Quick loans are unsecured loans offered by lenders with a turnaround time of 60 minutes to 1 business day. Loan amounts for quick loans range from $100 up to $5,000 for some lenders. The loan term generally depends on the total amount but loans below $2,000 may be paid over 16 days to one year, while loans up to $5,000 may be paid over 2-5 years. You can use a quick loan for a range of purposes, including (but not limited to): car maintenance, utility bills, medical expenses, education or training courses.
Depending on the lender, your application might be accepted in minutes. Some lenders also offer money within a few hours or the same working day. These loans are defined by small loan amounts, short loan periods, and high fees.
The following are the product features of quick loans:
- Quick turnaround time:
Quick cash loans often have a turnaround time and fund release period of 60 minutes to one business day depending on the lender and on the time of application of the borrower.
- Smaller loan amount:
Loan amounts typically range from $100 to $5,000 depending on the limit set by the lender.
- Shorter loan term:
Depending on the lender and the amount taken, the loan term ranges from 16 days to 60 months.