Quick loans

The need to take a quick or short-term loan / loan arises suddenly and at the most inappropriate moment.

This unforeseen financial situation happens when there is an urgent need to cover urgent bills; sometimes you just need a short-term loan to quickly cover unforeseen expenses.

Of course, you can try to take a consumer loan at a bank, but for an urgent loan there is another type – quick loans, which in some cases can be obtained online, which significantly reduces the time for obtaining money.

What is a quick loan?

Quick loan is a form of short-term loan for individuals, created for urgent and convenient receipt of a certain amount of money. Short-term lending was created to quickly solve cash problems.

This type of financing is often suitable for people with poor or relatively bad credit history, as loan amounts are quite small and loan periods are short-term.

How to get money quickly?

If your online application (usually submitted from the comfort of your home, using only your mobile phone, tablet or computer) for a loan is approved, money is usually transferred on the same day, especially if you apply during business hours. The time of receipt of money will depend on the policies and procedures of the bank or another financial institution that you can choose from our directory.

Faster receipt of money is now possible.

Previously, the quick transfer of money to the account of the borrower of money took 2-3 days, but now, with the introduction of new customer service services in leading banks, it has significantly decreased.

This means that customers in a critical situation with cash previously often had to experience great inconvenience while waiting to receive money, but now reputable financial institutions relieve their clients of this additional stress. So if you urgently need money, pay attention to this possibility of banks during looking through our catalogue.

How much can you borrow with quick loans?

If you are applying for a short-term loan, then, as a rule, this amount is in the range from 100 to 5000 €. If you want borrow a large amount of money quickly, you should make sure that your potential lender can approve that amount of the loan.

Under what circumstances fast lending is justified?

Quick loans often help you to deal with short term financial problems. They can include:

• Car breakdown if the car helps to make more money to cover the debt.
• You want to pay an unexpected utility or other bill.
• Urgent repair of a house or apartment – for example, a boiler breakdown or problems with a refrigerator.
• Unforeseen expenses, such as a wedding or divorce.
• Splitting the cost of a large purchase.
• Covering or participating in paying for the funeral of a close person.

When to consider not taking out a short-term loan?

As stated above, quick loans can be suitable for short term emergencies. However, there are times when banks do not recommend considering the option of a quick loan. This is primarily:

• Repayment of other forms of loan.
• Paying regular bills such as rent, electricity, water, internet and TV, telephone.
• For entertainment shopping.
• For the purchase of luxury or non-essential consumer goods.
• You should not get involved with a short-term loan if you do not yet know what funds you will repay the debt from.

Therefore, before applying for a short-term loan, weigh all the upcoming negative points once more. After all, you take other people’s money for a while, but you will have to give yours forever, and you still have to earn it!

5 advantages of finding a lender through our aggregator

1. Quick search for a credit institution and online registration of an application.
2. Fast loan approval.
3. Transfer of funds on the same day (in most cases).
4. Online electronic signature (in most cases).
5. Early repayment without commission (most creditors).

Who provides quick loans?

Today in Latvia, in other countries of the European Union and in many countries of the world, there are many providers of fast loans, both online and in different cities of different countries. Short-term loans at high interest rates are the most common type of convenient and quick loan.

However, many lenders now offer long-term financial solutions using similar models. If you urgently need a loan, you will need to choose several companies from the list we offer and contact the lender to find a suitable loan provider.

Direct lenders

When you apply for a fast loan directly to a lender, you have to fill out an application form (usually online) and submit it directly to this organization. If your loan application is not approved by the lender, you will have to apply for a loan elsewhere and start the process again.

Doing this for several times with several different lenders can negatively impact your credit rating. Therefore, before submitting an application, choose from our proposed list that is most suitable for you.

Getting the best possible information about a potential lender in advance is one of the reasons why you should use our catalogue. This is beneficial to you since we will not do a credit check that will affect your credit history, as we are looking in our database for a lender who is most likely to approve your application.

We do not record calls to the database of creditors, so there is no credit check of the visitor, which does not have a negative impact on your credit rating. All actions that you perform on the AllCredits portal are absolutely anonymous, free for you, and do not require any obligations on your part in the future.

There are a number of credit organizations in Latvia and other EU countries that specialize in providing quick financial loans to borrowers. If you find a loan provider not in our directory, then always make sure that they are authorized in this country, have a good reputation, and their services are competitive.

Why do you should use our credit catalogue?

Using our loan aggregator for finding a quick loan can save you a lot of time and increase your chances of success. Instead of independently investigating the reliability of a potential lender, contact each lender directly, you can do this through our directory.

Benefits of AllCredits credit aggregator:

• Access to multiple lenders at the same time, without the need to check and fill out multiple applications for a quick loan blind.
• Quick coordination with the lender who is most likely to approve your application (saving you time and energy).
• Protecting your credit history by avoiding multiple searches for the best option.

How do fast loans work?

Fast financing usually works by filling out a small online application which is then approved and signed by the lender. For speed and convenience, most quick loans are issued electronically.

Fast application process for a short-term loan.

Select the most suitable borrower, go to their website, fill out the online application, which is usually straightforward and means that you should get a decision on your loan application quickly (usually within a few minutes). When applying for a short-term loan, you have to indicate:

• Loan amount.
• Personal information.
• Registered address.
• Residence status in the country (citizen, work visa, etc.)
• Employment status.
• Monthly income.
• Regular expenses.
• Bank account details.

Underwriting

Underwriting is the process of studying and analyzing the solvency of potential clients of a financial enterprise wishing to take out a loan. The information you provide allows the lender to assess your credit history and either make an immediate decision or request additional information.

Fast loan solutions

When you apply for a fast loan, you will receive one of three decisions from the lender.

• Loan approval. You will be provided the loan amount, interest rate, total interest payable and details such as the number of payments, as well as the start and end dates of the loan.
• Additional information required: The lender does not have enough information to make an unambiguous decision and you will need to provide additional information or comments requested by the short-term loan provider.
• Rejected. Unfortunately, not all applications for a quick loan are accepted. If your loan is declined, you should consider your credit history and possible steps to improve your credit rating.

If you are rejected, you should contact the lender directly or check your credit history with a credit agency. By studying your credit history, you can understand what could have influenced the negative result of your loan application. If you need to improve your credit rating, check out our guide for more information on how you can do it.

Short-term loan approval

If your application for a fast loan is approved, you may need to confirm some details by phone and show proof of your income on your payroll or bank statement. You will need to sign a loan agreement before the money is deposited into your bank account. If you are happy with the offer, sign the contract and complete the loan process. If in doubt, then it is better to refuse the proposed lending.

It is advisable to have a mobile phone at hand, as you may also be sent a pin code to confirm your electronic loan agreement. By doing everything electronically, you will save time, since you do not have to print documents, sign and return them physically. Your entire agreement can now be filled out quickly online.

When the lender has everything it needs, the money is deposited directly into your bank account. Do not forget that regular monthly payments will be made in accordance with the details of your loan agreement, so make sure that you always have enough funds to pay off the debt.

SHORT TERM / FAST LOANS AND CREDIT HISTORY

How to get a quick loan with bad credit history?

Fast loans are designed to quickly transfer money to people so that they can solve their financial problem. Unfortunately, many borrowers with poor credit history often need short-term financial assistance.

If you have a bad credit history, lenders may be more careful when lending, but most short-term loan providers charge very high interest rates that take into account their additional risk.

Is it possible to get a quick loan with a bad credit history?

If you have a bad credit rating, you can still get a short-term loan. All forms of high-cost, short-term lending are designed to help meet the needs of people with lower credit ratings. However, each loan application is reviewed separately and there is no guarantee that your application will be approved. If someone guarantees you that you can get a quick loan with a bad credit history, then you

• either get involved in some kind of fraudulent scheme,
• or set such a draconian interest rate for the loan that it will cover all the risks of the lender many times over.

Remember that the lender always works for his own benefit, and insures as much as possible.

How a bad credit history obstructs approval?

If you have a very low credit rating and have a history of missing loan repayments and other loan obligations, this may mean that your loan application will not be approved. Remember that your credit rating can be improved if you take steps to ensure that you will always meet your credit obligations in the future.

What is recorded in the credit history?

Checking your credit history reveals important information. It shows you what information lenders are looking at when you apply. It also gives you an idea of your credit rating and highlights areas you need to improve. It can be surprising to find out how much financial information is available about you. Each agency may present information in different ways, but they cover the same areas:

• Current and previous registration addresses.
• Use of credit.
• Each of your loan agreements.
• Each loan agreement displays information on missed payments on a monthly basis.

What is not shown on your credit file?

You will notice that some debts do not appear on your loan file. These may include student loans, municipal bills, and debt to utility companies.

Scoring when determining a credit rating.

Please note that there is no universal credit rating. Each lender has their own criteria and they will evaluate you based on those criteria. When viewing the file, you may get an estimate, but it should only be taken as a guideline.

What lenders look at in your credit history?

Addresses

Lenders want to see proof of stability. Changing the address too often can negatively affect making a positive decision. Make sure the address information is correct. All linked addresses for the last 8 years will be in the file. This includes any mailing addresses you have used. Debt of other people at the same address as you will not affect your rankings. Other people will influence you if you are financially connected with them, such as a wife or a husband.

Missed payments

Missed payments and late payments will negatively affect your credit score. It is very important to update your accounts and make payments on time. Setting up regular direct debit can help with this. Try to pay more than the minimum monthly amount.

Use of a credit

Most of your debt is reflected in your dossier. The file also shows which available loan you used. You should strive to reduce your debt and pay off your existing debt. If there are open credit cards, but they are not used, they should be cancelled. Too many loans taken out do not attract lenders. Conversely, if you don’t have credit, that’s not good either. Lenders will not be able to predict your behaviour.

Will the application for a short-term loan be approved if I have a bad credit history?

The approval of a quick loan largely depends on the specific circumstances. Any provider of high-value, short-term financing needs to make sure that credit is available and that money is repaid on time and without problems. They will look at your earnings and deduct all your expenses. If the balance covers debt obligations, therefore, and other loans, then such an application will be approved. Your expenses include:

• Rent / mortgage
• Communal payments.
• Transport.
• Food.
• Expenses for previously taken loans and which you are going to take.
• Any other additional costs.

The remaining amount should be sufficient so that you can pay off your loan obligations every month. If the lender does not see this, he will never lend money.

Do I need a credit check for fast lending?

If you are applying for a quick loan and receive an offer from a lender, you will usually have to do a credit check before the short-term loan is fully approved. If there are many credit checks in a short period of time, this may indicate a higher level of risk for the potential lender.

Is it possible to cancel a quick loan?

If you wish to cancel the fast loan, you generally have a 14-day reflection period, either from the date you signed the loan agreement or from the time you receive a copy of the agreement (whichever comes later). But this rule does not apply in all countries. If you decide to terminate a short-term loan agreement, you usually have up to 30 days to repay the entire amount borrowed.

You may only be charged interest for the period during which you had the money. Any additional fees must be refunded. This condition may also not be available in some countries. Each country has its own credit conditions; therefore, before taking a loan, it is useful to familiarize yourself with all the credit conditions.

How quickly you need to repay a loan?

Any lender will provide you with a payment schedule detailing when each repayment occurs and how much will be charged. If you are applying for a fast loan for more than 6 months, it is usually expected that the last payment will be made about 6 months after the loan is approved and the money is transferred.

Note that the return of the debt is not the day of payment, but the day the money is received to the creditors.

You can make early or additional payments to speed up the process if you have more money available monthly than expected. Paying off your loan earlier will lead to a rapid drop in balance and a decrease in the amount of interest paid, so if you are able to pay more monthly than planned, this may be a smart move. Always check the terms of your loan agreement before making any early payments. Each country has its own conditions, so be especially careful about this issue.

Fast loans help people solve their financial problem urgently. When you don’t have enough funds in your bank account to deal with these situations, it can be very frustrating. Fast loan usually has a higher interest rate than other major loan products, so you should take your time and read any documentation carefully and make sure that you fully understand the terms of your loan agreement. Used wisely, this type of lending can be a good way to make sure you handle financial situations before they escalate into stressful issues.

How quickly a short-term loan is issued?

If your hopeless loan application is approved, money can be deposited into your account in minutes if your bank accepts fast payments. Contact your bank to find out if this option is enabled on your account. Payments are not processed at all banks 24/7, so if your hopeless loan application is approved late in the evening, you can receive money the next morning, after the weekend or holidays.

Does a bad credit rating mean there will be an automatic rejection?

No, a bad credit rating does not mean that you will automatically be turned down. However, if your credit history shows you are particularly poor at managing your money, this may affect the amount you could borrow or the interest rate on the loan. In this case, you may have problems finding a direct lender willing to approve your loan application. Turning to a brokerage office to issue a short-term loan can save you, but as a result, you will receive a higher interest rate, which will have to be reckoned with.

Does a bad credit profile affect a loan?

Bad credit history can affect your ability to get a loan. A low credit rating can affect your proposed interest rate, with a higher interest rate being offered if the lender believes you pose a high level of risk. If lenders believe that the risk of non-payment of money is too high, they may refuse to issue you a quick loan.

Can you get a short-term loan without a guarantor?

Yes, it is possible. Fast loan providers do not require a guarantor unless they are a specialized loan company. Such a loan can only be issued by an intermediary. When borrowing from a guarantor, the guarantor’s credit history usually matters to the lender. A bad credit history suggests that you are the right person for the loan, and therefore a guarantor is usually not required.

Does it matter how poorly paid loans are?

Your unique credit rating will be an important factor in your lending decision. If your credit rating is very low, it may prevent you from getting any funding. This is due to the fact that lenders assess the risks associated with providing money. If you have a long history of missed payments, this can be a serious obstacle to getting a short-term loan. To better understand your credit history, it is better to contact local specialists who will draw up a detailed report. The better your credit score is, the better is your chance.

If you dream of getting an urgent loan with a bad credit history, without a guarantor and collateral, then you need a wizard. Only by dragging you into dubious and illegal actions can you get a quick loan, as it were on your terms.

Do quick loans worsen your credit history?

Not necessary. People apply for short-term financing over the Internet when they have cash flow problems. However, as a rule, the most expensive loan options are requested by applicants with a lower credit rating. Most lenders will take this into account.

You can learn more about the standard conditions for avoiding bad credit history in different countries in our dedicated guide explaining your credit history.

How can AllCredits help you?

AllCredits has selected a group of short-term loan providers. Many of them can provide you with a quick loan in an emergency, even if you have a bad credit history. Going to apply for a loan, even if you have a bad credit history, is a completely free service. We will never charge you a fee for using our service, and you are under no obligation to us.

We, in turn, track all creditors, and offer the best offers at the time of your visit to the catalogue. When you apply for a loan through AllCredits, this means that your details will only be visible to the lender you contacted. For the borrower, this may mean more opportunities for obtaining a loan and, importantly, a higher chance of approval of your loan application.

But keep in mind that not everyone who applies for a quick loan with bad credit through our service will be approved. As in the case with any other type of private loan, your responsible attitude to the obligations assumed is important. You must be able to repay your loan obligations in full and in time. This will help you avoid the accumulation of unpaid amounts, which is sometimes called the debt trap.

Benefits of short-term loans

• Fast loans for bad credit history are often available when it is not possible to get help elsewhere. Such a short-term loan makes it possible to pay for emergency repairs, or to repair the car, which covers the costs, in case of late payment.
• The application process is relatively simple and unobtrusive.
• Short-term loans are unsecured loans. This means that if you do miss a payment, you do not risk losing valuable property (although there may be other financial implications).
• Applications can be filled online for speed and efficiency.
• With some loans, you will receive payments over months (or even years). With a bad credit history, your obligation can be paid off within a few weeks.
• Loans are issued faster for relatively small amounts of money. This keeps the cost of the loan to a minimum.

What are the disadvantages of short-term lending with a bad credit history?

Short-term loans are often available to consumers whose applications may be rejected elsewhere. This can make lending tempting in non-emergency situations. It would be wrong to consider fast loans as a convenient alternative to traditional long-term loans. Fast loans usually have a high interest rate, and are much higher than other types of retail financing. There are currently restrictions and price caps in place to protect consumers, but it is always wise to know exactly how much you will pay in total, not just the monthly interest rate. In this case, you will not have to repay the debt for a long time, which can sometimes create problems.

Will rejection of a quick loan application affect my credit score?

Short-term loan applications, whether accepted or rejected, usually require a formal credit rating review prior to approval. This will leave a mark on your credit history. If you already have an unfavorable credit history, further loan searches may worsen your situation. Multiple negative credit scores can indicate to lenders that you are unable to effectively manage your finances.

Submitting multiple loan applications in quick succession can degrade your credit rating. It is recommended not to apply for a term loan in a row if you are repeatedly refused. This is due to the fact that the next creditor will be able to see your last application, which was rejected recently, and will not further puzzle out what was the reason for the rejection.

Summary

Even if you made mistakes in spending the finances you borrowed, you can still count on getting a short-term loan.

AllCredits database always has the right lender who will help you in a hopeless situation: they will consider your loan application by taking many factors into account. It is important to note that short-term loans are intended for a responsible borrower and timely repayment. This is why you must have a steady income to get it.

If you need to borrow money quickly for any reason but cannot access more funding opportunities due to a bad credit history, a small hopeless loan amount can be very helpful. If you are able to make your loan payments in time every month, you can see your credit rating increase. This could mean access to better loan offers in the future, with a more competitive annual interest rate, and access to a wider range of major loan products. Sometimes you need a small amount to get out of a tough financial period. At AllCredits, we help thousands of people select a lender for small short-term loans to cover emergency expenses.

If you want to borrow less than 5,000 EUR, our database contains verified specialized lending institutions, which often allow you to borrow small amounts of money for up to 60 months. If you nevertheless decide to take a small amount, remember that you have the opportunity to pay off the debt ahead of schedule, which will reduce the amount of interest that you pay on borrowed money. It is important that you have the opportunity to choose the required loan amount and for how long you want to take out a loan.