Is a Quick Loan Your Best Option?
Very surprising as generations are passing by, life is becoming faster than ever and every little thing in our life needs to be done immediately. So has happened to our impulses and we sometimes make end up sparing more than we are capable of shedding. This is when we dive into the pool of loans, fail to repay to the lenders and end up looking for a quick fix to pacify the lenders by paying off the debt. Looking at such conditions and so that the economy does not come to a standstill because of many people being under heavy debt, incapable of paying them off. The make the economy flourish, the government needs to give back the purchasing power to its citizens. For this purpose solutions like quick easy loans have come up. Banks like, Lloyds Banking Group and Standard Chartered with their headquarters in the city of London, Barclays with their head quarters in Canary Wharf, etc help you get quick loans in time of your need.
The fastest possible loan can be got from Payday loans. These are the best solution when you need immediate cash for an emergency- like an important bill of a medical emergency quick loans to be cleared off, or for repair of your car which has suddenly broken down and you need it within two or three days etc. These loans can be obtained within a day or two also. But these loans are very expensive. They charge you 25% on the principle amount. It would not hurt if it was only 100 pounds that you took out but it sure would when 1000 pounds is the case and 250 pounds of interest would be required to pay. For this reason, a beneficial aspect of this type of quick loan has been constructed. Not more than 1000 pounds are allowed to be taken out. Again, another good thing is that a strong credit history is its criteria for being issued. So it wouldn’t be given to all and sundry. Payback time is within 30 days, so the borrower would be on his toes to make arrangements for the return
Next quick loan is the unsecured loan that is taken out and needs to be paid back in one or two weeks. This does not require you to mortgage any of your valuable assets, so you stand on advantageous grounds but for this reason they charge you higher rates of interest than secured loan- it is 9-16% and depending on your credit history it may increase or decrease. 50,000 pounds can be borrowed in this case which is much more than the payday loans. So this could save you from loans bigger than 1000 pounds.
Quick loans can be substituted by secured loans that give you longer pay back time as well as lower interest rates but the catch is that, on being unable to pay they’ll forfeit your property kept as mortgage. In this aspect quick loans are better as there are no chances of losing your asset. They also do not make you wait when you immediately need the money. A bad credit history may be repaired but an asset lost can be hard to be gained back. Though if you have time in hand then applying for secured loans at low interest is better but in case of a rush and hurry, quick loans is the option for the borrower.