Unexpected expenses can happen to any of us. In such situations, offers available immediately, i.e. in a very short time, can be helpful. An online non-bank loan will allow us to instantly improve our financial situation. With online loans, the client has an opportunity to borrow $100 to $35,000.
Table of Contents
An online loan – what is it?
An online loan is a financial offer that can be obtained “on the spot”, i.e. in a very short time. These types of offers are most often offered by non-bank institutions, which are characterized by a simplified to a minimum process of applying for financing.
In the case of an online loan, the most important thing for the client is that the application, decision and payment of money to the account take place almost immediately. So it’s worth visiting the lender’s website first to read what is the possible waiting time for all these processes. An online loan is therefore an offer for people who need cash «right now».
What are online instant loans?
For many people, the sudden need for extra cash is a familiar situation. Then they often reach for loans available online, i.e. almost immediately. An immediate online loan is the so-called quick loan, available to people with an ID card. Therefore, what is characteristic of this type of offers is, above all, that the customer does not have to wait long for the application to be processed and for the loan to be paid out. Most often, 24 hours are enough to receive the funds from the moment of submitting the application.
How is it possible that we get a loan so quickly? It is financing that does not require going through a complicated loan process, as it is available on the lender’s website. So we avoid wasting time visiting stationary branches, standing in long lines and completing the documentation file.
This is an example of loans without certificates, so we can only expect the need to submit a declaration of income. How is it different from a certificate? We can fill in the declaration on our own literally at any time, while the certificate is issued by the workplace, which would extend the waiting time for money, which we need as soon as possible.
An immediate transfer up to 35,000 dollars
A payday loan is an offer that we usually borrow for 30 days. For customers who want a quick injection of a small additional cash, payday loans will hit the spot. Personal loans, on the other hand, are issued for bigger amounts and paid back in equal monthly installments. Instantaneous loans are paid only by non-bank institutions that do not require completing as many formalities as would be the case with standard bank loans.
Usually, the only document required is an ID card, which is why they belong to the group of loans with minimum formalities. The data from the ID will be needed to complete a short loan application. After completing the form, we will be verified by non-banking institutions very quickly. At this point, you may need to make a verification transfer – this procedure also takes literally a moment. After successful verification, we will immediately receive a decision to grant a loan, and after a while also money. This is possible thanks to the fact that lenders make a transfer with the loan at the same time as they decide to grant us financing. An immediate loan is therefore very often available almost immediately.
However, you need to pay attention to the fact that the total cost of the loan is not too high. This is why you should search the internet and follow as many offers as possible. Almost every loan service has a calculator on its website, in which, after selecting the loan amount and the repayment period, you can see the total loan amount that the customer will have to pay.
What affects the rate of loan granting?
There are several factors that affect the final loan waiting time. The first important factor is the question of the number of formalities – in the case of loans from non-bank companies, it should not worry us, there will be few. It may be a bit worse in the case of bank loans (banks usually require more formalities from the customer for security reasons).
The second important aspect that affects the rate of granting a loan is the very method of constructing the application and the course of the application process. Here, the offers that are fully available via the Internet and applications that are based on intuitive filling in of subsequent fields with data definitely win.
Another important factor is, of course, what is the responsibility of the lender himself, i.e. the issue of issuing a loan decision – whether it is issued quickly or we have to wait for it a few working days. With instant loans, most decisions should appear after a few minutes.
The speed of granting a loan and a guarantee of immediate payment are also ensured by modern methods of verifying the borrower’s data. An important role is also played by express interbank transfers.
5 steps to get online loans right away
We can get the loan immediately by going through 5 stages. Let’s introduce each of them:
- We compare the various offers available on the market.
The first step in taking out a loan – as in making purchases – is to compare the different products on the market. When we buy, for example, a new car, refrigerator or other equipment, we always compare what specification is offered at what price and buy the product at which the cost-quality ratio is the most favorable. The same should be done when using loans – as a rule, we want the offer we use to be profitable for us. The first loan that is free is the most profitable. It is very important, when comparing offers, the total amount of the loan that we have to pay.
When comparing loans, it is worth paying attention to the following:
- do we meet the lender’s requirements regarding, for example: minimum and maximum age, citizenship or place of residence,
- what is the maximum amount of the first loan (often it is lower than the maximum amount of the next loan in a given company),
- what are the additional fees and possible costs of delay in repayment,
- if the first loan is free.
- We submit a loan application.
After selecting the offer, we can proceed directly to submitting the application to the selected loan company or bank. In the application, we must provide our personal data (name, surname, address, telephone number) and information from our ID card. Usually, applications also require information about employment, marital status and current financial situation.
- We confirm our identity.
It is essential to confirm your identity when submitting the application. This process may seem burdensome to us, but – if not for it – anyone without proof of identity could take out a loan for our ID.
Usually, however, the identity confirmation process takes several seconds and consists simply in logging into your bank account and sending a verification transfer for a symbolic amount. Some companies also use special identity confirmation applications for this purpose. Both of these methods are equally fast and take up to a few minutes to complete.
- We are awaiting a loan decision.
In the case of online loans, the process of issuing a loan decision is very fast – usually we will find out whether we have been granted financing after a few minutes. The decision usually comes in a text message to the phone number provided in the loan application. At this step, the non-bank institution can also check our creditworthiness. The payout will also be made as quickly as possible.
- The loan goes to our bank account.
If we have an account in the same bank as our lender, the money will be with us in a few seconds. If we have an account in a bank other than the lender, but we really care about time, we can ask for an instant transfer. Keep in mind that the total loan amount is often greater than the amount borrowed. This sum must be repaid in due time.