There is no single definition of a fast loan. Basically it is a loan in which the time that passes from the request to the disbursement is as limited as possible: generally speaking of 24 to 48 hours, sometimes even solutions of only one hour are advertised!
Characteristics of so-called fast loans
A loan disbursed in such a short time must necessarily be different from the usual solutions proposed in most cases and for which it is necessary to wait several days. The differences that make this possible are:
– reduction of communication time. You no longer have to go directly to the agency because, in most cases, the financial companies operate online. Forms are filled out on the website of the loan provider and a copy of the paper documents (income and personal details documents) is sent by fax.
– reduction of bureaucracy. The companies that disburse the loans have equipped themselves to reduce the time needed to communicate with their suppliers (other financial institutions, banks, central risk offices).
– amounts disbursed. Hardly a fast loan can be of an entity that exceeds the few thousand euros, not for nothing is this form of credit often referred to as a “small fast loan”. As the amount increases, and consequently the risk for those who lend, the technical times for the preliminary investigation grow and closing everything in a couple of days becomes more difficult.
– ratio between requested amount and provable income. If this is favorable, or rather than not requiring a too large amount of money, it proves to be relatively easy and safe in repaying the installments, there is a greater chance of a positive outcome.
– exposure of the person making the request. If the borrower has a disadvantageous credit situation (protests, unpaid in a recent past) it will no longer be possible to contain the time. On the contrary, if you don’t have any outstanding payments, everything turns faster.
Who can apply for a fast loan
Those who have the greatest chance of obtaining a fast loan are those who have a demonstrable income, a solid work contract, no registration, even in the past, in central risk areas due to protests.
Given this, the categories most facilitated are those of employees with permanent employment contracts (private individuals, public employees, ministerial staff), followed by pensioners of any body.
Temporary workers have a few more limits, especially if the contract is particularly short or recently started.
If, on the other hand, a fast loan is requested without a pay slip, things get complicated. If the self-employed can still demonstrate the income through the exhibition of the last UNICO model, the major problem is for those working in an irregular manner (illegal workers), temporary workers with collaboration contracts, unemployed with unprovable annuities. In this case it will be very difficult to have a positive outcome in a short time.
The costs of a fast loan
In requesting this type of loan all the normal attentions that must be paid when requesting a loan become, if possible, even more important. In fact, the financial companies often provide this form of loan in exchange for a higher cost. This is right considering the fastest service offered but it is necessary to check that you are not exaggerating with the costs of investigation or worse still with the interest rates (TAN and APR) or optional but “very recommended” ancillary expenses that become almost mandatory. The usual advice is therefore valid, even if for those who turn to this type of loan often the enemy time: devote a few hours to make more estimates and compare the conditions practiced.