Quick loans come to your aid when you need cash for some immediate emergency like- family medical expense, somebody suddenly fell ill, an immediate car repair, need to fly somewhere immediately so there is the need for the air ticket etc. Again it can be availed if till the last moment you could not arrange for paying-off your debt or only some time is left and you realize that without taking up another loan you cannot clear the present ones.
Loans are hard to get in the difficult economic times that we are in. Banks like- Royal Bank of Scotland Group with headquarter in Edinburgh, and Barclays with their head quarters in Canary Wharf etc have become a little cautious before lending money because getting the loan back is their motto than seizing any property or so. But this does not mean that you lose all hope. Loans still can be got.
If you have some time in hand for paper work, you might apply for secured loans. Criteria for this kind of loan is that you must have some property to put for mortgage, of more value than or equivalent value of the loan taken out by you. Credit history is not as important in this case as in case of other quick loans. Because of the mortgage they lend you at a very minimum rate of interest about 5-6 %. On failing to pay back in around two weeks’ time, they seize 80% of your property. A loan of more than 5000 pounds would be more effective in this case. The rates of interest offered in recent times are lower than in a long time.
The next possible option of a quick loan and faster than secured loan, is the unsecured loan. Eligibility for this loan is not very tough or strict. You don’t even need collateral nor do you need a very impressive credit history. A person with bad credit record can also avail of this loan. But the worse your credit history is more will be the interest rates charged on the principle amount. The interest rates vary from 9-16% in this case.
Payday loans are the quickest possible loan. The loan money can be in your account within a day. But the stricter is the criteria. A very good credit history is a pre-requisite for this kind of fast loan. They are meant form emergencies that don’t inform you beforehand about their arrival. They just suddenly knock. A loan up to only 1000 pounds is issued and about 20-25% interest rates are charged depending upon which bank of the UK is sanctioning the money as well as how impressive the credit record is.
Quick loan, fast loan is the option when one is lost in the sea of debts or loans or needs more immediately. Since very fast loans are getting comparatively hard to get, our financial transactions must be done judiciously. But getting quick loans have not all together vanished. You can still get quick loans when you need it. Only a few criteria need to be met.