Quick Loans vs. Bank Loans: The Real Differences

When consumers are shopping for loans, it’s important that they have all the facts. Not everything is straightforward in borrowing, but it should be, and not everyone understands what the real differences are between bank loans and the quick loans offered by alternative lenders. Our network of experienced and professional lenders offers a unique product, one that you could possibly benefit from, so here are the real differences between what we offer and what the banks offer.

Quick Loans – The Name Says it All

One of the biggest and most important differences between bank loans and quick loans available online is speed. Everything about these loans is faster than bank loans, from finding the application to getting the cash. Applying takes literally a few minutes, as compared to potentially hours at the bank; getting an answer on your application takes less than 90 seconds; and actually getting your hands on the money promised by the lender takes less than 24 hours for most borrowers. Quick loans are truly quick, while bank loans can take days to weeks to get you cash.

Quick Loans Are More Flexible

Bank loans are generally pretty inflexible. Banks have a rigid way of doing things. They may only offer mortgages or car loans, for instance, when you just want a general personal loan. Banks also tend to offer loans only in higher amounts. Quick loans on the other hand will provide you with a loan for any need you have and in amounts from just $200 up to a few thousand dollars.

Quick Loans Are Short-Term Loans

Important for a lot of borrowers is the fact that quick loans are short-term loans. This means you can get the loan, use the cash, and repay it and be free of the debt again in as little time as one week. Some may last longer or you may choose to roll over a loan, but still be debt-free in two to three weeks. Bank loans are usually more long-term, and you can end up hanging on to that debt, making payments and paying for interest, for months or years.

Quick Loans Do Not Require That You Get Stressed out over Borrowing

Maybe this is the most important factor for you: the complete lack of stress involved with borrowing through quick loans. Bank loans require hours or even a day of your time, waiting on approval, possibly getting rejected, waiting for the cash, and then months of repayments to make. Quick loans require very little time commitment from you, and that means a lot less stress. They also only require you to meet a few basic standards to get approved, so rejection is not common. In fact, approval rates are very high. Finally, you don’t have to wait long, stressing over expenses, to get the cash you need. You can have it by the next business morning. Now, with the facts in hand, you’re ready to choose between bank loans and quick loans.

Quick Loans vs. Bank Loans: The Real Differences By Heather Wilson - 5/9/17