Category Archives: Payday Loan

Payday Loans VS Quick Credits

Payday loans VS Quick Credits

In the first place and before making the comparison between payday loans and quick loans, it should be noted that the terms “fast loans” and “mini credits” or “microcredits” should not be confused. The difference between these two is that the microcredits are credits of up to € 600 to return in a maximum time of 30 days and that you can get in a matter of minutes almost without any requirement. Click here if you want more information about online mini-credits.

Quick loans are loans with a low or medium capital (usually up to € 10,000) to return between 1 and 5 years and you can apply urgently, being able to get the money in a matter of hours, usually between 24 and 48 hours. The request, the study and the response from the financial institution is very fast and you can get the money in a matter of hours.

Necessary requirements to apply for payday loans and fast loans

Necessary requirements to apply for personal loans and fast loans

In general, to apply for quick loans it is necessary to meet the following requirements:

  • – Have an ID document or NIE.
  • – Have a bank account in your name to enter the money.
  • – Have a payroll, pension or proof of income.
  • – Do not be on delinquent lists.

In general, the requirements to apply for payday loans are the following:

  • – Be a client of the bank where to apply for the payday loan. For this it is necessary to open a bank account in it and if you are already a client for several years the entity is better than better since you will be a more trustworthy client.
  • – Have a payroll, pension or proof of income.
  • – Do not be on delinquent lists.
  • – Low debt level, normally below 40% of the income.
  • – Indicate the purpose of the loan.
  • – In addition to these requirements you can request that you enter the payroll in the bank, direct receipts or contract other banking products with that entity, such as debit or credit cards, insurance or guarantees.

Entities to apply for quick loans and payday loans

Entities to apply for quick loans and personal loans

The main financial entities to request quick loans are:

  • – Cofidis : Where you can request from € 500 to € 15,000 to return between 12 and 48 months easily and quickly.
  • – BigBank : You can request from € 500 to € 10,000 to return between 1 and 5 years easily and quickly.

Interest rates of both products

Interest rates of both products

The interest rates of both products differ greatly depending on the purpose of the loan, the financial institution and the solvency of the client:

As for quick loans, they usually talk about their high interest rates, but in reality they have interest rates very similar to payday loans, being between 6.50% APR and 23% APR, depending on the project to be financed and the product to request.

  • – Cofidis offers fast loans with interest rates from 6.49% APR, with an average of 8% being the most common.
  • – The fast loans offered by BigBank usually have interest rates of 9% APR at the time of writing this article.

Regarding payday loans, their interest rates are usually between 6% APR and 16% APR, being the most usual to obtain loans with rates close to 9% APR

Quickness of the concession

Quickness of the concession

Fast loans have a very fast grant, having a response to your request of less than 24 hours. Normally it will take you to have the money in your bank account between 24 and 48 hours.

Regarding payday loans, it depends on the amount to be financed, that is, the higher the amount the greater the delay, since the risk study will be greater. For low and medium capital loans, the average time is usually one week.

payday loans VS Quick Credits: Final Conclusion

Personal Loans VS Quick Credits: Final Conclusion

payday loans and quick loans are two valid products to obtain financing, choosing one or the other depends on the urgency of the money, the requirements you can meet and the interest rates offered by the entities where you request them. Although, at the moment, obtaining payday loans in banks is more difficult due to the financial crisis, so fast loans are gaining ground in applications and concessions.

Our recommendation is that you apply for payday loans in several entities that do not have a study commission and thus be able to compare and choose the one that offers the best conditions. If the money is urgent, we recommend that you request fast credits online.

You can get more information about all types of financing through payday loans, quick loans, mini-credits, micro-credits, etc. in these articles and listings that we offer prestamospersonalesnet.com.