Quick Loans – How Quick is Quick?
Quick Loan: Borrower’s POV
Have you ever found yourself in a situation where the only solution available to you is raising cash immediately? It could be that time of the month when your finances are running low. Worse, you could be facing a medical emergency of some kind. You need the money fast and need it immediately, irrespective of the cost. You are willing to go through anything to lay your hands on the money. That’s how quick you need it. But is it available at the speed at which you are looking for?
Yes, Quick Loans are That Quick
Fierce competition and a growing demand have pushed lenders to get into the act and start working at the speed at which the consumer wants the money. Gone are the days when you had to wait a few days before your application even came up for review. Technology has been combined with the demand to make quick loans available fast. Lenders have realized that your requirement for fast cash is as important as their requirement for new consumers. They are willing to overlook certain aspects that traditional institutions routinely demand as mandatory. They are willing to let you have the money within the timeframe that you, the consumer, need it.
A Change for the Better
The need for money is almost always quick. A quick loan vendor is just another business person who is looking to add to his/her ever growing clientele. Under these conditions it was necessary for the lenders to compromise on certain things. Making a start with relaxing some of the rules just wasn’t enough to let in more people. In trying to stay ahead, they also had to compromise on the time factor. They had to come up with ideas to make the money accessible to the consumer in “double quick” time. How could they do that?
Online Quick Loans for the Masses
Some clever thinking and intelligent marketing opened the doors of online marketing to the lenders. They were able to reach a large audience who had access to the facilities and could work with online applications. Lenders had to cut down on verification procedures as well. They therefore did away with one of the most cumbersome procedures of all: good credit. Consumers with low credit scores were welcome to apply for and get a quick loan. All that the lender wanted was proof that the consumer could make a repayment on the given date.
It is currently estimated that millions of Americans have at some time approached these lenders for a quick loan. The fact that the numbers are high proves that they have been able to carve a niche for themselves within the market. While there have been some who have criticized these lenders for a number of reasons, others have stood by them for the timely manner in which quick loans are approved and disbursed. Critics are quick to point that these lenders charge a high rate of interest leading consumers into a debt trap. It would perhaps help if banks and institutions came up with something similar at a lower cost in “double quick” time, if only to create greater competition and price controls.