Urgent online loan: How to choose the best in 2021?
If you are in financial trouble and, after evaluating all the options, have decided that your only way out is to borrow money as soon as possible, this article is for you. We will now deal with the urgent online loan.
The urgent online loan allows you to borrow money in a matter of hours or a few days. But, precisely for this reason, it is one of the most expensive modalities. Therefore, in this article we will show you how to choose the best urgent loan online.
First, the most important
- The entire process for applying for the urgent online loan is done over the internet and is therefore less bureaucratic.
- But to borrow money quickly you have to take into account the high interest rates and other charges made by financial institutions.
- We will explain what you should evaluate to choose the best urgent online loan.
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Best Urgent Online Loans: Our Recommendations
- The most diversified loan option
- The fastest urgent online loan
- The option for high value loans
Hiring Guide: All About Urgent Online Loan
If you have decided that you are going to apply for a loan, you should already know that it is a debt and that, if you do not choose the plan well, you may end up over-committing your budget.
The situation can be even more risky if you need an urgent loan. So, to answer your questions about this type of personal credit, we created this Hiring Guide.
How does an urgent online loan work?
The online loan is a type of loan that differs basically by being made over the internet, without the need for you to go to a bank branch, for example.
Thus, you access the website or application of the bank or financial institution, fill in the necessary data, perform a simulation and apply for the loan.
If approved, you will be notified virtually and just wait for the money to be released, which will fall into your account. In return, you will have to pay the loan back to the company. And, of course, there are costs for that.
In addition, in general, an online loan can take between 48 hours and a few weeks to be released.
But if you need an urgent loan that will be released in a few hours, the costs can be even higher. For this, there are some financial institutions that offer urgent online loans.
And, although the charges vary from institution to institution, the way to contract an urgent loan over the internet has basic steps. To do so, you must:
- Enter the financial institution’s website or app;
- Make urgent online loan simulation ;
- Choose the best payment terms ;
- Enter your information ;
- Send documentation ;
- Wait for the credit analysis .
Does it take time to approve the urgent online loan?
As we have seen, in the case of urgent online loans, although the process is faster and less bureaucratic, there is still the dreaded stage of credit analysis.
It is during the credit analysis that the financial institution will assess its ability to pay the debt and pay back the loan.
That is, it is during the credit analysis that you learn whether your urgent loan application has been approved or not.
Did you know that the incompatibility of your monthly income with the requested amount can result in the loan being refused?
You need to prove that you will be able to repay the loan without compromising your budget too much.
In addition, the financial institution also analyzes its profile as a good payer to define the conditions of the urgent online loan, such as payment terms and interest rates.
But, even though it is a complex assessment, in the case of urgent online loans, credit analysis usually lasts between a few minutes and 24 hours.
How soon will I receive the urgent loan?
If your urgent online loan application is approved, you must consider that there is still a deadline for money to fall into your account.
As we have seen, this term is usually faster in this type of personal credit. In general, the release of the urgent money borrowed takes between a few hours and up to two days.
Urgent online loan: What documents are needed?
In order for the urgent online personal loan application to be approved, most companies usually request some documents that prove their ability to pay the debt.
And, although the selection of documents may vary between one financial institution and another, there are some common to most. Look:
- Official document with photo : ID card, ID card (OAB, CRM, etc.), National Driver’s License, passport and work card;
- CPF ;
- Proof of income : pay stub, paycheck, bank statement, work card, income tax return;
- Proof of residence : Water bills, electricity, telephone, or rental agreement with a notarized signature, statements sent by the INSS, credit card invoice, bill of health and condominium charges, among others.
What fees are charged for urgent online loans?
Each financial institution charges varying fees and fees when granting the urgent loan online.
Therefore, when considering borrowing a certain amount of money, it is necessary to take into account that you will pay a much larger amount due to the fees that are charged.
In general, institutions and banks that lend money usually charge the following fees:
- Interest ;
- IOF (Tax on Financial Operations)
- Insurance ;
- Rates registration.
Is there an urgent online loan for negative?
If you are negative you know that you will find it difficult to borrow money or credit. After all, being negative means that you have a debt in arrears at a store or financial institution.
Because of this, banks consider that you are not a good payer and that, therefore, they are more likely to not bear the debt acquired with a loan.
Therefore, in general, banks do not grant loans to negative customers. But nowadays, there are some companies that provide urgent online loans to those with a dirty name in the square.
In that case, the conditions for approving the loan are even stricter. In general, to get an urgent online loan for negative you will need to pay much higher interest rates.
Another option for those who are in need of an urgent online loan is to opt for the payroll loan, in which an asset, such as a property, can be placed as a guarantee that you will pay for the debt acquired.
Where to apply for an urgent online loan?
You can apply for an urgent loan from financial institutions or fintechs that grant personal credit over the internet.
Banks can also borrow urgent money, but in this case, you must be an account holder and have a pre-approved credit limit.
But if that is not your case, it is important to do good research to choose the best financial institution.
The most important thing is that it is a company with a good reputation.
The most important thing is that it is a company with a good reputation among customers and a reputation in the market.
To do so, perform a search on the internet, on consumer complaint sites and on social networks.
You can also check if the company has an official website, with an address that must start with ‘https’ and without grammatical errors.
What care should I take with the urgent online loan?
In addition to making sure you are in debt with a trusted company, you need to take some precautions when taking an urgent loan online.
Check out some expert tips:
- Be wary of loan offers that dispense with credit analysis ;
- Avoid offers that reach you via WhatsApp messages ;
- Never make advance deposits with the promise of having the loan released. The collection of this type of tariff is prohibited by the Central Bank.
What are the pros and cons of urgent online loan?
If you have come this far, you have understood that urgent online lending has both advantages and disadvantages.
The main advantage of applying for a loan online is, in fact, the convenience of being able to carry out the entire process virtually, from registering to sending documents.
In addition, in urgent online lending, credit analysis, approval and release of money usually takes place more quickly than usual.
On the other hand, there are also disadvantages. The main downside of an urgent online loan is common to all types of loans: It is an interest-bearing debt.
And, in the case of an urgent loan, this debt is usually even more expensive since, in general, the fees and charges charged are usually quite high.
In addition, because it is online, this type of loan ends up being more risky. If you are not careful and choose a reputable financial institution, you may fall into a scam.
The most common scam is one that requires an advance deposit from the client in order for the loan to be released. As we have seen, this is a practice prohibited by the BC.
To summarize, we have created a table that shows the main advantages and disadvantages of urgent online loan. Look:
Hiring Criteria: How to Compare Urgent Online Loans
Okay, now that you understand how urgent online loan works, the time has come to take action and hire the best option for you.
To that end, we suggest that you review the following criteria:
- Value and terms
Below we will explain how to evaluate each of these topics.
The first step when applying for an urgent loan online is to run several simulations at different companies. With that, you will be able to compare which are the best plans and choose the one that really fits your budget.
The loan simulation can be done on the official website of financial institutions and banks. In some cases, it is also possible to do the simulation in the applications.
Next, you should take into consideration the CET, which is the Total Effective Cost of the urgent online loan.
The CET shows all fees and charges that will be charged for the urgent loan, including interest rates, taxes, administrative fees and charges. So, the lower the CET, the less you will pay in the end for your urgent personal loan.
Value and terms
Another criterion that you must analyze before signing a contract for an urgent online loan is the amount of the installment that you will pay monthly to pay off the debt.
The most recommended is not to commit more than 30% of your monthly income to the benefits.
Together with the value of the installment, take into account the term to pay off the debt, which can vary between 3 months and 48 months.
Also note the total amount of the urgent online loan. You will find institutions that lend between R $ 500 and R $ 35 thousand.
But some companies limit this amount and lend a maximum of R $ 3,500 in the case of urgent loans.
Finally, read the contract carefully, especially if it has those fine print. This is a precautionary measure to prevent you from having unwanted surprises when paying off debt. After all, in general, it is in the fine print that are some of the most important information.
The application for an urgent online loan is made over the internet and, therefore, is more practical and less bureaucratic. However, fees and tariffs tend to be more expensive due to the urgency of releasing money.
So, before signing an urgent loan contract, run simulations, assess the institution’s reputation and choose the lowest rates and interest.