Quick guide with everything you need to know to apply for a quick loan

When you need to ask for extra money to cover an emergency or out-of-budget expense that you can’t wait for, quick loans are an interesting option that you can pay attention to. They will allow you to solve the need you have in the shortest possible time.

They have already become the favorites of many people, precisely because of the ease with which they can be requested, the few requirements and the time savings they represent. Instead of spending hours thinking about where to get the money or go to lenders or unsecured sources, these loans are offered by reliable companies with a dynamic that is easy enough to follow.

Below, we will solve some points that you should know to eliminate doubts, be ready and request the best quick loan on the market.

Why are they called like that?

Why are they called like that?

Quick loans have a fairly agile management time, that’s why the name. The disbursement is made in a minimum time, so many times you do not have to wait more than 24 hours to obtain the requested amount. This is because the procedures are carried out online, that is, there are no physical documents to be delivered and the application can be completed from the website of the chosen financial institution.

Before ordering, what should I look at?

Before ordering, what should I look at?

One of the most important points is the interest rate, as it will help you calculate how much you are being charged to lend you the money. But that is not all. The most important fact that will help you know if the quick loan is cheap and really suits you is the total amount to pay.

By looking at the total amount, you will also be seeing the additional costs that are included in applying for a quick loan. Didn’t you know these existed? This is what happens to most people, so it is best to pay attention so that you are very clear on how much money you will have to return. In the total payment of the credit not only the interest rate is included, but also a transfer fee, for the use of the platform, insurance, VAT, administration fee.

Not all financial institutions will charge you for those five points; some do not charge insurance, others do not charge for the use of the platform, among other combinations. One option is to compare the current alternatives at Spin Lender and you will see the credit breakdown.

Which are the requirements?

Which are the requirements?

Here the dynamics can vary a little. While some financial institutions only ask you to have an account in the bank where they can deposit the money and to be in your name (depositing in an account in the name of another person is not possible), other options ask you to have some credit experience . It will depend on your profile to decide which is the best for you, depending on how well you have gotten along with credit in the past, that is, if you were a good customer, paid on time, etc.

In addition to that, what all entities usually request is that you have an email and a phone number so that they can contact you. The essential requirement is to be of legal age, and in most cases, to have a residence in Colombia.

Remember that these types of loans are useful in emergencies or when an unplanned expense appears, but it is always necessary to be sure that you can pay off the credit in the right time. If you do not, it will not only generate a bad impression for financial institutions, damaging your profile, but you will also have to pay more, since a late or late payment will be generated.

With all this information, you can make a conscious decision, after carefully analyzing the loan and choosing the option that suits you best. With informed decisions, the experience with your loan will be positive. If you want to compare the alternatives, do not forget to enter the fast loan comparator of Spin Lender.

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