Increasingly banks and financials advertise the possibility of obtaining a loan quickly, even in a few hours. But is it really so? In the following article I will reveal the “unspoken” of the advertising slogans and provide you with some tips to avoid being unprepared in the face of any emergencies.
What is meant by quick loans?
Let us have no illusions, whether at banks or financial, physical or online, if you are a new customer and ask for a loan, hoping for a day’s disbursement in most cases is far too optimistic.
When we talk about quick or immediate loans, we usually mean that you will be able to take advantage of a quick investigation phase, even for only 24 hours and / or, once a positive result is obtained, a subsequent equally rapid disbursement (in further 24/48 hours ).
And these times, always for new customers, are respected only in the event that there is no type of hitch, namely:
- all the required documentation was delivered in a single solution, without having to proceed with subsequent additions;
- there are no adverse elements to the granting of the credit regarding income and creditworthiness, which means being in possession of all the minimum requirements deemed indispensable by the requested bank.
If even just one of these aspects is missing, the credit institution will inevitably have to take the time necessary to carry out further assessments, requesting, if necessary, additional documentation or guarantees. It is therefore very difficult to access fast loans to all those consumers who fall into the category of bad payers, who cannot demonstrate a constant income (with or without a paycheck) or who cannot offer any type of guarantee.
In addition, the speed of these loans, not always but often, is paid by taking on higher rates than those of a traditional loan.
Things change if the loan is requested by those who are already customers of the lender requested. In this case, in fact, our economic situation is already known to the bank in question, so the preliminary phase can be much faster, even a few minutes, especially when it has already been evaluated in the past (for example for a previous request of a credit card) and when the amount you are aspiring to is low. And most of the time the application can be made directly online, from the personal area of your internet banking. However, a total timing of at least 24/48 hours must be taken into account.
However, there is the possibility of preparing in advance, before actually needing liquidity, by requesting the so-called pre-valued revolving loans. More and more banks offer their account holders the opportunity to request (usually from their private internet banking area) the granting of a credit line (generally not exceeding $ 5,000) agreed in advance, but to be accessed, even only in part, when needed, by paying interest only on the part used from time to time. The reimbursement takes place with monthly debits in the current account which replenish the ceiling granted at the start. Again, pay attention to the rates applied (TAN and APR) which in some cases could be quite salty.
This form of pre-valued revolving credit can also be accessed from some account cards currently on the market.