Difficult to wait when the need for money is urgent. We will see that it is fortunately possible to get a quick loan at the best rate. Let’s list all the best practices for getting a quick credit agreement, and getting the money right away.
Quick loan: where to apply for credit?
Apply for consumer credit (from an online agency is the best way to get a quick loan. It is much easier to get a favorable opinion online quickly than from a bank or another player, such as an insurer.
Benefits of credit organizations
Credit agencies have two priorities: offer the best APR rate and a quick loan agreement. They are different from banks, which generally only offer credit to their customers whose accounts are well controlled. There are two main advantages when applying for consumer credit (personal loan, work credit, need for money, etc.) from an online specialist:
A quick loan is easier to get online. The best credit organizations indeed all offer credit with immediate response. The final agreement is also very fast, taking advantage of the development of the electronic signature. A credit organization is now able to provide a definitive response to a quick loan request in 24 to 48 hours. It is however impossible to obtain the money before at least the eighth day, it is the law (see here).
A very competitive APR rate
Our experience allows us to say that organizations generally have the cheapest credit. It is on the basis of the APR rate, an essential comparison index for consumer credit, that we compare all the offers. The APR rate makes it possible to calculate the interest on the loan, but also includes all the additional costs (administration fees or account creation fees, etc.). The credit of banks, dealers or insurers is generally always more expensive than that of the best organizations in our comparator.
A quick loan in three steps
There are three simple steps to getting a quick credit agreement online: two days on average.
1 – Apply for a loan quickly and without commitment on our comparator
This first step makes it possible to establish an immediate agreement in principle at the best rate. Our form questions the best organizations, and ranks the offers based on the APR rate. In case of a low acceptability percentage at the best rate, it is always possible to question the second, and the third best organism. A favorable opinion (acceptability rate> 80%, see below) indicates that nothing should stand in the way of a final rapid loan agreement.
2 – Ensure that the organization offers the electronic signature
Most major credit organizations now offer online signing and sending documents in digital format. This step is very important in the quest for a quick loan because it avoids going through a postal mail. We advise to inquire in advance, in order to verify that it will indeed be possible to subscribe 100% online.
3 – Quickly send your documents and wait for the final response
You have to wait 24 to 48 hours on average to get a final response to your quick loan request. It is important to send all the requested documents, in which case the organization may ask to complete the file.
Quick loan: why should you avoid banks?
Conventional or online banks do not make consumer credit their priority. Their APR rates are rarely very attractive, and their procedure for obtaining a loan does not go in the direction of a quick loan. You should especially know that banks generally only lend to their customers, and not the least affluent. It will therefore be necessary to carry out most of the time steps (opening of account) before hoping to obtain a loan within a bank. However, nothing prevents you from getting closer to your current bank, in the hope of obtaining cheap credit quickly.
How long will it take to get the money?
The law is precise with regard to consumer credit: the money of a credit cannot be paid into the account before the eighth day. A consumer credit is a loan whose amount exceeds $ 200 and / or repaid in more than 90 days. The time to obtain the money from a credit being incompressible, time is to be saved on the loan application.
However, there are three cases in which you can get immediate credit:
Quick loan using money from an existing revolving credit
It can be a credit contracted in store through a loyalty and payment card. When using the money available on the money reserve of a revolving credit, no proof is required. Beware, however, of the rate, which is often very high. This is the most common way to obtain an express credit of a certain amount (generally less than 3000 $).
Quick loan in store
Let’s cut short the questions: it is not possible to obtain money by taking out a store loan. More and more brands are offering to pay on credit. Associated with specialist organizations (sometimes belonging to their own group), the brands use their loyalty and payment cards to offer a quick loan solution. This small loan in store allows you to leave with your product under your arm, after providing some basic supporting documents (ID, bank details, bank card). Proof of income (salary slips) can also be requested, especially when the purchase is more than $ 1,000. In this case, we are talking about a credit “allocated” to a specific purchase.
The quick loan solution
You can get up to $ 199 in 48 hours, but it is not a consumer credit. Companies like Viloan or Zaloan (mini loan from individual to individual) have indeed made small urgent loans their specialty. The laws are different in the case of a quick loan of less than $ 200 and / or reimbursed in less than 90 days.
As this is not a consumer loan, we must remain vigilant about the conditions of the contract. The main shortcomings of this formula are simple:
- The APR rate is generally very high, around 20%
- The repayment tenure is very short, less than 90 days
This mini loan often takes the form of an unexpected credit, allowing you to pay an unanticipated invoice or finance a small exceptional purchase at the end of the month. The main risk of microcredit is to use it regularly, simply to avoid exceeding your overdraft. It is always more interesting to apply for a small personal loan amortizable before resorting to this solution.