With all the talk about quick loans. some people are still somewhat sceptical about them, branding them a hoax or not being sure if they are any better then traditional bank loans.
Due to them being relatively new in the Nigerian climate, some people aren’t entirely sure of the benefits of quick loans, some of which are outlined below:
- They’re Quick: As the name implies, quick loans have the unique selling point of being very quick to attain.
When taking out a traditional bank loan, it often takes weeks to complete, from the initial application to the approval and then to the release of funds. Needless to say, they are a bit of a lengthy process.
They also tend to put loan seekers in a tight situation. If a loan is needed on short notice or is dependant on a strict timeline, a traditional loan might not cut it.
A quick loan, on the other hand, can be completed from application to funds release in less than 48 hours. If you are in need of money in a short period of time, quick loans are your best bet.
- They are structured: When many people need loans in a short period of time, they then to turn to family and friends for help. Alternatively, they approach co-operative societies for loans.
The problem with these is that they lack structure around them. As a result, there is no system in place to protect the borrower or the lender.
In the case of the borrower, the lender may demand the money earlier than previously agreed and this might cause great inconvenience. For the lender, the borrower might refuse to pay the money at the agreed time or try to dodge paying altogether.
By taking a quick loan from a structured organization, you are ensuring that your rights are protected and you will not be required to repay before the agreed time.
- They are less stringent: The process of getting a traditional loan from a bank can be not only time-consuming but daunting as well.
It often involves not only a strict application process but interviews and whatnot.
Quick loans, on the other hand, are less stringent and demanding when it comes to approving loans. Generally, you are more likely to be approved for a quick loan and the more times you successfully repay your loans, the easier the process becomes.
For a lot of individuals, quick loans are a better option for borrowing money than traditional bank loans, and with these benefits, it’s not hard to see why.Connect with us: