Quick loans are more or less another name for SMS loans and the reason for that name has arisen is that this type of loan should apparently be “fast”. What you are aiming for is mainly that you can get your money quickly after you apply for a loan, but it is also conceivable that it is a little intended that it is quick and easy to apply for a loan.
Many people are interested in getting a quick supplement to the cash register and therefore there is a market for quick loans. But how fast is the fast loan really and do you get your money as fast as you think? There are many different factors that can be recorded here and we shall try to find out here.
Quick loans are just a text loan with a different name
First, I will repeat what I said earlier. Quick loans are not your own type of loan which is extra fast, but it is simply a synomym for SMS loans or micro loans which are slightly smaller loans with shorter maturities. There you usually borrow between USD 500 – 10,000 for 15 to 90 days depending on need. So there is nothing that says that a quick loan should be extra fast just because the name has been used.
With that being said, one can still argue that this type of loan is pretty quick to get, from applying until the money falls into the account. It is not about an express loan in any way but when you need money quickly it can often work quite well with such a loan.
The application process is important
Of course, something that affects how quickly you can get your money is the application process. For most lenders, it is a matter of filling out a form on their website directly on the Internet and then submitting it directly.
If you get approved for a loan, you usually have to sign an agreement with the lender. The slightly older solution to this is that the bank / lender sends you a letter with a physical copy of this agreement and that you sign it and send it back. When you have to do that, it obviously takes a little longer.
The modern solution is to digitally sign the agreement with Mobile Bank ID or E-identification. The alternative that some lenders offer is that you register with them and that you identify in some way so that they know that the borrower is really the right person. There are several different methods for doing this, for example being called by an employee of the lender.
If you want your loan to go fast and get your money into the account in as short a time as possible, make sure that the lender has a good way of identifying and signing the contract so that the money can be paid out without waiting time.
The lender’s opening hours are crucial
One of the most important things to consider when applying for a loan and wanting money quickly is that lenders can only go through and grant loan applications during their business hours. If you submit your application in the evening when they have closed for the day, it will take until the next day before they even look at it.
If you submit your application on the weekend with a lender who has closed over the weekend, they will not check your application until Monday morning when they open again. It is very different how the lenders are open and some have completely closed during the weekend while others are open. Then it is often the case that the opening hours on the weekend are shorter than the week.
When speed is of the utmost importance, one should clearly consider the opening hours. If you have applied on Friday night with a lender who has closed over the weekend, it will take more than two days before they even check your application and then they will process it and approve and finally the money will be paid out. Then it can take three days before you have any money.
Once it is open to the lender, it is usually quick to get their application processed. You will then receive a reply within a few hours at most (in most cases) and if your loan is approved so for the money more or less directly.