Types of Fast Loans

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Date31/07/2016

Fast loans

Fast loans are loans which are offered by lenders on non-banking sector. Fast loans often are called payday loans or online loans because they can be preformed by usage of the computer or mobile phone which has an internet access. Fast loans can be defined as operative financial help in a form of micro loan. To receive the fast loan, you have to register in chosen lender’s website and pay for the registration – all you have to do is to apply for a loan in some lender’s website, showing all the necessary information, and wait for the approval as well as for the loan in your bank account. It is forbidden to lend the money in night hours, namely, starting from 11:00 PM till 07:00 AM, therefore you cannot receive the money in this period of time. Of course, you can send a request in this time, but it will be evaluated only during working hours of lender, which are determined individually, respecting norms of law. All types of fast loans are meant for unplanned and urgent situations when you immediately need the money, but you do not have your own money at that moment.

SMS loans

SMS loan is one of non-bank loans or, to say more precisely, a form of loan application. Namely, nowadays people have an opportunity to require the loan not only visiting the lender or sending the application in the Internet, but also with the help of mobile phone, sending an application in the form of text message. You can apply for the SMS loan, using an application in the form of text message, which includes both letters and numbers, showing desired amount of loan, repayment term and person’s password. Encoded application is analysed, and the lender decides whether to lend or not to lend the money, in the case of approval transferring the loan in borrower’s bank account. SMS loan is handed out in time of 10 to 60 minutes from the moment of filing. This time is determined by each lender individually. The amount of SMS loan can be from several tens to several hundreds. The repayment time of SMS loan, like for any other fast loan, is approximately 30 days or one month. It is possible to extend the repayment time of SMS loan by mutual agreement with the lender.

Interest free loan

Interest free loan is the loan which is offered by lenders of banking sector and non-banking sector. This type of loan does not have any interest rate, and it does not require neither the collateral nor the guarantee. Interest free loans sometimes are called as loans with 0% commission or as loans for free. Interest free loans mean that the borrower has to repay the same amount of money that was lend in the beginning without any interests. Interest free loans are lend both by banks and by non-bank lenders, but the conditions of their delivery and usage are completely different. Everyone has to know that if you regularly delay payments of interest free loan, it becomes a regular fast loan with high interest rate. Interest free loans are usually used as marketing method for attraction of new clients, as only new clients have rights to get an interest free loan – next loans from the same lender will be regular fast loans.