Many times it is not so much because of the urgency of the money, but because of the agility of the procedure. We may sometimes need the liquid quickly to face an expense that cannot wait, but it seems that the main attraction of fast loans is more its speed of granting than the possibility of using it almost instantly, although that does not mean that The latter is also an interesting advantage. We have never lived as fast as now, so it is normal that we also ask for that speed to financing, and nobody responds better to this demand than they do.
The ultimate race: fast loans at full speed
Until a while ago, there was not as much competition in this category, but due to technological improvements in the application processes and in the analysis of users, banks have joined the select group that makes up what we understand by fast loans. If we order them from most to least fast, these would be the participants:
1. Pre-granted loans
This financing is offered by our bank and can be instantaneous. It is not a loan that we have to request, but the entity in question will inform us (if our profile allows us to do so) that we have the maximum amount that it can lend us. We will only have to choose the term and the amount within the limits set to be able to have the money in a few minutes.
They emerged as a result of the crisis as an opportunity to get small amounts of money to meet urgent expenses. They reach, at most, up to 1,000 dollars and their evolution period is usually one month. The application process takes just 10 minutes, and if our bank matches the account with which the lender works, we can have the money a few moments later.
3. Quick credits
These usually go from 500 to 5,000 dollars and, although the process is somewhat slower than in mini-credits, the request is also made in a few minutes and we can get the money in just one or two hours. Within the quick credits we can also find lines of credit for which we will only pay interest on the money we use.
4. Payroll advance
Some entities allow their clients to request a loan for the value of their payroll (or up to 3 times its amount). After the preconceived ones, they are the fastest financing of the banks. We can ask for it without paperwork or much data, since being our entity, it has almost everything you need. In a few hours or a couple of days at most we can have the money.
5. Consumer credits
They are traditional personal loans, which go up to large amounts and long terms, but thanks to the technology and data managed by the entities, they can sometimes be considered immediate loans. In fact, we can request them online (even if we have to send certain documentation) and receive the amount in just a few days.
As we have seen, each of these quick loans can respond to a different situation, since their amounts, costs and terms are very varied. Beyond its speed, that the financing is satisfactory will require that we be successful in our choice, since for every moment there will be an option that best suits our needs.