Nowadays the tendency to resort to fast money loans is increasingly widespread, both to meet unexpected expenses and to make ends meet and for many other reasons. It must be borne in mind that the companies authorized to perform this service are credit and financial institutions, specifically registered in a list maintained and controlled by the Bank of Italy.
It is often more convenient to turn to credit institutions than to financial institutions, for the simple fact that the banks, in fact, already have the supply of money to lend, but the financial institutions do not, since they normally carry out their provisions at the banks.
What are fast loans
This mechanism, due to an extra transfer made by the financial companies, actually has a higher cost than the financing, which affects the consumer. However, it must also be said that this is not always the case, that is sometimes the loan of a financial can be more convenient. So it is a good idea to ask several Institutes for information before signing a financing contract to be sure of choosing the Institute that offers us the most advantageous conditions.
Types of financing
The types of financing, so-called “very fast loans ” are manifold and depend on various factors, which also characterize the cost of the financing itself. For example, they can be personal loans, based essentially on our economic and income characteristics, or loans with specific guarantees that safeguard the Financing Institute in the event that we are no longer able to repay the loan received. Clearly there are other and multiple situations of need, which consequently characterize the type of loan most suited to our real circumstances. Therefore it is desirable to reduce the risks to the maximum, to speak clearly with the Institute to which we refer, so that it can identify the fastest loan most suited to our needs.
If we have other loans in progress or we have specific situations such as that of not having previously repaid loans, or non-ascertainable income, then we must know that perhaps we will probably not be eligible for financing, but that it is better to inform the Institute to which we address, so we give an image of responsibility, which is always welcome to the Lenders, and also the Institute itself could have specific products that are well suited to our needs.
Economic requirements to obtain very fast financing
It is clear that the economic requirements for obtaining fast loans depend on the characteristics of the loan requested, but in general the basic requirements are the following:
- in most cases, an age between eighteen and seventy years (some banks and financial institutions have an offer even for older people),
- a certain and large income for the amount of the installment that will be the basis of our loan,
- residence in the Italian territory,
- be a bank account holder.
The Institute will evaluate the requests for fast loans based on its own risk policies and on the basis of the applicant’s general information, ie those provided by him and demonstrable and those detectable by the detection system, which manages the information at national level, both through the Bank of Italy and through other private companies. This way of analyzing information, preliminary to the release of a loan, is called assessing the “creditworthiness” of an applicant. So if there are the prerequisites for the Financing Institute, ie if the latter has positively assessed the creditworthiness of the applicant, then a fast loan will be granted.
One last thing to know that is not at all irrelevant, is to know and understand the conditions that are proposed to us, which we must carefully examine before signing a contract. In other words, we need to understand how much funding will cost us, which we can evaluate using two parameters that are defined as “TAN” and “APR”, which are the net annual rate and the overall annual effective rate, respectively. Since these are money cost indices, it is clear that the lower they are, the better for us.
So once we have received several quotes, it will be enough to first evaluate these two parameters, which will allow us to understand the fastest loan that will cost us less over time, so the one that will affect our pockets less. The last thing to consider well, instead, is to know the fixed costs that are required of us for the practice of our fast loans, which also in this case will have to be as low as possible and which will be examined by us in comparison with that of all estimates received.
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