May 12 2022
Quick loan interest rates
Best online loans
We know that an unforeseen expense can completely upset your budget and become a headache. For this reason, at Moneytochka.com we show you the best fast loan offers, with which you can get urgent money in less than 24 hours, without paperwork or bureaucracy.
In order for you to find your ideal financing, we compile and compare the offers of online financial companies that grant quick credits with easy application and immediate approval. Thus, with a single click, you can access the credit of your choice and get your money fast in less than you think and with total transparency.
What is a quick loan?
Fast loans are a type of financing designed to deal with urgent expenses, since they allow you to receive money in just 15 minutes, online, with few requirements and almost no documentation. As a result, they have become the most requested type of personal loans today, even more than bank loans that take several days or weeks to be approved.
Because of the way they work, fast loans are ideal to cover those expenses that arise at the worst time. In this way, they can help us with a car breakdown, a fine or an unexpected bill, giving us the money we need to get out of trouble.
However, it is important to know when to apply for a quick loan and take into account your return. Certainly, the advantage of doing it with our comparator is that, from the first moment, you know what you are asking for, the total amount you have to pay and when you have to do it, so you have all the detailed information before taking the step.
Amount of a quick loan
Surely you are wondering: How much money can I get with fast loans? First of all, it must be said that each lender has its own conditions, including the minimum and maximum amount that a client can request. This means that the total amount of money that you can access will depend mainly on the entity with which you process the online loan.
To give you an idea, if you decide to request credit with the financial institutions that we recommend here, most of the time you will be able to request from 500 PHP to fast loans of 20 000 PHP. However, sometimes you can process quick loans of 50,000 PHP or more, for those situations in which you need a higher amount.
It should be noted that some entities set a maximum amount to request the first time, allowing access to higher amounts when you are already a client. Thus, for example, some of them grant you a maximum of 500 or 1000 PHP the first time, and allow you to request a quick loan of a higher amount only when you have repaid the first loan.
Deadlines and return
As with the amount, each lender establishes its own repayment terms and determines the monthly installments that the client must pay according to the term they have chosen.
Generally, when it comes to low amount loans, the terms are usually shorter, almost always between 1 and 3 months. Meanwhile, the repayment terms for large loans are usually longer, approximately between 1 and 3 years.
As for the ways to repay a quick loan, it can also vary depending on each entity. However, most allow you to refund the money by:
- Payment direct debit.
- Wire transfer.
- Card payments.
- Online banking.
If you cannot pay within the agreed period, you can request an extension of the loan online and get extra time to collect your fee. Of course, this depends on the entity, so you will have to check with your lender first to see if you can do it.
Quick loan interest rates
Without a doubt, another of the most important aspects when requesting fast loans is the interest rate. This is represented by the TIN and the APR, and lenders always inform about it so that you are clear about what you are contracting.
To calculate interest, both the requested amount and the return period you have chosen are taken into account. The difference between a cheap loan and an expensive one depends a lot on how long it takes to pay it off, so if you want to pay less, it is best to return the money in the shortest possible time. In addition to this, you should bear in mind that your credit history can also affect the interest rate, since a history of non-payment of fast personal loans or other financial services makes your application more risky.
Now, some entities offer a free first loan for new clients, that is, without interest or commissions. Therefore, the total to be returned is the same amount that you requested, without having to assume additional costs.
In any case, you can always check how much your financing will cost you, using the loan simulator and once you are a client of an entity, always be informed thanks to its online banking.
Quick personal loan options
When applying for fast loans, you can choose from a variety of options according to your needs and possibilities. Next, we show you what these alternatives are, their characteristics and to whom they are directed.
What is the fast credit I need?
Once we have raised the characteristics of each type of fast loans that exist, you may be wondering: And which one suits me best of all of them? Well, the answer will depend exclusively on your situation and needs.
If what you are looking for is to obtain fast money, definitely applying for a fast loan is your solution. But after deciding to request an online loan, you will have to select the most suitable type for you and for that, you can ask yourself the following questions:
- What quantity do I need?
- How soon would I like to return it?
- What is the reason for requesting a loan?
Once you have answered these questions, you can already discard some quick credits that do not fit what you are looking for. Next, we must assess the different alternatives that remain and after choosing the most convenient option, compare between the available entities.
Steps to choose the most suitable fast online credit. Practical example
After knowing the total amount, return period and reason for requesting a loan, let's see the procedure to select the most appropriate one among all the fast loans and online credits through an example:
Imagine that Pedro wants to renovate his house. After making the budget, you know that you need 2000 PHP, and you would like to establish a return period of no more than 1 year. He has been working in a company with a stable payroll for 2 years and has never failed to pay his bills. What type of loans should you ask for?
Taking into account Pedro's example, the following steps would be:
- Discard the options in the table that do not fit: microcredits, consumer loans, credits with bad credit history, credits without payroll.
- Assess the ones we have left: online installment loans, line of credit and interest-free loans.
Since Pedro has a closed budget and knows that he will need all the money, the line of credit can also be discarded, so that only installment loans and interest-free loans would remain.
Now yes, it is time to enter both categories, compare and see which offers and online loan entities convince you the most.
Do not forget that each entity and financial product has its own rules and interests, so requesting the same amount of the loan and returning the money in the same term can vary the total amount to be paid from one company to another. Read the small print carefully before signing so that nothing catches you by surprise.
Best lenders that grant fast online loans
Now that you know the different fast loan options, take a look at the best offers from online entities that grant this type of credit.
Requirements to apply for fast loans
In order for you to receive your money as soon as possible, the lenders we recommend have minimal requirements and almost no documentation. Thus, to request your quick loan online, they only ask you:
- Being over 18 years.
- Reside in Philippines.
- Have a valid identity document (DNI, NIE or passport).
- Be the holder of a bank account.
- Have an email and a working phone number.
In addition to these requirements, each entity can set additional conditions, such as having sufficient regular income or not belonging to delinquent registries such as bad credit history, . For this reason, we recommend that you consult before making your online fast loan application to prevent it from being rejected.
How to apply for them? Step-by-step application process
Actually, applying for a fast personal loan is very easy and takes little time, just follow these steps after choosing the best option and get your money immediately:
- First, choose an online lender from our ranking and click on the "ASK" option to access your offer.
- Once you enter the entity's website, indicate how much money you need and how long it will take to return it.
- Next, fill out a form with your personal and bank details.
- If your request is approved, you will receive a digital contract that you must sign to proceed with the receipt of the funds.
- When you have signed the contract, the entity will send the amount you requested to your bank account and you will be able to dispose of the money in just 15 minutes.
It is important that you know that each lender works with certain banks, which can influence how quickly you receive the money you requested. If your bank is the same as that of the entity, then it will take a short time -you can even have it in 10 minutes-, but if not, it can take up to 48 hours for you to see the amount reflected in your bank account.
Are all online credits fast loans?
If one thing characterizes online loans, it is that. It is by default a financial product designed to meet economic emergencies and get money as soon as possible.
However, and as we have seen before, depending on the requirements of each entity, fast online loans may take a while. This means that if, for example, the finance company requires checking your credit history, or verifying some important information, it could go from 10 minutes of approval to 48 hours; which is not an excessive time for you to take into consideration.
Finally, we remember to always read the fine print to choose the best option and be very clear about the repayment terms and the total to be repaid of your fast loan.