A quick loan is a small loan to cover expenses up to the next salary, it is supposed to be temporary and for a short period. At Linguada you can find sites on the net that notify you almost immediately if they can lend money.
In most cases, the entire application can be filled in online and the money you can borrow will be deposited into your bank account the same day you make your application. A small loan is an unsecured loan, so there is no need for extensive paper work with proof that you own a house or car etc.
Small loans are only a solution to temporary monetary problems
Generally, when you make your first application, you get a small amount up to a few thousand dollars. On the other hand, the first loan is usually “free” – it is given without interest or fees to new customers. You have a greater chance of being approved the less you want to borrow, so it is advisable to only borrow as much as you need.
If you handle the repayment of the loan, you can borrow a larger amount if needed later. Small loans are only a solution to temporary monetary problems.
Who can apply for a small loan?
- Who can apply for a small loan?
- Fast cash
- Extension of quick loan
In order to have any opportunity to get a quick loan, you must be over 18 and be registered in Sweden. You also need a bank account where the money can be deposited.
There are many companies that specialize in small credits so even if you have a tangled finances with payment remarks and poor credit ratings, the opportunities are good that you can find a lender where you can get a small loan as long as you meet the above criteria.
The majority of loans that provide quick cash are simple loans available online, so there is no hassle of filling in documents or writing on some papers. The application process is quick and easy to complete. The information requested is basically just your personal number, the desired amount and account number. All required data is then automatically retrieved from different databases.
When you submit your application, you will often receive a response from the loan company within a few minutes. They will notify their decisions via a text message (therefore also called mobile phone loan ) or to the email address you registered with your application.
Some lenders partly base their decisions on lending money on how much you want to borrow compared to how much you earn. Try to just borrow what you need, the less you borrow the more likely it is that your application will be approved. The loan will often be paid back in a lump sum and it will of course be easier if the amount is not too large.
If your application is granted, you will receive a loan agreement after you have accepted the loan which shows the amount that will be lent, the due date and what interest and / or fees you will have to pay. The loan agreement should contain all other loan terms. These loan terms should describe your rights under the Consumer Purchase Act (including the right of withdrawal) along with details of the repayment of the loan and the use of the personal information you provided when you made the application.
How do I pay back a small loan?
You will need to repay the entire loan amount on the due date specified in the loan agreement plus interest and fees. The due date is set in advance and is usually 30 days after the loan has been paid out but can be flexible and up to you to decide for yourself.
Extension of quick loan
A quick loan can be extended by some lenders if you end up in a situation where you cannot pay back the entire loan on the due date. If this happens, you should contact customer service as soon as possible and explain your situation to them. They will then report your options and how to do so to extend. If you are unsure whether you can pay back the loan directly, you should choose a lender that offers extension of the small loan.
Even if you are not able to fully pay the refund amount, it is advisable to pay as much as possible on the due date. This will help you keep the cost of the loan as much as possible. Some companies may charge you additional fees to extend your loan, you should check if this is the case before approving the loan agreement.
Regulation of SMEs
As with all financial products, it is always advisable to check that the company that offers you a loan is serious. A sms loan company must be registered with the Swedish Financial Supervisory Authority, they also have a “black list” of companies that received many complaints and did not manage themselves. If you have any doubts as to whether the company you are considering hiring is serious can often find out in a few minutes by doing a little detective work.