Fast online loans: what’s true?

It is appropriate, immediately, to reassure the reader: fast loans exist and really make liquidity available to the applicant in a short time. So what do you need to know and what to defend yourself before getting ready to apply for a so-called fast online loan? On many occasions the need for immediate liquidity pushes the applicant to underestimate some aspects: let’s try to put some order in place.

What is a fast online loan?

What is a fast online loan?

By immediate or fast loan we mean a form of financing paid on the same day or in the days immediately following the request. This presupposes that the interested party goes to the credit institution or financial intermediation company already equipped with all the documents required to start an assessment on the granting of the loan.

Thanks to the previous transfer of the quinto and the online customer chats, it is possible to shorten the preparation process of these documents which, once presented and properly validated, give access to advance payments of up to 70% even in the 24 hours following the request itself. Fast loans are, therefore, to be considered safe and available also for forms of loan such as the transfer of the fifth to pensioners, public, state and private employee loans.

What is required to access fast financing?

What is required to access fast financing?

To access a loan, the following documentation is typically required: tax code, valid identity document and a contractor’s income document (which can be a CUD, paycheck, pension). The possession of the aforementioned documents is not, however, the only discriminant for access to the loan itself for which it is requested: – attestation of a demonstrable income – the absence of reporting as a bad payer – the absence of other ongoing loans that could hinder the repayment of the credit

How long can liquidity be accessed? In most cases with a fast loan you can access a large advance (up to 70%) in the 24 working hours following the request. These times are necessary for the formal validation of the documentation by the brokerage firm and the lender.

The advice, therefore, once you have chosen the company to apply for the loan, is to immediately request an online quote or rely on a consultant to evaluate the possibility of receiving the requested financing and quickly prepare all the necessary documentation. In the case of a Contact, click here to access the estimate or contact one of our consultants using the chat form on the right on all pages.

How to calculate interest on the loan?

 

Interest is a kind of remuneration for banks or non-bank companies for granting a loan. The principal interest on the loan should be included in the contract. And how do you calculate them and what does interest based on? What is the maximum interest on the loan?

Interest on the loan – what are they?

Interest on the loan - what are they?

Banks as well as non-bank companies grant loans to their clients to achieve a certain profit. Therefore, regardless of whether we decide on a standard payday loan, a loan without certificates or a loan, we will most likely have to pay extra for them. An exception is special offers, e.g. free loans for new customers, where the APRC is 0% .

The cost of such a loan consists of several elements: commission, additional costs, as well as interest, i.e. the interest we will pay on the borrowed amount. The interest rate is determined on an annual basis, while the installments are repaid every month. And what does capital interest depend on? Their amount is mainly influenced by the interest rate, the amount of capital and the time for which we borrow money.

How to calculate interest on the loan?

How to calculate interest on the loan?

Special interest formulas are used to calculate interest on a loan, but the simplest and fastest way to find out how much interest you pay on your loan is to use the online loan interest calculator . Using this tool, you can estimate the amount of annual and monthly interest-related expenses. However, it is worth remembering that the loan interest calculator will only show us the cost of interest, and not all fees associated with taking out the loan.

Maximum interest on the loan

Maximum interest on the loan

Capital interest should be included in the loan agreement. Therefore, before signing it, we should check that they do not exceed the maximum amount of interest. And what is the maximum amount of capital interest? Each year, the Minister of Justice announces the amount of statutory interest. He usually calculates them by adding up the current reference rate set by the National Bank and 3.5 percentage points. The maximum interest cannot be higher than twice the statutory interest, which is currently 10%.

Knowing the maximum capital interest is very important because many dishonest non-bank companies require too high interest on the loan. Knowing the amount of maximum interest, we can protect ourselves from excessive expenditure.

Maximum interest for delay

Maximum interest for delay

The situation is similar in the case of maximum interest for delay, which is a kind of penalty for the borrower who failed to meet the repayment date. Currently, the statutory interest rate for delay is 7% per annum. They are calculated by adding together the reference rate and 5.5 percentage points. And what are the maximum interest for delay? The maximum interest is twice the statutory interest for delay, i.e. 14% per annum.