How Soon Can I Obtain Quick Loans?
If you’ve ever found yourself in an emergency situation where you need cash fast, and traditional loans are not an option, you know how valuable quick loans can be. These loans offer a quick solution, as they can be approved and deposited into your bank account within hours.
Quick loans also come with less stringent application processes, allowing you access funds without overbearing requirements. If you’re curious about how these quick loans work and how you can apply for one, this article will provide a complete overview. You’ll also learn about the application process at leading brokerage sites like WeLoans.
What Are Quick Loans?
Quick loans, also known as fast loans or instant loans, are a type of short-term loan that can be approved and disbursed quickly, often within the same day or within a few hours. These loans are designed to provide a convenient and fast solution for borrowers who need access to cash immediately.
Compared to regular credit options, quick loans are typically smaller in amount and have a shorter repayment period. However, they may have higher interest rates to compensate for the faster turnaround time. Taking out quick loans is a perfect choice for medical emergencies or urgent bills. Find quick cash loans with a broker like WeLoans here and get started with your loan application soon.
How Do Quick Loans Work?
Most times, the only difference between quick loans and traditional options is that the former offers a faster turnaround time. To make quick loans work, lending institutions make them have easy requirements and sometimes do not perform hard credit checks on borrower profiles. This way, approval can be provided in an instant when you apply.
Similarly, after approval, lenders use swift payment methods to ensure that you receive cash quickly. However, while some quick loans may be disbursed to you on the same day that you apply, others may take a few business days, depending on the banking method you use. That said, here are some types of loans that can be categorized as quick loans.
Loans from Family and Friends
As the name implies, these are loans that you receive from relatives. Due to the familiarity that exists between lender and borrower, you can receive funding instantly. Also, there is no strict repayment deadline or interest rate. Some familial loans may not even be in writing, and they are more convenient than other options on this list.
Payday loans can be obtained the same day you apply, but they must be paid back with interest when you receive your next paycheck. These loans are typically for small amounts with repayment terms of two to four weeks. However, they come with high APRs worth 400% or even more.
This type of loan allows you to get cash by “pawning” a valuable item at a physical shop. Your item is only temporarily held by the lender pending when you complete repayment. If you fail to repay on the stipulated date, the pawnshop can sell off your item.
Car Title Loans
Also known as auto title loans, this type of loan is secured by using your car as collateral. You can typically get one of these loans the same day you apply. While you continue to use the car, you can borrow a portion of its value for up to a month. The car’s title documents remain with the lender who can repossess the vehicle if you fail to pay. Title loans can attract interest rates of up to 25%.
There are also quick personal loans that you can borrow swiftly at brokers. Top lending institutions credit your account within the same day that you apply. You can repay online personal loans in installments and get up to $30,000, usually with a maximum APR of 36%.
What Can Borrowers Use Quick Loans For?
Quick loans can be used for a wide range of purposes. Nevertheless, depending on the type of loan, there may be restrictions on its usage. Auto title loans, for instance, cannot be used to buy another vehicle. Other loans like mortgage loans must also be spent on the purpose that they were gotten. If you’re unsure of what you are permitted to spend quick loans on, you can browse through articles by Johnny Hawkins at WeLoans for the most reliable advice.
Here are some of the most common ways that people use quick loans:
- Financing weddings, birthdays, or funerals
- Planning a vacation
- Making large personal or home purchases
- Debt consolidation
- Paying for vehicle repairs
- Covering the costs of health emergencies or medical bills
- Home improvements
- Paying off other loan balances
How Fast Can Funds From Quick Loans Be Credited to Your Account?
Generally, most types of quick loans are credited to your account within the same day you apply. However, there may be exceptions depending on the type of loan or the payment method of the lender. Here are some general guidelines to know how fast to expect cash from your loan request:
- Loans from friends or family members: The speed at which the funds will be credited to your account will depend on the arrangement you have with the relative. If the loan is being transferred electronically or cash, it may be credited to your account on the same day.
- Payday loans: You can typically get a payday loan the same day you apply and the funds will be credited to your account on the same day.
- Pawn shop loans: You can get a pawn shop loan the same day you bring in an item to be pawned.
- Auto title loans: It is possible to get these loans the same day you apply. Once you complete the necessary paperwork and submit your car title, you can expect the money in your account that day.
- Personal loans: It usually takes about three to seven business days to get a personal loan funded. This mostly applies when you get the loan from banks or some class of lenders. If you choose reputable lenders or online brokers like WeLoans, you can get funding the same day you apply.
Quick loans are highly beneficial whether you need money urgently or not. They typically are less stressful than traditional loan options. But you must understand that quick funding comes at a cost. Go through the terms of the loan to discover the APR and repayment period before agreeing to it. Better still, use WeLoans to compare offers from multiple lenders.