Ask for a loan and get it the same day, in a matter of hours or minutes, it is possible. In different Latin American countries there are fast loans, microcredits, immediate loans, among other names, and Colombia is no exception. Basically, this financial product allows people to access the amount of money they need in much less time than traditional financial institutions, and with fewer requirements than in most cases.
These quick loans are requested to be paid in a short term, which can go from 7 days to 30, or in some cases, 90 days, that is, three months. But perhaps what catches the attention of the applicants is that, again, unlike traditional entities, credit history does not seem to play a decisive role.
When applying for a classic loan, it is common for past financial behavior to influence credit approval, while, with these microcredits, it does not matter if it has been reported or if you did not pay your previous debts. For many, this is the main reason why they apply for this type of credit, since they will be able to access the financing they need.
So far it seems a dream come true, right? But as with everything, it is necessary to take precautions. These loans have many things in favor, but you should also be aware that the interest rate is usually higher than in traditional loans, that is, with known banks and financiers. Why? They are lending to whom no one else wants to lend and they do it quickly, so high interest rates are a way to cover the risk.
When to request them?
So what should you do about these credits? Make them your best friends or get away from them? Actually, it depends on the situation. It is possible to identify three moments when requesting them is recommended.
If you have an emergency
No one can prevent an emergency. If a family member suffers an accident, if a sudden illness appears, etc., these emergencies put us in trouble if we do not have savings to solve them and we need to react in the shortest possible time. Here, applying for a quick loan is an interesting and convenient option, since you will have access to the money in a short time and you will be able to get what you need in the indicated term to return it.
If there is any expense you cannot expect
There are some expenses that appear and must be solved at that time. It may not be an emergency, but something that cannot be expected, such as an arrangement at home, or if a work instrument is damaged, among other cases. Again, the time factor plays an important role, so these loans can get you out of trouble.
If something escaped your budget
The memory can fail anyone, and if there is any payment you forgot to put in the monthly budget and when the time comes you see that you do not have the necessary money and the expiration date is on your heels, again it is a situation that Microcredits can help solve.
In either case, you should keep in mind that the money to request cannot be very large amounts, since it is a characteristic of these credits; In addition, you must be sure that you can meet the established deadline, because if you do not, you will not only be paying an interest rate that is already high in itself, but also the late fees and late fees.
And why not use it in any other case?
Basically, because in any other circumstance you would have the time to wait for the regular request at a bank or financial institution that offers you more comfortable interest rates and more benefits, so you would pay less for that money. A free investment loan could help you meet that need, but if you need to get the money instantly because it is one of the situations mentioned above, that is where the possibility of a quick loan opens up.
Finally, another point that cannot be ignored is that, for the ease with which these loans can be requested, there are people who become dependent on them, and use them monthly to complete their budgets, pay one after another, etc. This is definitely not recommended. It should be clear that these loans are an instrument that will help if you need it and have no other option, since its cost is high.