Every financial institution claims of their loan as fast financial assistance to the needy customer. But have you ever given a thought on the time required to avail a loan. Most of the loans available in the financial market will take at least a period of two weeks to get sanctioned, which in certain cases is a long period. For example; related to an accident case, when the customer approaches a financial institution for a loan, and if he is informed that a loan will be approved in two weeks time, it would be hell like situation. Here the customer will be urgently in need of financial assistance, and only quick loans can help him.
Most of the loan lenders have an option of providing financial assistance within two days, but at a higher rate of interest. Here, the customer had to just fill and submit the documents, whereby monetary support will be granted in two days. It is a blessing to many, who find it hard to wait for two weeks.
Is It Beneficial?
From the outer side, if we look at it, it may seem to be a good option. But a more careful study will make us realise that there exists such a heavy rate of interest that it will make our life miserable. For example, if a customer avails same amount as quick loan and as a secured loan, there will exist a heavy difference in both the interest amount and the total amount to be paid. So it can't be ever said that loans thus available at a fast space are much beneficial.
Always, the options depend upon the need. If the need is more important than the finance, there is nothing wrong in going for quick loan, but if the customer feels that spending too much as interest is a sort of extravaganza, it would be better on his part not to opt for this type of financial assistance.
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