Although there may not be a standard definition of a quick cash loan - a broad definition that is the most accurate is that quick cash loans encompass any form of credit that can be obtained in a short period of time - usually within 48 hours or less.
This may include payday cash loans, cash advances, short term loans, personal loans and variations of these in both the secured and unsecured form. We can therefore state that whether a loan is considered "quick" will depend not necessarily on the type of loan but rather on the lender and the processing and turnaround times that they offer.
How Quick is a Quick Loan?
While it may not be possible to determine the exact time that it will take a lender to process and credit a loan most lenders will give some indication of the expected timeframe on their websites. This time estimate is based on the average time that it takes them to process a loan and will not certainly apply to all - particularly if you happen to provide any incorrect information on your online loan application.
The lenders that are listed here on our website under this category all have average processing time of 48 hours or less. The most important thing to consider when it comes to fast loans is that you're paying for speed. If you're not pressed for time then you may benefit from consider personal loan providers who generally take much longer to process a loan application but will certainly offer you better rates.
What are Quick Loans Typically used for?
Since quick loans encompass so many types of loans they can be used for almost anything from paying household bills to buying a car however, they are most commonly used for emergencies such as car repairs, vet and doctor visits and travel money. Although it may be possible to consolidate debt using one - it's not recommended since you will likely be paying a higher than average interest on the loan and will likely not be able to secure a longer loan term since the terms offered are generally shorter.
Lenders that Offer Quick Loans
Online loan applications are much faster because it allows a number of customers to apply simultaneously - rather than having to serve one or two customers in a line while others wait. It's also faster because there are no physical forms that have to be completed and you can type your details in and select the applicable option from drop down menus. While it may take someone at least 20 minutes to complete a form by hand they can complete the same form in just 5 minutes on a computer.
If you need a loan fast then the best place to find it is online. There are a number of alternative lenders and peer-to-peer lending platforms which operate entirely online and can process loans quickly. In addition to online lenders there are certain store front lenders who may be able to give you cash in hand when you visit one of their branches for a loan as well as pawn brokers who will loan you money as soon as you provide them with some form of security.
Top Benefits offered by Quick Loans
- Quick loans encompass a variety of loan types including payday loans and personal loans
- They can be both secured and unsecured
- They can offer both medium and short terms
- They can be obtained entirely online or in-store
- You can get your cash in under 48 hours
- Both those with good and bad credit histories may apply
- They can be used for a variety of different purposes
- The eligibility requirements are simple and non-stringent
- Quick cash loans also encompass payday loans and may be expensive
- They generally don’t offer longer loan terms
- They generally don’t offer large loan amounts
- Apart from using a pawnbroker you are unlikely to find a quick secured loan
- The interest will be higher than encountered with other forms of credit
Do I qualify for a Quick Loan?
As with all other forms of credit the lending requirements will vary from lender to lender but, when it comes to payday loans the eligibility requirements tend to be less stringent and people with bad credit can usually qualify as well. The most common requirement are:
- That the applicant is a resident of New Zealand
- That the applicant has reached the age of 18
- That the applicant is employed or self employed and can demonstrate their income
- That the applicant can provide the following supporting documents: their payslips, bank statements, a photo ID and possible proof of address
Most lenders will also require that you earn above a set threshold so that the loan repayments can be affordable enough.
How to Compare quick loans?
Since you're looking for speed one of the best ways to compare quick loans is by looking at the lenders average loan processing time - while some can do it in under an hour other lenders will take up to 48 hours. We've certainly made an effort to include each lenders average turnaround time within their respective pages to make it easier for you to find the most appropriate for your needs.
Since we've gathered all the lenders that offer fast turnaround times the next thing you may want to consider when comparing fast loans is the interest rates offered. You should look at the daily interest charged by each lender to gain the clearest picture of affordability but, don’t forget to take any fees the lender may have into account.
If you're more worried about how much you'll be able to borrow rather than how much it will cost you than it is the minimum and maximum loan amounts offered that you need to be looking at. Typically you'll be able to get a loan that ranges from $200 to $5,000 without providing any collateral.
Finally when comparing loans you must also account for the short-term loan terms available since you need to ensure that regardless of how much you want to borrow you'll be able to make the monthly installment without hassle.