They are called fast loans because of the rapidity in which their request is made and their concession is approved. They do not need a strenuous process of paperwork and, in general, it does not matter if you are part of a list of defaulters.
The quick loans were created in order to get fast money being this the best alternative to solve any unexpected in a timely manner and without complications.
Depending on the kind of quick loan we request, the time for which it is considered fast may vary. So there are two types of major categories of fast loans online: those that allow you to get up to 500 euros in just 15 minutes maximum to solve specific setbacks; and fast personal loans of a higher amount with which we can obtain up to 60,000 euros to finance more ambitious projects such as the purchase of a car.
Where to get fast loans?
At present, many people not only need to have extra liquidity, but also need to receive the income quickly and without having to do too many procedures.
To compensate for their demands, both banks and recently established private equity companies have launched fast online loans that can be accessed in minutes, although there are certain differences between the conditions applied by both entities:
- Private equity companies: we can hire your financing products from your computer or smartphone and without having to change banks. They grant quick loans without paperwork of higher amounts.
- Banking entities: to get a quick loan in a bank in 24 hours, it is necessary that we are already customers and have a certain age, so that they can trust us and, therefore, our risk profile is lower.
Requirements to apply for quick loans
As in any other type of procedure, there are certain requirements to access the quick loans .
These are much more flexible than those required by traditional banks to be able to contract their financing products (we recommend you to quote with your trusted bank first), but it will be necessary to comply with a minimum of requirements for your application to be approved.
Some of the requirements that must be met in most cases for a lender to approve your request are:
- Have justifiable continuous income.
- Be of legal age
- Be an official resident of Spain.
- Do not belong to any list of defaulters.
- Have a mobile number to be contacted directly.
- Have an account to which the transfer will be made.
Purpose of the quick loans
Usually when we want to apply for quick loans either online or through our traditional bank, we can request the money for the purpose we want, since they do not require that the purpose of the loan be justified.
These loans are designed to solve unexpected contingencies that we did not have, such as the payment of a punctual invoice, a fine or a medical emergency, for which we did not have an extra liquidity budget.
However, we advise that quick loans are requested frequently since being loans more expensive than traditional banking products, we could easily end up borrowing more than before.