What are the online loans immediate response?

In the first place, the online loans immediate response refer to your online processing: you will not need to go to a physical office to make the request or to collect your money, not even to return the credit, because you can do it by bank transfer or credit card. debit. However, in this last case we give you the possibility to pay in cash, if this is more convenient for you.

Second, online loans with immediate response also refer to the immediacy with which we will answer your request. Thanks to our software based on big data, machine learning and artificial intelligence, Term is able to process your request automatically, assessing at the moment whether or not you meet the requirements to receive the credit.

All this has a clear advantage: speed. In just a few minutes, you will have completed all the steps, unlike traditional loans that require days or weeks for analysis. The money transfer will also be immediate once we accept your request. However, depending on the day, the time and the bank in which you have the account, the collection time of this amount may vary.

How long do the loans take online, immediate response?

How long do the credits take online, immediate response?

From the moment we have approved the request and until the moment we receive the credit can take between a few minutes and multiple days. The time we are going to take from the moment the lender approves our request and we sign the contract until the moment we have the money in our account can change according to the next 2 factors:

Entities and the consumer

One aspect in which it is essential to look at the time of requesting financing if we need urgent money is in the entity with which the lender operates.

If it is not exactly the same as the one in which we have the account in which we will receive the credit, we will take more time (up to a couple of working days) in which the transfer is made and be able to use the amount that we have requested.

If we share a bank, we only have to wait a few minutes.

The instant in which the transfer is made

While the lender and the consumer share entity this does not mean that the money is sent immediately. If we ask for financing on Fridays or holidays, we may have to wait longer than we thought about having the money in our account. Two days is the time that has been frequent.

Consequently, it is an aspect to take into consideration if we need funding to solve an unforeseeable emergency. If we choose the lender well and we are careful with the moment in which we ask for financing, it is possible to achieve online credit immediately. This aspect should be taken into account in particular if we need to solve an incident quickly and we can not wait multiple days to have the money in our account.

How the forms are examined to give an immediate answer to your need for money. When we ask for loans online, the first thing we have to do is fill out the form that we will find on the lender’s website. When the entity receives it, it must examine it to decide if it grants us or not the financing that we need. However, the process is much more difficult than it may seem at first.

This analysis is done from the use of algorithms that are responsible for deciphering each and every one of the data that we have included in the form.

Therefore, depending on the information we have provided, the lender will understand that we have a certain financial profile according to the relationship between our expenses and also income and will decide whether to lend us or not the money we need.

Five key concepts in online loans for immediate response

Five key concepts in online loans for immediate response

In addition, as in any financing product, it is essential to have clear concepts before deciding to request urgent money:

  1. Interest : although they may seem simpler than traditional loans because their processing is faster, it is a financing product and as such, it has a price, that is, an interest. At this point, you should look at the Annual Equivalent Rate (APR) -that the effective interest you will pay, since it includes the Nominal Interest Rate (NIT), the commissions and the amortization period- or in the “fees” or ” associated costs “in the case of mini-loans. Only then can you be sure of what you will pay for the money borrowed.
  2. Maximum amount : this is the maximum amount of money offered by the online loans, immediate response. This will vary from one entity to another, so you should look for one that offers an amount that suits your needs.
  3. Repayment period: this is the period of time you will have to return the loan plus interest, as agreed with the lender.
  4. Commissions : although the usual thing is that the immediate response online loans do not apply opening commission, you should not ignore the commissions, check if the entity will apply any, if so, this will increase the cost of the credit.
  5. Interest in delay : this point deserves special attention, given that entities that offer urgent money often apply high interest rates to applicants who do not return the amount borrowed within the established time. Do not forget to read the fine print to be sure of how much they will charge you in case you delay in paying off the debt.