Fast and convenient loans: how to evaluate the convenience of a quick loan



Is it possible to get fast and convenient loans? This is the question that arises that has an immediate need for money. Currently, there are more and more financial products designed to meet the need for speed in the provision of money, but to find the right balance between brevity of time and convenience it is necessary to carry out an analysis of what the financing market offers.

How to evaluate the convenience of a loan

How to evaluate the convenience of a loan

To assess the convenience of a loan there are objective parameters such as the interest rate is more generally the APR, the speed with which the loan is disbursed and the conditions in place for repayment.
If these criteria are objective, however, it must be considered that there is also a subjective convenience in preferring one formula rather than another.

In fact, some solutions are more comfortable than others. Who, for example, knows that he could have months in which the payment of an installment could be particularly difficult may prefer those loans in which the possibility of postponing the payment of one or more installments is envisaged.

As for the costs, it is certainly necessary to refer to the APR. This is an index that includes not only the interests, but also all those additional costs that can be represented by any preliminary investigation fees, commissions, insurance, taxes and everything that the credit institution has decided to charge to the person which requires the loan.

To get a more precise idea of ​​the percentages around which the APR is wandering, it is possible to consult the periodic surveys provided by the Bankcors. Through this document, for each type of loan, the average value of the APR used by credit institutions in Italy is determined and the maximum APR is established so that the loan is in compliance with the national legislation in force for the fight against usury.

Whoever has an immediate need for money, in assessing the convenience of a loan undoubtedly also considers the times within which this is provided.
An important aspect, but to which it is necessary to pay attention because haste can push choices that are too expensive. If, in fact, for small amounts a loan with a high APR will result in a limited expenditure, to the increase of the desired sum it is essential to be able to find the right balance between speed and convenience because even a few percentage points of difference between two loans can result in a cost difference considerable.

The possible alternatives for fast and convenient loans

The possible alternatives for fast and convenient loans

The speed with which a loan is granted also depends on the amounts requested. If a few hundred USD can be obtained within a few seconds with a revolving credit, to be able to have several thousand USD it is necessary to resort to another type of loan that may require a variable time of 1 or 2 days if for example you it deals with salary-backed loans, finalized loans or personal loans for which the verification of guarantees is not so long. The times can be considerably longer if it is necessary to provide numerous guarantees, such as a mortgage on a property.

Among the fast loans there is also the sale of the fifth. In this case the applicant must be an employee or a pensioner. This is because the reimbursement, materially, is not made by the recipient of the loan but it will be the company for which he works to provide for the return through a deduction at the monthly source, therefore the condition without which it is not possible to access this loan is that the applicant has a pay slip or a pension slip from which this deduction can be made.

Numerous other alternatives are available on the financing market for obtaining affordable fast loans. Proposals must be evaluated individually and, to choose the most suitable for your case, it is useful to make a comparison.

Among the fastest loans there is certainly the finalized loan. This is provided so that those requesting it can make a specific purchase. It is usually proposed by the seller who offers the deal and will help speed up the procedures for obtaining the money or in any case it will ensure that the timing is such as to allow the purchase.