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When we need financing, we usually go to our bank for a lifetime, because we value their personal treatment and we do not mind waiting a little longer to receive a loan. However, there are situations in which we need money urgently and one way to get it is to apply for quick personal loans. These are the 5 cases in which it is preferable to save the waits and paperwork of traditional entities and resort directly to online banking or private lenders.

When fast personal loans can come in handy

Unlike traditional loans, personal loans instantly allow us to dispose of the money in a matter of a few days or hours. If we are in a bind and we want to avoid waiting and paperwork, requesting personal loans online is a good option.Personal Loans Online, How Does It Work? | Paydaynow.

1. We want to avoid penalties for non-payment.

It may be that we have not yet collected the payroll and the bank passes us the receipts of the supplies (electricity, water, gas …). If we do not have enough money to pay for them, we can stay in the red. In that case, our entity will charge us a commission for an overdraft. It is also possible that the receipts are returned and that the companies if it is the second or third time that we do not pay for the supply, decide to leave us without service. One solution to avoid both situations is to ask for fast mini-credits to pay the bills before the receipts are handed over. You can request up to € 800 to pay in 30 days or less at an interest rate of approximately 1% per day.

2. We must face unforeseen expenses.

Personal loans can instantly help us if we are going ahead with money and we have to face expenses that are difficult to predict. For example, they can come in handy for medical expenses, fixing faults, paying traffic tickets or buying last-minute gifts.

3. We want to cancel other credits

It is possible that we have gone through a complicated economic situation and we have become indebted more than we should have. If we believe that we pay too much interest for that debt there are fast personal loans that can help us. This is the case of the ING DIRECT Orange Loan, which we can contract to cancel other loans and has one of the lowest market interests. For example, if we ask for € 10,000 to be returned in 5 years, the interest will be only 7,18% APR.

4. We need money urgently to pay tuition or a course

They have not yet granted us the scholarship and they are already demanding the payment of a term of the course or university registration or, even worse, they have denied it to us and we must pay all their cost. The longer we take to pay, the more surcharges will be charged. What can we do in these cases? One option is to resort to quick personal credits to get the necessary money as soon as possible. However, before requesting financing we have to calculate if the surcharges for non-payment are more expensive than the interest on the loan.

5. We want quick money to carry out a project as soon as possible

Normally, for large projects (buy a car, renovate the house, make a great trip …) we go to our bank to give us a personal loan. In that case, we must submit a lot of documentation to make the request and, in addition, we must wait a long time to know if it has been approved. Instead, by requesting fast personal loans through the Internet we will save the paperwork and dispose of the money in a short time. In general, we will pay more interest, but it does not have to be that way. To find fast personal credits with the most competitive interests, we can use the HelpMyCash credit comparator.

Tips to follow before asking for quick personal loans

Personal credits can instantly help us in all these situations, but before making the request we must take into account several points.

  • We do not have to ask for more money than we need or, otherwise, we will pay interest for an amount we do not use.
  • We must be sure of being able to repay the loan. If we do not pay, they can charge us commissions for delays or non-payment and they can even register us in a delinquent registry.
  • It is advisable to know in depth the characteristics of fast personal credits.