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Quick Loan

Many of us need, from time to time, some extra cash which is not readily available to us. It might be to purchase a car, take the family on holiday, perform some home improvements or indeed just to see us through until payday when the outlay has been higher than usual, maybe over the Christmas period or after a few extra expenses have come along all at once and upset the balance.

The procedure we follow tends to be fairly standard. We might go to our bank and persuade them to lend us some cash, with repayment terms that may vary. Sometimes we will agree to repay the loan over a period of three, four or five years. Should we wish to settle up early there is usually a penalty clause which amounts effectively to a tax on early payment to part compensate for what the lender will actually have lost in future interest. Building societies and other established lenders operate on a similar principle.

A somewhat newer concept is that of the “quick loan”. That is not simply a loan in which a decision is made quickly, but one which also is usually repaid quickly.

Typically a quick loan will be for a small sum of money, which will be needed for a specific purpose which cannot otherwise wait.

Aside from the fact that settlement is usually made within a fairly short space of time, the other characteristic of a quick loan that differentiates it from a more conventional loan is the standard of proof that is required from prospective borrowers. A traditional loan will ordinarily demand a good credit history, secure residence and sundry other information, a quick loan is usually available on the signing of a simple form once the lending criteria have been demonstrably satisfied.

The downside of taking out a quick loan is that, speaking relatively, interest rates will be higher than with other loans. A loan that is to be repaid within a few weeks will, even with what may appear a modest repayment, command a substantial APR (Annual Percentage Rate) when worked out over 52 weeks. When you are thinking short-term, different rules apply.

The market for the quick loan is very online-focused, which is understandable when one considers that the Internet is by far the fastest vehicle for doing business. The names of the lenders involved – such as Wonga.com, KwikCash and UK Payday Today - tend to reflect this.

Compare quick loans using the above quick loan companies and websites today.

 
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