From the name quick loans, you would think that they were very quick to arrange or it could mean that you get the money quickly or it could mean they are quick to repay, it can be a little confusing. Also, what are you comparing them to when you say they are quick? It is a good idea to find out more about what is meant by quick and then you will be able to decide whether they will be suitable for you.
Quick to Apply
When applying for loans, some are easier to apply for than others. This is because some application forms are longer and more complex than others. Some need to have more detail on and so they will be harder, for example with a mortgage application a lender will want to know a lot more about you and your financial position as you are borrowing a lot of money.
With a quick loan you will not be borrowing a great deal of money. Therefore, there is no need to have a really complicated application form. You will also find that most applications can either be done online or over the telephone. This can make it easier for some people to complete and it also means it is less effort. You find the lender online and complete the form then and there.
You will need to make sure that you complete it completely and thoroughly and send any documents needed together with it. If you do not do this then you could slow down the process and this could mean it takes more time for you to get the application processed.
Quick to Arrange
Once you have sent off the application it does not take long for you to get a response. Quick lenders tend to have staff working long hours and perhaps even evening and weekends. This means that there is likely to be someone available to answer your queries pretty quickly. You will also find that they will process your application quickly as well. They will be able to let you know whether you can borrow money and how much, really quickly and it could even be the case that you will get the money that you need within a few hours of applying.
You will find that lenders do vary in the amount of time that they take to process the applications though. If you are in a real hurry to get the money that you need then you may want to check with them to make sure that they will be quick enough for you. You should be able to find out by contacting their customer services department.
Quick to Repay
A quick loan is also quick to repay. The loan will need to be repaid when you next get paid. This means that you will only have the loan for a few weeks or a few days. This is much shorter than most loans will be repaid. You will find that many loans will take years or even decades to repay so having a loan that is repaid within a few weeks is quite unusual.
You will also have to repay the whole loan in one go. This means that when it is the repayment date you repay everything you borrowed, plus the fees and interest all in one lump sum. This is quite unusual for a loan and so it is worth making sure that you are aware of this. It is good because you do not have the debt for very long, but you need to make sure that you are confident that you will have the money available to pay it. If you only borrow a small amount then this will be easier. As quick loans tend to only be for up to £1,000 then you should find that it will not be a huge amount of money. However, this will obviously depend on two factors – how much money you have coming in and how much you have to pay out. It is important to think about whether you are confident that you have enough money to do so. If you look back at your bank records of your current account, then you should be able to check this out.
Therefore, it is actually quite interesting that the name could refer to a number of things. It makes it easy though, to remember that it is quick to apply, arrange and repay. Therefore, if you want money quickly and for a small amount of time then it would seem to be the perfect loan. Of course, whenever you are picking a loan, you should make sure that you compare it to other loan types as you want to make sure that you are getting the loans that suits your needs the best.