select the best?
At times of a large number of options for quick loans, one can look for parameters to select the same like the rate of interest, repayment time, the authenticity of the source and opting for public bank options over private lenders. Only the smart selection can reap the desired benefits for these quick loans.