All about fast loans | Solve your Debt

Assuming you are in a situation with the following circumstances: you have no money saved, you can not pay with what you have because you would be left with nothing and to top it off you owe money. Would you trust the fast loans they offer you online?

If you are still not familiar with this way of getting fast money, I tell you what are the advantages and disadvantages of online loans.

But first:

What are fast loans?

What are fast loans?

They are known as mini-loans, express loans, lightning loans or simply quick loans.

This name has been earned because the processes for the allocation of a credit take much less than other institutions and do not consider necessary (the majority) an endorsement or credit bureau.

Which are the requirements?

Which are the requirements?

There are very few documents that ask for the loan to be carried out:

  • ID.
  • CLABE number of the bank account where the money will be deposited.
  • Proof of address.
  • Some come to ask for proof of income.
  • Contact information.

What are the terms and conditions?

What are the terms and conditions?

I was looking at several sites of companies that offer fast loans, maximum 24 hours and several do not present information on what is the interest rate or the Total Annual Cost (CAT).

But of the few places where they clearly state what the terms and conditions are, however they are the ones that ask for more documents.

This is important:

Because these loans are fast, they represent a risk for the institutions that offer them (there is a high possibility that people do not pay) the annual rate ranges from 36.4% to 50% and a CAT from 87.2% to 131.3%. It should be considered that these concepts depend on the amount requested and the time in which it is estimated to be paid.

It should not be forgotten that, like financial institutions, surcharges apply in case of delay or non-payment.

Wait!, There are more options

It is not necessary to risk your finances. If you need a fast loan online, there are already options that could help you out of trouble or endorsements. There are other models of companies that perform the same activity. You can get a credit without the need for lines or paperwork.

Surely you remember that we have talked about loans between individuals, if not, I leave our publication where you will find much more information on how to obtain a loan with the lowest interest rate compared to that offered by a bank.

Beware of fast loans, they can be fraudulent!

Beware of fast loans, they can be fraudulent!

Maybe you’ve seen ads where they offer you up to millions of pesos in just minutes, find out before calling. Some things you should consider when applying for a quick credit are:

  • Take care of your personal data such as: passwords, PIN of your credit or debit card, etc.
  • In case they offer you millions of money in a very short time, the risk that these companies take is greater, therefore the interests and commissions will be much higher.
  • If they call you from a company that you don’t know and offer you credits, it means they somehow got your data, and believe me it wasn’t a good way.
  • Find out about the interest rates you will be paying and especially all the time.
  • Since the whole process moves on the Internet, protect your computer with a good antivirus.
  • Think very well what period of time you are going to request to pay.
  • Verify that the website you enter has the “https” as a guide to know if it is safe.

Now you have an idea of ​​what fast loans are and how they work, remember to browse carefully and not risk your financial information. You better take your time to evaluate your possible options, so avoid falling into unpayable debts for quick loans.