How to borrow money easily and quickly – Loans
It can quickly become a jungle to find around the different loan types. Should you choose a micro loan, a quick loan or a consumer loan? The similarity of the loans is that it is easy and fast. You do not have to go to your bank and fill out one document after another.
For many loan types, you don’t even have to provide collateral. You must therefore not explain to others why you are borrowing money.
How expensive the loan is in cost
The differences lie in how much you can borrow and how expensive the loan is in cost. If you pay back quickly, the costs are usually lower.
If you are a slow payer, the costs increase significantly month by month. The APR for online loans is usually significantly higher than if you borrow money from your bank. So, you pay to borrow money easily and quickly.
Can I borrow money?
Most providers require that you are over 20 years old to take out a fast loan. Some only have an age limit of 18 years, while others are fully up to 23 years. In addition, most people claim that you are not registered in GFI.
Some also claim that you earn a certain amount annually, e.g. USD 120,000 Besides that, there are not the big criteria. As long as you have access to the loan application, which is mostly online, and in other cases is enough via SMS if the amount is at the lower end.
So you just have to decide how much money you need to borrow and how much you can afford to pay off monthly. That way you can figure out how long it will take to pay off the loan. With that point of view it will also be easy to compare the OPP. It is not interest and fees that you have to compare, which can seem very complicated. You just have to compare how expensive the loan gets per year: OPP. APR is the year’s total cost as a percentage.
This is where you see how much of the loan size you are going to pay back in addition to the actual loan amount. With high interest rates and fees, you can suddenly end up repaying USD 6,000, even though you actually only borrowed USD 3,000. It is therefore important to make sure that the loan is not too expensive.
It has to go extra fast
If you apply to borrow money online, many providers require you to log in with Good Finance ID. This is to speed up the process. That way, your information is validated right away without having to look into it.
Therefore, if things need to go extra quickly, finding a provider that requires Good Finance ID can be an advantage. Alternatively, you can consider an SMS loan if you only need a small amount. Here you do not have to give much information and therefore the operation is even faster. Usually within minutes and in some places down to 15 seconds.