Fast loans or payday loans work differently than bank loans, both in terms of getting the credit and repaying it. You can often compare quick credits on an online platform like this one here. The client completes the personal data requested by the financier and scans the required documents. In most cases, the documentation is simplified, requiring only an ID copy and a payroll/retirement sheet.
Depending on the financier, it is sometimes necessary for the applicant to open a bank account. This account will be used to receive the money you asked for. However, there are also financiers who have partnerships with the banks, so that the borrower can take the money from the cashier of a banking agency. Both the company and the client agree on a repayment day, but the duration of the loan does not exceed in most cases 30 days. In some cases, if there is a large amount of money, the client will pay monthly rates. In case you can’t pay in time, the financiers can offer you the possibility to extend the loan for a similar period. But this solution must be avoided because the cost of credit is getting bigger.
How fast you can get the money
Some financiers claim that the loan is available in an hour or minutes. You need to know that, most of the time, it takes a working day to receive the money. Approving is done very quickly, so within a few hours you can find out if the loan was approved. The fastest way to get your money is to have a bank account. After the credit is approved, the financier immediately makes a bank transfer to your account, with that amount. The money will arrive on your account the same day only if the transfer is initiated in the morning, and if it’s a business day. Then, you can spend the money as you like! Anyway, you should have a smart budget for your expenses to make sure that the borrowed amount is spent on what you need, not what you like.
If you want to repay the loan in advance, some companies offer you this possibility. It is advantageous to pay as soon as you can, so you will only pay the amount and interest from the time you got your credit until your payday, without any early repayment or other additional costs. There are a lot of companies in every country who accept an early repayment, you just have to find the right one for you. You can read more information about Peer-to-peer lending before you make a decision.
Be careful! A fast credit should be used very cautiously. It is very easy to get, but the consequences are extremely bad if you can not repay it. You should apply for a fast loan only if you know you can repay it in time, otherwise, the interest will double within 2-3 months of refinancing. If that happens, it will be a lot harder for you to pay back the money you borrowed.