Fast online loans: what are the real alternatives?
Let’s start by saying that the finalized loan is the one that best allows you to get answers in a short time. Whether you are trying to get fast online loans for the purchase of an appliance, or through the store, the answer will in fact come within a few tens of minutes or hours unless there are questions related to the regularity of the documentation. The question changes if you are trying to get a personal loan, which can include longer ‘start times’ even in the case of an online request.
Which type do they belong to?
Summarizing what has just been mentioned, fast online loans are loans, which can be both personal and finalized and which provide for very short evaluation, approval and disbursement times. They represent solutions created to offer answers to liquidity urgencies not necessarily aimed at a purchase.
Times and formalisms for the request
The ‘indicative’ times for classifying the loans in ‘fast’ are in the order of 24 or at most 48 hours. However, these are the evaluation times to which must be added the technical times necessary for the transfer of the accepted amount or the delivery of the check, to lead the funded to have the effective availability of the money they need. Furthermore, the time required for the delivery of documents should not be considered in the timing.
As for the methods of request, in the case of fast online loans, the instructions indicated by each bank or financial company must be followed. In some cases we will proceed with an entirely online procedure, without having to print or sign anything physically on paper, while in other cases we will have to print, sign and then scan the documents or even deliver them physically (with a hybrid procedure between digital and traditional which can also lengthen the process a lot).
Based on what has been said, we can therefore summarize the procedures in two types:
- 100% online procedure: this is a method that takes place entirely via the web through certain and secure recognition mechanisms that gradually provide OTP pins or passwords, from which insertion the digital signature is made. In some cases you will have to register on ‘third party’ platforms while in others you just need to register personal data to create the personal data required by law. The final result does not change since, as just said, the digital signature takes place with the insertion in the appropriate spaces of the unique codes associated with the applicant’s tax code;
- Hybrid procedure: to confirm the request and sign the contract, it is necessary to print the appropriate forms, sign them physically and then carefully follow the shipping methods, being very careful that the signature is legible and clearly recognizable.
Of the two types of procedure, the one that provides more compact times is obviously the entirely digital one. In both cases, the forms (digital or paper) made available by the bank, platform or financial institution chosen must be used and the procedures as specified are followed.
The request for small amounts is the one that best matches the very short times typical of fast online loans. However, this does not mean that you can proceed with the request if you are without a paycheck, or rather in the absence of any demonstrable income. Furthermore, in online requests it is not always possible to proceed with the insertion of a guarantor in the file. So, if you want to try this path, you must make sure that you have, as requirements:
- a demonstrable and sufficient personal income;
- the documentation necessary to demonstrate both the possession of the income requirements and those that justify the expense (if any);
- an account or an account card that allows you to charge the redemption installments;
- a positive credit rating, or at most neutral.
As for the demonstration of a personal income, this must also be there when approaching more ‘modern’ forms of financing, such as in the case of those of the social lending type. In this case, the lenders are private and all this is done through the registration and request through the appropriate platforms.
The need for a ‘valid’ creditworthiness prevents access to the various forms of online loans to protestors. These may try to go the way of the loan changed or the assignment of the fifth, but there are various limitations, namely:
- some companies however do not agree to finance the protests, but only the bad payers;
- you must have the type of demonstrable income accepted (for example in the case of the assignment of the fifth you must be employees with a minimum working seniority considered sufficient);
- we are not talking about 100% online loans. In fact, you must have at least one meeting with a consultant so you cannot proceed until the conclusion of the evaluation, completely online. Often we stop at a first remote stage to get a quote or a contact, but then the times get longer with the definition of an appointment and all the other subsequent stages.
Advantages and disadvantages
When we talk about fast online loans it is not said that the least onerous economic conditions will be obtained. On the other hand, it is certain that an economic response to an urgency or an unexpected event will be possible. Furthermore, there is the advantage of not having to spend time and money to move, risking having to take work permits, or not being able to rely on a close defense of one’s privacy, through the use of direct communications on the contacts included in the contracts.
The disadvantages we must consider the generally low sums that can be requested, and the restrictions on the types of loans that are actually accessible (for example, transfers of the fifth or the loan changed). Furthermore, entirely online procedures can discourage those who are unfamiliar with the web and this type of digitized procedures.