Credit is still rightly perceived today as the solution when you do not have the means to finance a project or current expenses. But whatever the motivations that push you to take a loan, it is important to choose it well.
There are many loan offers tailored to specific and particular needs. If you have to deal with an emergency expense like booking your vacation, paying for your new kitchen, or financing the purchase of a vehicle, quick credit is the right tool.
Quick credit, as its name suggests, is a quick loan due to its granting procedures and it is quickly released to your account, your purchasing card or other means to allow you immediate access to money. . There are several types of quick loans offered by different lenders in the market with characteristics that determine loan terms, amounts granted, cost of credit, repayment and loan terms.
What do we mean by quick credit?
Quick credit is a consumer loan that is granted without proof. An important feature of this credit is start-to-finish online purchase. The borrower is free to use the money placed at his disposal as he sees fit. It is the difference between fast credit and affected credit where the customer has to justify the future use of the money. It is often issued within 24, 48 or more depending on the lender and the desired amount. The amount issued is capped at $ 75,000. Beyond that, the credit is considered a mortgage with the necessary implications.
The procedures for granting quick credit are simple, but they depend on the amount requested. The larger the amount loaned, the more documents your loan file will require. Below $ 3000, you don't need any supporting documents. It is beyond $ 3,000 that the lender has a legal obligation to ask you for proof of income, guarantees such as a third party surety or a property to be mortgaged.
In any case, since the Lagarde law of 2010, the lender must check your creditworthiness. The better your background and financial situation, the faster you have a favorable response. . After the 2008 crisis, the strengthening of controls led to an increase in checks at lenders.
The speed of the loan depends on the type of credit. Thus, a store purchase credit will be faster than a car loan, itself faster than a credit consolidation. This credit can be used for everyday consumption, for an unforeseen event, to buy household appliances, to finance a wedding or work in your bathroom.
Who can benefit from a quick loan?
Quick credit is intended for all adults and not prohibited from banking. Applicants aged 18 to 79 can resort to a rapid loan subject to validation of the request. However, with age, insurance becomes a requirement and it must cover the risks of disability and death resulting in the borrower's inability to repay.
To benefit from faster processing of your file, you must be in good financial health as well as a good history of debt.
If you are a good borrower who pays off all of your loans on time, the more you borrow, the faster you will be lent. Under current legal conditions, a bad payer will have a hard time getting quick credit. For a bank ban, it is virtually impossible to get a loan quickly.
What are the advantages of fast credit?
The rapid loan by its characteristics, has the advantage of quickly financing a need or an essential investment. For example, when the boiler breaks down in winter, in one day, this credit can be released to help you out while allowing you to control your budget. Beyond that, quick credit is:
- flexible and easy to have. The use of the allocated amount concerns you alone.
- Flexible because you can ask for and get a break in your repayments which, however, can lead to increased loan costs
- Reversible because you can terminate your agreement with a lender within 14 days of engagement at no additional cost.
- Predictable with fixed monthly payments to be repaid every month
- Easy since the obtaining procedures are streamlined, there is no personal contribution or insurance required
- Well supported with personalized follow-up from lenders who will adapt to changes in your financial situation.
- Redeemable in advance with a fee billed by the lender
- Safe with the coverage provided by insurers in the event of death or job loss
- Interest can be deducted from your tax return.
How to subscribe
To get fast credit, you have to apply online although it is possible to do so by phone or by mail. In the process of request, you must fill out a form and send it to the lender. A first response will follow after a few minutes. Normally, the lender will interview you during which you will be asked questions about your financial situation and your repayment capacity. The documents to be provided are:
- a copy of an identity document,
- proof of domiciliation,
- the last tax return or other supporting documents (charges, etc.).
The creditor has an obligation to submit competitive loan offers to you in order to give you a choice. He must also give you a pre-contractual sheet which collects information on your resources and your expenses. If you accept the prior loan offer, it becomes a legal credit agreement. For a rapid loan greater than $ 3,000, the borrower is required to provide supporting documents.
Quick credit repayment
There are two possibilities for repaying a fast loan taken out. We can :
- repay monthly with monthly installments which consist in part of the principal and interest on the loan. For personal loans, the amounts to be repaid and the Annual Effective Global Rate (APR) which determines the real cost of credit are known in advance so as to give you good predictability to execute your budget.
- repay at the end of the term when it suits you. In this case, you still have to pay the interest on the rapid credit contracted each month.
What are the types of fast credit?
Quick credit covers:
- affected credits such as car credit which is issued by an on-site car dealership to allow you to buy a vehicle. The financed asset is known in advance and recorded by the credit agreement
- the personal loan adapted to the purchase of goods and services not determined in advance. When there is the boiler to urgently repair in winter or an invoice to pay. This loan is a good way to meet your financing needs quickly and without proof at a predictable cost.
- the revolving credit also called reserve of money which is renewed to you with each repayment. The lender makes a sum of money available to you and as long as the money made available to you is not used, you have nothing to repay. The downside to this quick credit is that the rates charged are higher compared to those applied to personal credit and they fluctuate according to market prices. In this situation, it is impossible with fast revolving credit to know the cost of credit in advance.
- microcredit for amounts less than $ 1000 repayable over a few days or months.
Who to contact for quick credit
To have fast credit, it is important to analyze your needs to know which lending institutions or credit organization to turn to. Among its establishments are banks, online credit or micro-credit establishments , credit intermediaries (credit brokers) such as department stores, car dealers, etc.
If you want to use a bank for a quick loan, log on to online banking sites. First, think of carrying out several simulations of the desired rapid credit with a maximum of various offers, before making a choice and making a duly addressed request to the bank. The simulation allows you to know the cost of the desired loan and your creditworthiness.
Beyond rapid bank credit, supermarkets or car dealers issue revolving credits or credits allocated to the purchase of a car, for example. Department stores offer revolving credits associated with a credit card or loyalty card. But these cards can be used without necessarily activating the credit. The agreement to obtain these loans is often immediate.
Since July 2016, the evolution of the legal framework to further facilitate the multiplication of rapid credit products online. Fast credit online is a loan offered by credit organizations which gives the advantage of having an even faster processing than others. Use a specialist comparator to find the best deal. The credit granted in general is a personal loan, but its cost is higher than a rapid bank loan. The documents to be provided (identity paper, invoices, tax notice, supporting documents, etc.) must be available in computer format, downloadable from the lender's website.
Quick credit is suitable for all emergency expenses. There are several types of quick loans, all variations of consumer credit. As in 91.5% of cases in 2015, consumer loans are used to carry out equipment projects. But even if this spending behavior is more recommended than the purchase of everyday consumer goods with this type of credit, the fact remains that a credit contract is a commitment to repayment. This is why you have to study your loan by performing several simulations in order to fully understand its impact on your finances.