When you’re in a pinch and looking for a quick loan, you may come face-to-face with a variety of lenders offering payday, auto title, and high interest rate installment loans hidden under a different name. Though their lax requirements and fast funding may be tempting, there are often better, more affordable options available that match your borrowing needs.
What Is a Quick Loan?
A quick loan is a loan that offers approval and funding within a few days of application, sometimes as fast as the same day. Though they can come in all types of loans-like personal, auto, secured, and unsecured, to name a few-when you search for quick loans online, the results may make you think that it’s a specific type, when in reality the term “quick” is simply describing how fast the loan can get approved and deposited into your account.
Because of this, it’s important to be wary, as lenders advertising quick loans, fast loans, or fast cash are payday loans no credit check Kenton often offering loans with high interest rates, no credit checks, or intentionally easy eligibility requirements. In other words, quick loans offer immediate gratification, but can be detrimental to your financial situation down the line. That’s not to say getting a loan quickly isn’t possible. With a little research, you can weed out any advanced fee loan scams from the legitimate lenders and find a loan that suits your financial needs.
How Is a Quick Loan Different from a Personal Loan?
Quick loans refer to how fast a loan is approved and deposited into your account-they are not a specific type of loan. That being said, depending on the speed in which a personal loan is approved and deposited, a personal loan is often very fast and easy to get once you fit the personal loan eligibility criteria.
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