Fast loans are a type of financial product that brings together a series of specific features linked to their cost, the approval period, the maximum amount to be requested or, also, the way in which they are formalized. As a whole, most of them constitute an online service, that is, they are processed through the Internet.
However, beyond its specificities, the operation of any quick loan it is not particularly different from any other financial product. They allow access to a limited amount of money that must be returned in the form of monthly installments within a defined period of time and assuming a series of additional costs in the form of interest.
Some of the most notable distinctive features of this type of loans son:
- Agile procedures: In most cases, your approval is executed in a short period of time that can start from just a few minutes, up to 24 hours from the formalization of the request.
- The maximum amounts that are usually granted from fast loans tend to be lower compared to their traditional counterparts. On average, they rarely exceed 10,000 euros.
- They require more lax documentation: In most cases, applicants only need to prove their majority, their exclusion from any registry or list of delinquencies (although some entities grant them even if this condition is not met) or the availability of a current account from which the transfer can be made.
Opting for the application of a fast loan can repay you in the form of different benefits. Its positioning as one of the most demanded financial products can be easily explained if we pay attention to its main associated advantages:
- They do not have the same restrictions as conventional loans. To obtain an approval it is not necessary to have a payroll in most cases. In addition, with regard to the solvency requirements for future borrowers, we also found a much more flexible proposal. In many cases, the applicant is not even required to have a salary as such.
- Simplification of processes: Unlike what happens with the conventional system, the processing of fast loans involves simple methodologies and consists mostly of systematizations and automated phases. Obtaining money instantly in your bank account is possible and, furthermore, without the need to leave home because everything is formalized entirely online.
- There are no investment restrictions: In many cases, personal loans from classic banking entities are limited to very limited objectives. In the case of fast loans without payroll, on the other hand, there are no obstacles or limitations regarding the purpose for which the requested money can be used.
- They do not require registration as a new client within new entities or companies: After starting the application process, it is not necessary for the future client or borrower to open an account within the entity that grants the product. You just have to provide a destination account number where you want to receive the money granted. On the contrary, in most classic banks, it is only possible to access the catalog of available financial products if you are a customer, which implies insurmountable limitations, especially if this entails the assumption of additional expenses for commissions or other types of services. complementary.
Where can fast money loans be applied for?
Although online platforms specialized in granting immediate online loans have proliferated over the last decade, the truth is that this financial product is not exclusively limited to this type of entity. If you are evaluating the possibility of requesting one, you should bear in mind that there are two types of fundamental entities in which you can find them:
Banks
It is true that their presence within conventional banks is not usually especially common. However, it is possible to find different banks that offer quick money loans along with other product lines that can be contracted independently but also alternatively. Some of the most popular formulas are payroll advances or credit cards.
Companies or entities specialized in the concession of microcredits
Unlike what happens with traditional banks, they are specialized exclusively in the microloan segment. As we have already mentioned throughout the previous sections, it is a product essentially designed to provide money quickly, without cumbersome procedures or overly demanding conditions. Agility, security or immediacy are its main strengths, although on the other hand, the amounts that are usually granted in this type of entity tend to be quite small compared to those offered by traditional banks. Often, the limit is set at a maximum of 800 or 1,000 euros.