A Quick loan is an example of instant credit. Although some banks, lenders and lending agencies offer these types of loans, there are certain criteria you should meet before applying for one.
You can get a Quick loan by simply filling out a simple application form, which is approved the same day. It generally does not take long to get approved, but there are a few things that you should do before signing up.
First, you should ensure you have checked all your financial records, as well as you credit report. The Financial Services Authority (FSA) has a complete list of approved creditors for you to check.
A Loan that is unsecured may be unsecured or secured
An unsecured Quick loan is one where the lender does not have any collateral to place against the loan. Secured Quick loans will require some type of collateral as security, so as to protect the lender.
Your credit rating is likely to determine how much you can borrow for a Quick loan. A high FICO or credit score is a good indication of your financial condition.
If you have personal assets that can be seized if you default on the loan, then they should be brought into account. If you have not been convicted of a crime, then you do not have to declare it. Your liability to the lender will not be affected.
You should also make sure you are eligible for a loan. It’s not unusual for credit card debts to be added to your Quick loan. However, if your credit report shows any credit card debt, then you should find out how to remove it and stop the bad credit report from appearing on your credit report.
All loans are not necessarily unsecured. It’s worth checking the APR (Annual Percentage Rate) and repayments policy of the lender. You should consider what you would need to pay every month, when applying for a loan.
Look at the interest rates being offered
This could vary, but it’s likely that it will fall slightly as the borrowing process gets underway. Some people take the opportunity to buy now and pay later.
Check out the terms and conditions of the loan
Some lenders will charge you a processing fee as well as the actual loan amount. They will also add extra charges like late payment fees.
Some important factors to consider when you apply for a loan are your current income, debts, assets and borrowing capacity. You will need to consider whether you qualify for an unsecured loan, secured loan or a no fee loan.
Before you sign up for a Quick loan, it’s wise to compare rates and fees. Check the rate for the lowest fees, APR, maximum loan amount and payment period. You may also want to see how much money you can borrow in one lump sum.