How to compare different online quick loans

As the supply of fast online loans and payday loans grows, the more difficult it becomes to make the right decision.

The good thing about having many alternatives is that you can find a product that suits your needs. The downside is that you will have to do a bit of research to compare which one is the most convenient.

The rise of personal loans and quick online credits is changing the way you can manage your finances.

Now the traditional banks must compete with private finance companies, fintechs and other credit businesses in order not to let escape those customers that have cost them so much time and money.

Now, before applying for them, you must have some clear priorities in order not to make a mistake. Since guiding you is a fundamental part of our work as experts, let's review together how to proceed.

Criteria for comparing quick online loans

Online financing has become a basic tool to obtain cash in a short time and without too much paperwork. If you are thinking of applying for an urgent online loan, you need to analyze your options.

LendYou

  • Loan amount: between $ 100 and $ 35,000
  • Term: entre 7 days y 12 months
  • Extra:Interest rate between 6.63% and 485% APR
    Address: 1125 E. Broadway #545, Glendale, CA 9120

Buddy Loan

  • Loan amount: between $ 200 and $ 50,000
  • Term: entre 15 days y 120 months
  • Extra:Quick online loans up to $50,000

MrFinan

  • Loan amount: between $ 500 and $ 50,000
  • Term: entre 15 days y 120 months
  • Extra:Fast loans up to $50,000 for whatever you want.
    Interest rates from 6% to 439% APR
    Finansi Group SL - Calle de las Barcas 2 Piso 2, 46002, Valencia

CashUSA.com

  • Loan amount: between $ 500 and $ 10,000
  • Term: entre 3 y 1728 months
  • Extra:Fast online loans even with bad credit.
    Interest rates between 5.99% and 35.99% APR
    3315 E Russel Rd Ste A-4 Box #105, Las Vegas, NV 89120

Bad Credit Loans

  • Loan amount: between $ 500 and $ 10,000
  • Term: entre 3 y 36 months
  • Extra:Interest rates between 5.99% and 35.99% APR
    Address: Chief LLC, 2661 N Pearl St #431 - Tacoma, WA 98407

All the information you gather is key to compare, avoid haste and get the most convenient alternative. Based on a comparative evaluation, we suggest you start with:

Establish the purpose of the quick credit.

If you still do not know for sure what you want the money for, you need to ask yourself what the purpose of the loan will be. This is simply to determine the amount needed, the most favorable conditions and the reason.

Going on vacation, renovating the house, consolidating debts or a medical emergency require a particular approach. With this in mind, you can start gathering information about the specific category of your financing.

To do this, you can use a quick loan comparator such as the Busconómico one, visit the websites of banks and financial institutions or go to external advice if you consider it the most convenient.

Analyze the APR instead of the interest

Quick loansMore out of ignorance than anything else, many people omit relevant information to make a better decision. The Nominal Interest Rate tells you what you have to pay each year according to the amount granted, but it is only half the story.

You have to go further to find out what will really work for you. That means knowing the Annual Percentage Rate (APR), which includes the fees and expenses related to the loan.

When comparing, this essential piece of information can change your perspective on one option or another. With this value you can decipher what you really have to pay and if the amount falls within your criteria.

Consider the amortization period

Time is an unavoidable factor when it comes to financing. So you can find short terms with high interest for less money or longer terms with lower APRs and more principal. In some cases, especially if you are a new customer, you may be able to get a small amount, but no interest.

The consideration of time should be subject to your ability to pay, how long you want to pay back the money and how much urgency you have. We remind you that the ideal is to pay it back as soon as possible in order to pay the least amount of interest.

However, be aware of fees for partial or full advances, as you may be charged a compensation penalty.

Evaluate the reliability of the lender

Even if we have faith in traditional banks, they are just starting to consider quick loans. Fintechs and online lenders are monopolizing this market due to their flexible conditions, degree of transparency and possibility of negotiation regarding the repayment dynamics.

Within the comparison, it is important to analyze that the information offered by these companies does not have hidden clauses, small print or advances.

Just as there are many initiatives that seek to help you, there are also others that want to rip you off. Find out their reputation, what people say and the real testimonials of friends or acquaintances (if there are any).

Check the number of requirements

Unlike conventional financing, fast online loans have very few requirements. This gives you the opportunity to borrow money even with a negative credit history (bad credit loans) and without the need for collateral or a paycheck.

Most of the time you will be required to prove that you have a steady income or put up collateral (house, car, savings). Generally, you need to be of legal age, with U.S. ID, a bank account, a cell phone and an email address in your name.

There is not much mystery regarding these alternatives and filling out the application will take less than 10 minutes. The companies or websites that offer these services are very similar, so it is important to make the appropriate distinctions.

The advantage of using the Busconómico comparator

The Busconómico portal has been designed so that people have access to relevant information about different financial products. In our comparator you can evaluate hundreds of services related to financing and savings.

If it is an urgent loan, you get a list of the best options on the market. In addition to online quick loans, you have the opportunity to compare credit cards, mortgages, bank accounts and personal loans.

Everything is in one place so you don't have to waste time browsing aimlessly. In addition, we include a blog with current news, articles on economic issues and tips and advice on how to improve your personal finances and get the most out of banking products.

Fast online loans can be an excellent financial resource when you use them with discretion and know their advantages. We advise you to compare the key elements we have mentioned and study the possibilities calmly. If you need help or expert advice, do not hesitate to contact us.

Español: Cómo comparar entre distintos préstamos rápidos en línea