A lot of us end up spending a chunk of our income by the middle of the month. Pushing yourself towards the end of the month with barely any money to spend, is a real struggle. If you too are jostling to cover your rent or keeping up with the bills, a quick loan might come in handy. Quick loans are designed to cater to urgent financial needs. Emergencies are always unforeseen and you may not always have cash at hand. Moreover, your friends or family may not be readily available to help you out. In such a case, a quick loan enables you to get faster access to money.
In this article, we’ll learn more about what quick loans are and things you should consider before borrowing one.
Quick loans are not a financial product out of the blue. They’re fundamentally personal loans that make funds available for the borrower in a shorter span. You can avail of a quick loan through several platforms – online or through a credit union, per se.
Since it falls under the personal loan umbrella, a quick loan is a form of unsecured credit. So, you won’t have to declare an asset as collateral to secure a quick loan.
The distinguishing factor of quick loans is that the funds are available to you moments after your loan gets approved. For instance, a title loan or a simple cash loan lender will transfer the proceeds to your bank account, right after your loan’s approval.
Quick loans encompass a wide variety of credit. We’ve enlisted some of them below:
A short-term quick loan can solve a variety of purposes, which include, but aren’t limited to, the following:
A quick loan may help you tide over a cash crunch. But there are certain implications to keep in mind before resorting to this form of high-cost short-term credit. Following is a list of things to ponder upon, before borrowing a quick loan:
Regardless of the form of credit you choose, consider the overall cost of the loan. You must stick to your repayment dates to avoid putting yourself in jeopardy. If you have a pattern of borrowing loans one after the other, then you may end up in a debt trap. Accumulating debt can be detrimental. Consider sharing your problems with a financial advisor.
If the lender approves your application, the loan amount will soon be disbursed to your bank account.
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