What are they and how do immediate loans work?
Immediate loans are our specialty and they work very easy, here’s how. An immediate loan is usually a money loan, which is distinguished by having a much faster approval and execution process than others.
The money of an immediate money loan can be deposited in less than half a day and you can enjoy it in total freedom as soon as the deposit is made.
It all sounds great, but how does it work? An immediate personal money loan works through an electronic or face-to-face transaction in which the applicant requests with minimal information an amount of cash that can be accepted in a matter of hours.
It is important to emphasize that these types of personal loans are usually small amounts, with medium term payments and high interest rates. This works this way because the lender’s risk is usually higher than in other loans.
In most cases, an immediate loan is usually a loan that carries more risk for the lender and is normally used for emergencies. This is why these loans require less documentation, however it is up to each lender to decide which documents to request.
The most common requirements for a money loan are your personal information, full name, dates and date of birth, ID number and in most cases no guarantor or credit history is needed. The larger the immediate loan, the greater the likelihood of needing a guarantor or credit history.
One of the benefits of immediate loans is that because of their nature, they allow us to start a credit history. Immediate loans are sometimes used for this purpose. Due to their great variety, it is possible to resort to these loans without collateral, credit cards or lengthy investigations.
This does not mean that once we have a credit history we cannot access them. In fact, an immediate loan is one of the most versatile loans we can find in the market today.
During our payments we can build a positive credit history that opens the door to larger loans that can support our long-term goals. That is why it is important to consider immediate loans within our credit history strategy.
An immediate loan can come with a wide variety of interest rates. Annually the interest can range from 11% to 500%.
Depending on the lender the repayment term can be from 30 days to one or more years. All of these elements will have to be taken into consideration when calculating the interest to be paid.
It is due to this amount of variables that tools are needed to help us to equalize the conditions to be able to directly compare such different loans. This tool is the APR.
The APR is the Annual Percentage Rate. This tool allows us to compare loans with different payment terms and with different amounts to analyze in equal terms, which loan is the most convenient according to the objectives.