Quick personal loans are products specially designed to meet an emergency or unforeseen expense when you find yourself with a lack of savings. It may happen that, faced with an emergency, you do not have sufficient liquidity and it is necessary to resort to a loan.
However, traditional banks and financial institutions usually have a lot of requirements to grant a quick loan. This is why many people, in these scenarios, opt for quick loans.
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Tricks to Get a Quick Loan
Although getting a quick loan is much easier than getting a traditional bank to approve your quick loan application, there are a few tricks to getting a quick loan easily. This way, you can optimise the time spent researching and comparing personal loans and other products marketed by online financial institutions.
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Ask for an amount you can afford
Although the requirements demanded by these institutions are more lax than those demanded by traditional banking institutions, the financial companies that market the quick loan will also evaluate the documents and personal data of those who apply for a loan.
It is therefore essential to follow this maxim to the letter: do not borrow more money than you can afford to repay.
Thus, applying for a personal loan must be in accordance with the financial resources of the person applying for it, so that he or she can pay back the money. In short, the loan requested should be adjusted to the profile of the person applying for it, as only then will the entity grant the money.
2. Avoid being on a list of defaulters or choose a loan in accordance with this circumstance.
In Spain there are different lists of defaulters in which people with outstanding debts are registered. This is the case of ASNEF, RAI and CIRBE, although it is true that the most popular and used in Spain is ASNEF.
When granting a loan, financial and banking institutions check whether the applicant is registered in a debt collection file. In this case, banks and traditional financial institutions will refuse to grant the loan. This is why it is essential to avoid entering this type of files and, if you are already registered on these lists of defaulters, to find a loan in accordance with this circumstance. However, there are online institutions that will grant the online loan even if the applicant is registered in one of these default files.
3. Always provide real information
Do not provide wrong or false information, as this may harm you and cause the online institution or financial institution in question not to grant you the fast online loan. This is because these types of entities will corroborate the veracity of the data provided by the potential customer.
4. Examine the loan conditions
Don’t get carried away: read the terms and conditions and the fine print of the loan contract carefully, so that you don’t get any surprises in the future that could affect your finances.
You should pay attention to the interest rates and all the clauses of the loan contract, as well as the fees charged for this service. In addition, it is best to avoid institutions that ask for a down payment before granting the quick loan.
5. Compare different personal loans
Before signing the loan contract, it is best to do some research and compare the different personal loans you will find on the market, so that you can finally choose the one that best suits your profile and your needs.
To make this task easier, you will find different pre-approved loan comparators on the market that will recommend the loans that best suit you after you provide the requested data. In addition, these loan comparators will provide the details of the loan, from the repayment term, the minimum and maximum amount of money that can be requested, the terms of the contract and reviews and opinions from other customers.
6. Pay special attention to the APR
The Annual Percentage Rate or APR will determine what you will have to pay for your loan per year. That is why it is so important to pay special attention to the clauses that refer to this rate.
Personal loans or quick loans are products that can, at a given moment of lack of liquidity, help your finances. However, in order to choose the right loan and get it granted, the above tips and tricks must be followed.
