Fast loans are becoming more common, and more and more people go to them to get some solvency without loss of time. It’s a loan, it’s money, and it’s personal. So, how are fast loans different from conventional personal loans? Lets go see it.
Personal loans are designed for high amounts, usually more than 3000 euros, and can amount to many thousands of euros. They are, of course, for large financing needs (buying a car, doing large works at home, buying a property, etc.).
On the other hand, the quick credits handle more modest amounts of money, in general between 200 and 1000 euros. They are, therefore, for smaller but much more immediate needs.
The paper work
Getting into a personal loan is getting into a long chain of bureaucratic procedures, reports and analysis. A lot of documentation is needed. It is not uncommon for weeks to pass before the loan is confirmed.
In the quick credits, the paperwork is a few basic data and requirements, without more. The entire process can be done in a few minutes and, almost always, you are granted the loan on the same day or even in less than an hour.
Personal loans are designed looking at the long term. You ask for a lot of money and you have a long time to return it. Quick credits work more with the immediate. As they are granted without delay, you have to return them in the short term. One, two or three weeks is a very common term. In general, the maximum available is usually six or eight weeks.
Interests and fees
The interest rate, for personal loans, will change depending on our economic circumstances and solvency; thus, the cost of return can be greater the smaller our assets.
In the quick credits we know in advance the fees that we must pay in exchange for getting the money, and they are usually around the figure of 1 euro per day or 1% daily.
In personal loans, the bank looks at credit applicants with a magnifying glass. Normally it is required to be a client of the bank, to begin with. Information is requested on payroll or pensions, solvency, a low or no level of indebtedness and, generally, a guarantee. Many times it is required to know the fate of money. It is not admitted to people included in the record of delinquent ASNEF.
In the quick credits each entity raises its requirements, but in general the minimum required is to be of legal age, have a bank account in which to deposit the money and some other condition for the management and payment of fees. Nothing else. Some companies accept defaulters, and in no case will they ask you the fate of the money.