Many people decide to borrow at the last moment when they have to pay something “yesterday” – bills, liability insurance, or other purchases. Then they usually look for loans that are paid out on the same day, and sometimes in 15 minutes. These requirements are able to meet the so-called fast loan, which can be granted in an instant. Most importantly – the mentioned fast loan concerns many different offers, also free ones. However, do we have to pay for the express receipt of money? Not necessarily. You can read below why a quick loan does not generate additional costs and how it is possible to provide it.
Payday advance loans
As already outlined in the title, a quick loan is paid out almost immediately. Depending on how long we deal with the formalities, we will be paid out money so quickly. Most often loan companies mention about 15 or sometimes 10 minutes. Which of the estimations is true is irrelevant, especially since in the bank all the procedures would take much more time. In contrast to companies offering quick loans, the bank must invite us to meet with a loan advisor, calculate creditworthiness, prepare appropriate documents to fill the company’s workplace and certify earnings, and only then can it provide a loan. Even if the documentation is already prepared by the borrower, the procedure can still take about 2-4 hours, that is, how long it takes to prepare the loan agreement. It’s a lot compared to what a quick loan can offer us.
A quick loan in 15 minutes – is it possible?
Loan repayment day.
As the name suggests, a quick loan is paid … quickly. The greater part of the mentioned 15 minutes is filled in by the borrower, who has to register on the site, complete the loan application, and also verify his bank account and given data. Analysis of the application is usually automatic and takes no more than 1 minute.
Most important, however, is that a quick loan can be paid out in 15 minutes only if the borrower has a bank account in the same bank as the lender, identity verification is carried out by means of an instant application and the application itself is submitted during business hours.
Easy payday loans
When it comes to this issue, it can be different. Depending on the company, the verification of customers requesting a quick loan can be carried out in several ways. Some lenders have automated systems that send queries to many databases and get an answer from them within a while. Others, however, use their employees who manually check each individual person, so the verification time may be extended and the loan will take more than 15 minutes.
The most frequent verifications concern the credit history of the client and all personal data provided by the borrower in the registration process. Confirmation of personal data is Usually Usually made by bank transfer of a small amount to a credit company account in the United States.It must be made from the private account of the person who is applying for a quick loan, because only in this way will reliable confirmation of the data conformity be guaranteed. Another way to check that a quick loan does not take your name from nowhere is to use an instant application that allows a borrower to enter your e-bank..
If the borrower has negative entries in any of the mentioned bases, he may have problems getting a quick loan. Most lenders advise him to increase his credibility and creditworthiness in the first place.
Fast loans are usually atypical financial products that are usually characterized by a small amount and a short repayment period, usually 30 days. Only some companies decide to borrow for 60 or 90 days. The way to obtain a longer repayment period may also be an additional fee to extend or refinance a quick loan, however the fee for this service must be paid before it is still operational.
Same day payday loans
Withdrawing money to your account is already a normal formality, if we have been positively verified. However, as mentioned earlier, the problem of immediate payment may occur during the night hours and on weekends. Then, some companies stop giving quick loans. Of course, applications are still accepted, but their consideration is postponed until the next business day. This is not a rule in the case of a quick loan, but it is worth seeing at what hours the loan institutions work. Another obstacle may be bank accounts. Transferring between the same banks takes only a few seconds. Unfortunately, sometimes, when the customer of a loan company has an account in a little-known bank or simply in a bank other than the lender, posting the transfer will take longer, up to the next day. It is worth noting, however, that for loan loans to be possible, loan institutions have many accounts in different banks – it is worth contacting the lender and making sure in this matter. How much does a fast loan cost? The costs of a quick loan depend on the policy of loan companies, but for money you do not have to pay any fees on your account in 15 minutes. A quick loan usually involves two types of fees: commissions and interest on capital. Insurance and other fees are met sporadically. It is worth noting that many companies have promotions in which they grant first credits for free. However, this option is only for new customers and is only eligible once. Later you pay up to 30% of the loan amount for a quick loan. In the event that we are late with repayment, we will usually be charged additional fees, which were listed in the detailed form of the comparison browser available at the main page. Credit from now on. If you want a quick loan at once, just compare the payday in our comparison, and then go through the verification process, and you are ready – the money in your account is just 15 minutes. Keep in mind a good story at US banks – without this, a quick loan may not be available.
Who can get installments in US banks?
Who will be given a payment in installments depends on the requirements of the lender. The biggest differences occur most often in relation to the age of the borrower and his creditworthiness. A large proportion of loan companies prefer customers who are 21 years old, but this is not common. Big and trusted lenders do not introduce age restrictions or set less restrictive age limits. A one-time installment can be received on the first day after reaching the age of majority.
The lender’s credit rules also depend on the internal regulations of the lender. The lenders can introduce different income thresholds or requirements regarding credit history.It is usually desirable to earn at least $ 700 per month, but sometimes it will happen that this threshold will be higher. The lender usually also verifies the applicant in the databases of a US bank.The basis for receiving a payment in installments is:
- american nationality;
- a valid ID card;
- account in a american bank;
- mobile phone and e-mail address.
Some borrowers can boast of a broader loan offer, supplemented with additional amenities and additional requirements. In this way, we can also try to:
- payment in installments for business operations;
- consolidation of payday loans;
- payday loans on installments or with a surety.
A consolidation loan for repayment of payday loans
If you have fallen into a debt spiral and you have problems with repayment of many payday loans, you can try to apply for a consolidation loan. This is the best solution thanks to which you do not have to extend payday loans for subsequent periods, and the loan company providing a consolidation loan repays all your debts in a one-off manner. It converts debt in many loan companies into one loan spread over months and even years, making the burden easier to repay. It is worth remembering that if you get such a loan – you should not take another one because you can have much bigger problems in the future.