Everyone can face a problem that is caused by an acute shortage of funds.
And recently, such situations are increasingly happening with our compatriots. Banks, realizing this trend, began to offer potential borrowers quick loans, which can be obtained directly on the day of treatment. Jane, the loan expert from financial web site FinCor gives some tips on that topic.
When people come to the bank and draw up traditional loans for consumer needs, they will have to collect a lot of documents and other certificates that will be able to prove to the bank the reliability of the client. Banks take a lot of time to verify all the documentation and the identity of the borrower. This applies to loans for large amounts. However, now it is already possible to get a loan quickly for a small amount for completely different purposes. For this, the borrower will need only one - two basic documents - a passport, well, and some other additional document that will be able to certify the person of the borrower. In general, if a person needs money very urgently, he can easily receive it at almost any bank.
The most popular forms of quick lending today are issuing a credit card or express loan. The requirements that banks make with respect to borrowers are quite loyal. Citizens of our country who have a mark on registration in a locality at the place of issuing a loan can receive an urgent loan. The age limits set by banks also have a place to be. Therefore, those borrowers who are of working age will surely be able to get a loan, namely: from 21 to 60 years. In principle, each bank has its own view on this criterion. Therefore, there are frequent cases when these age limits may go beyond the specified limit.
The borrower has a permanent job and continuous experience in the last place (at best from six months, although many banks give quick loans from three months of experience). Solvency is checked according to the borrower, therefore no income certificates are required to obtain a quick loan. The maximum that can be done at the bank is simply to contact the management of the borrower by business phone to confirm the facts of his work at this place. It is also noteworthy that to obtain an express loan or obtain a credit card, no collateral is required. Therefore, the borrower does not need to bother with thoughts about where to get a deposit or how to find a worthy guarantor.
Of course, since these loans are issued on the day the borrower applies, and at the same time, the borrower is verified through a scoring program, banks are at great risk. Indeed, at any time, the borrower may stop paying for his debts. In fact, there are no guarantees of repayment of the debt with interest for the bank, except for the words of the borrower himself. Therefore, lenders are forced to insure themselves. And this is achieved by not entirely loyal credit conditions. So, borrowers can count on relatively small amounts of loans - up to fifty thousand. In rare cases, when banks compromise and increase the size of the loan to one hundred thousand. Rather, this applies to regular customers who have already managed to prove to the creditor their reliability. For new borrowers, more stringent lending conditions will apply.
You will also be interested in our new article How to get a loan online without inquiries and guarantors. News lending to the population.
Lending terms when applying for an express loan or a credit card will also be significantly less than when applying for a classic consumer loan. Therefore, it is possible to lend for a period of several months to a year, less often this period can reach three years. In general, quick loans are disadvantageous for borrowers. In addition to small amounts and short terms, such loans are also associated with very high interest rates, which can vary from 25 -27 percent and above. Of course, it’s worth repeating again, banks have special lending conditions for regular customers, so frequent customers can always count on more favorable conditions and a less frightening rate.
In any case, in order to get a quick loan, the borrower will have to convince the bank, as far as possible in this situation, of its reliability. And if the client asks the lender for an adequate loan amount, which he can actually repay within the specified time, the bank will certainly provide a loan to such a client. The main thing is that the credit history does not disappoint. Despite the fact that many lenders are loyal to unscrupulous debtors in the past, a borrower will not succeed in getting a quick loan, especially on extremely favorable terms. Whatever it was, banks take a personal approach to each individual borrower.
Quick loans are now reality, not fiction. They help people solve financial issues that suddenly arise in a shorter time. You just need to always remember that for efficiency you have to pay a double price.