Introduction
Fast loans are unsecured personal loans issued by banks and other financial institutions that have a short maturity period of less than five years. Most fast loans have a life span of one month and the common type is the payday loan which is payable on your next payday, budgeting loans and provident cash loans.
History
Fast loans were introduced by banks and other financial institutions such as money loaning agents to provide instant cash to people. These types of loans are mainly to cover your day to day expenses, paying back your long outstanding debts, renovating your home and even to improve your credit rating score. Banks issue such instant cash loaning facility in small monetary denominations to people at a slightly higher rate because they are unsecured and the risk of default is high.
Features
The process of applying for a fast loan is very easy and simple. It is done online by completing a simple application form. It is important to first shop around through the Internet for the best financial institution to deal with as well as comparing the terms and conditions attached before taking the fast loan. Basically, dealing with banks is more secure than other financial institutions that are not reputable. Alternatively, the loan application can be done over the telephone where you would answer few and simple questions. The authorization process takes less than 24 hours after your documents are received by the loaning institution, so the money will be immediately deposited in your account.
The information required when applying for a fast loan like the pay-day loan include your personal details, employment details, your payday as well as your banking details. The personal details are your full name, physical address, date of birth and your identity or passport number. The required information is substantiated by sending physical documents to the bank which are your personal identity document or passport, proof of employment, payslip as well as your bank statement. The payslip will guide the loaning institution on how much they can give you and the proof of employment act as a guarantee that you will be able to pay back the money. In most cases you are not required to provide your credit history when taking a fast loan because the bank will verify with the credit bureau on your behalf.
Fast loans are easy to secure because the application and authorization process is instant and the money is immediately deposited in your bank account. If you need instant cash to cover your day to day expenses like food, clothing, transport, paying back a long outstanding debt and even paying school fees or servicing your car, it is ideal to take a fast loan. Fast loans help to increase your income as well as improving your credit rating score. On the other hand, it is important to remember that personal loans are relatively expensive because they are unsecured and they have a high default risk. Fast loans also require credit history which will determine the amount that can be advanced to you as well as the interest rate.
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