In this comparator, you will find the best payday loans of the market to solve any unforeseen- Easy steps to payday success. In addition, below we also tell you how you can get urgent credits in a matter of minutes:
The 3 typical reasons why you ask for a quick loan
In the wake of the economic crisis, many people have lost their jobs and many others have seen their salary reduced considerably. Now that the average purchasing power has fallen, any mishap can unbalance our financial situation and, in some cases, we do not even have the money necessary to face an unforeseen event.
In these situations, a good option may be asking for urgent loans from a private lender or from our bank. Let’s see the most common cases in which fast loans can help us:
- Pay an invoice that we have left the budget: with these products we can get money quickly to pay a bill too high and avoid, thus, that we cut the service or that a bank account is generated.
- Repair a domestic fault quickly: we can also request urgent credits to pay for the repair of a flat tire or a broken appliance, for example.
- To face a medical expense that does not cover the Social Security: these credits can be very useful to buy us new glasses if ours have been broken or to pay a visit to the dentist that requires urgency.
The reason for resorting to an urgent credit must be in a timely manner and in case we have an economic mishap that we did not expect. In fact, it is not advisable that we request urgent loans too often since we would run the risk of entering into a spiral of debts, which can lead to problems of over-indebtedness.
Who grants urgent credits at present?
During the first years of the economic crisis, the private lenders were the masters of urgent online loans, since they were practically the only ones that granted quick and easy financing. However, in recent months some banks have also launched different products that also provide liquidity in a matter of minutes. Next, we will see what are the characteristics of each entity and how are its credits:
- Private lenders: these are companies that do not receive supervision from the Bank of Spain. Your quick loans are granted in a matter of a few minutes and to hire them you do not have to be a customer or acquire other linked products. These companies apply a higher interest rate than banks, but their credits do not include commissions or other additional expenses.
- Conventional bank entities: our bank can also grant us a quick loan through several instruments: pre-granted loans, 24-hour loans, payroll advances … The interest applied by banks is usually lower, although in many cases they will charge commissions or expenses of connection.
According to our current economic situation and the amount of money we need, we will be more in charge of requesting a financing product in a private equity company or a banking entity. If, for example, we have a good track record in our bank, they will probably offer us very advantageous conditions, although the most important thing is to compare all the offers in the market.
Is it possible to get credit instantly?
Yes. It is possible to obtain financing practically at the moment, although it will depend on each product and the operation of each company. For example, in the case of private fast loans, companies respond almost immediately, but they can take between 15 minutes or 48 hours to enter the money. This delay is due to the particularity of bank transfers.
Transfers of money between accounts of the same bank will not take more than 15 minutes, but transfers between accounts of different banks may take between one and two days. Therefore, if we request fast loans from an entity that does not have an account in the same bank as us, the money will take longer to arrive.
Common Disadvantages of Urgent Credits
Although urgent credits can be very helpful, we must always use them responsibly, since otherwise, they can cause us many problems. The price of an urgent credit is higher than that of other loans, so we should only ask for them in specific cases of lack of liquidity.
Prior to contracting urgent loans, it is necessary that we ensure that the due date we will have the money necessary to amortize the borrowed capital and accrued interest. Otherwise, we will apply a series of penalties for the delay that will increase the price of the urgent credit significantly. We can not ignore that these fast loans have deadlines that will not go beyond 30 days in most cases.
The new weapons of the attraction of the urgent credits
More and more private equity lenders want to get the largest number of clients and to do so they must offer the most complete services and products. It is not new that credits instantly allow us to obtain small amounts of money in a matter of minutes, with a 100% online application process and with a reimbursement period that rarely exceeds 30 days.
What is new are the different offers, promotions, and conditions offered in their urgent loans to attract the attention of potential customers. Next, we explain what are the most common developments that have included private equity lenders:
- Discounts: in many cases, we will get discounts on the fees that we will have to pay.
- Promotions: in several companies, they will allow us to obtain the money, without having to pay anything for it, that is, returning only the amount requested.
- Loyalty programs: there are several companies that will include us in promotional programs full of advantages such as the possibility of accessing higher amounts as we request more loans, discounts in fees, higher repayment terms, etc.
In addition to these three common advantages, we can also find that several companies require customers to meet much looser conditions to get urgent credit. In fact, we can get urgent credits, even if we appear in ASNEF, our income does not come from a payroll, etc.