Quick loans offer the convenience of instant access to cash. They are short term loans that cater to the small urgent cash needs, such as medical emergencies or utility bills that needs to be paid immediately. The repayment term and the interest rate on instant loan depend on the amount you wish to borrow and the lender you choose to borrow from.
This type of loan have gained popularity around the world as it works as a lifesaver at times of financial crisis. Life is filled with uncertainties and small loans can really help in handling this crisis instantly. Sometimes people may incur expenses far more than his income and you are in real trouble when you don’t have the funds to meet unexpected financial emergencies, this is where instant loan comes to rescue.
Most quick loans are offered at high interest rate as the loan term is short. The lender will try to cover the lending cost by lending the loan at a high rate of interest thereby minimizing the risk involved.
The Loan term of an instant loan usually varies from 14 to 18 days. Lenders may extend the loan term, as per the borrower’s request. The key feature of this kind of loan is that a borrower can draw even a low amount of loan within the smallest period. Instant loan is offered without a credit check, so you need not worry even if you have a bad credit score.
The repayment process of the quick loan is also simple. The loan provider will directly withdraw the money from the borrower’s bank account. Few lenders make it obligatory for borrowers to deposit a post-dated check of the repayment amount.
A borrower needs to fulfil certain basic requirements to become eligible for a quick loan. First, the borrower should be at least 18 years old. Secondly, he should have a bank account, as the loan proceeds will be credited directly into the bank account. Last, but not the least he should be in regular employment with regular income.
Online financial lenders have made it easier for borrowers to borrow money as quick loans by making the loan process convenient and accessible to every individual. A borrower can browse through various lending websites and can search for lenders who offer small loans. You need to fill up a loan application form online which is available at most of the websites. Online lenders will search an instant loan which is best suited to you. But remember, collect loan quotes from several lenders and compare them to get the instant loan for a longer period at comparatively low rate of interest.