Frequently Asked Questions and Answers
Do you issue loans yourself?
No, we do not issue loans. We are an aggregator of fast and small loans, which means that we collect information about the various financial firms that provide such loans. The issuance of the loans themselves is carried out by these financial firms, which have the appropriate licenses and rights to provide credit services.
How many financial lending firms are in your database?
Our database currently contains 12 financial firms that provide loans. We constantly update and expand our database in order to offer our clients a wide range of options for obtaining a loan.
Can I get a loan in cash instead of bank transfer?
Yes, some financial firms that provide fast and small loans have the option to get a loan in cash instead of bank transfer. However, the availability of this option may vary depending on the particular financial company and its policies. When applying for a loan, refer to the terms and conditions of the firm to find out if a cash loan option is available.
Will I definitely get a loan?
The final decision to grant a loan is made by each financial company individually based on their own mechanism for evaluating and approving loan applications. This process is strictly confidential. A borrower's credit score is determined based on a variety of factors, including age, gender, income level, marital status, credit history, and even factors such as zodiac sign or behavioral characteristics when filling out a loan application. The final decision will depend on these factors and the internal criteria of each lending firm.
What is the difference between fast, small and consumer loans?
Quick loans differ from small and consumer loans mainly in terms and amounts. Usually quick loans are provided for a short period and for a small amount. They are often used to cover unexpected expenses or a temporary financial gap. On the other hand, small and consumer loans are actually the same type of loan. They may be provided for specific purposes, such as buying appliances or financing repairs to an apartment. Small and personal loans tend to have higher amounts and longer repayment periods than fast loans.
Can a client count on successful approval of an application if he has just recently turned 18 years old?
Yes, a client who has just turned 18 years of age can count on a successful approval of a loan application. While some financial institutions may set a minimum age of 21, many lending companies provide loans to customers over the age of 18. However, it should be noted that the upper age limit in rare cases may be limited, and it cannot be less than 70 years in accordance with the regulations of the European Union. It is important to read the specific conditions and offers of each loan company to find out their requirements for the age of the borrower.
How can I get a quick or small loan if there are violations of payment discipline?
If there are violations of payment discipline, the possibility of obtaining a quick or small loan will depend on the policy of a particular financial institution. In some cases, if the client has violations in the credit history, he may be denied a loan. However, in order to increase their chances of obtaining a loan, the client can provide the company with collateral as security for obligations. The collateral can serve as an additional guarantee for the financial institution and help convince it of the return of funds. All decisions on issuing a loan in the presence of violations of payment discipline are made individually by each financial company in accordance with their policy and risk assessment.
Is a fast loan really fast, or is it just a fancy name?
Yes, a quick loan is really fast in terms of issuing the required amount of money. The process of processing an application and transferring funds can be very fast and take only a few hours. In some cases, money can be transferred to the borrower's account within one hour after the approval of the application.
However, it should be noted that even in the case of a quick loan, each client is required to undergo an identification procedure. This may include providing the required documents and verifying the borrower's personal details. The identification process may take some time, but is usually done for security and financial compliance purposes.
Thus, a quick loan promises prompt disbursement of funds, but the time required for the identification procedure should be taken into account when planning a loan.
How big is the risk when applying for fast or small loans?
When applying for a quick or small loan, the risk for the client does not exceed the usual risks associated with any other type of loan. However, it should be noted that the main difference lies in the speed of processing and the prompt issuance of a loan.
Lithuanian legislation and European Union regulations strictly regulate the lending activities of all lending companies. This ensures that financial institutions comply with certain standards and requirements, which contributes to providing an adequate level of security for borrowers.
However, as with any loan, the client should carefully read the terms of the loan agreement and the repayment schedule, and strictly observe them. Regular and timely repayment of the loan will help to avoid problems and negative consequences, such as fines, penalties or a negative record in the credit history.
In general, the risk when applying for a quick or small loan is not more significant compared to other types of loans, provided that the borrower fulfills obligations in good faith and in a timely manner.
What is the reason for high interest rates on loans?
High lending rates can have several reasons:
- Risk: Fast and small loans are usually provided without collateral and have a short repayment period. This increases the risk for the lender, since he does not have a guarantee of repayment of the loan in case of non-payment by the borrower. A high rate helps offset this risk and provides financial protection to the lender.
- High transaction costs: Fast and small loan companies may have high transaction costs associated with processing and evaluating loan applications, credit checks and other procedures. These costs may be reflected in higher interest rates.
- Competition and Demand: If demand for fast and small loans is high and competition among lenders is intense, rates may be raised. Strong demand allows lenders to charge higher rates as borrowers are willing to pay for access to term finance.
It is important to note that loan rates may vary depending on the particular financial institution, market conditions and the borrower's credit profile. The client can always compare the conditions of various loan offers and choose the most suitable option for himself.
For what period can I get fast and small loans?
You correctly noted that the terms for processing fast and small loans may vary depending on the financial institution and the conditions of a particular loan offer. Typically, these loans have short repayment periods as they are designed to address temporary financial needs.
In the case of fast loans, terms can be from several days to several months. This is usually due to the fact that clients are looking for an urgent financial solution and require fast funds.
Small and personal loans tend to have longer repayment periods. Depending on the terms and amount of the loan, terms can vary from several months to several years. For example, it could be 6, 12, 24, 36, 48, or 60 months.
In any case, it is recommended that you familiarize yourself with the terms of specific loan offers and contact financial institutions in order to obtain detailed information on the terms and possible options for repaying the loan.
Why is personal identification needed?
Personal identification is an important procedure for financial institutions and credit companies, and it is performed for several reasons:
- Security: Identification allows you to make sure that the client applying for a loan is a real person, and not a fictitious person or an attacker trying to commit fraud. This helps to protect both the company itself and customers from possible financial crimes.
- Compliance with Laws: Credit companies are required to comply with various legal requirements, including anti-money laundering and combating the financing of terrorism. Identification allows you to verify the identity of the client and confirm its legality.
- Eligibility of a loan: Identification helps the credit company to make sure that the client has the right to enter into financial transactions and receive loans. This includes checking age, citizenship or residency status, and other factors that may affect the legitimacy of a loan transaction.
- Regulatory Compliance: Financial institutions are generally subject to regulatory requirements set by regulators and supervisors. Personal identification is one of the requirements that they must fulfill in order to be in compliance with the rules and provide services within the framework of the law.
In general, personal identification not only ensures security and compliance with the law, but also helps to create trust between the credit company and the client, as well as protect the interests of all parties involved in the financial transaction.
Is it possible to receive money on a holiday or weekend?
Yes, it is possible to receive money on a holiday or weekend, but this may depend on the particular credit company and the bank through which the funds are transferred. Many financial institutions now offer weekend and holiday services to provide more flexible access to financial services for customers.
However, it is worth noting that the ability to receive money on the same day may depend on several factors, including the time of application, the time it is considered and processed, as well as banking processes for transferring funds. If the consideration of the application and the transfer of funds can be completed promptly, then there is a chance to receive money during the weekend or holiday.
For more accurate information and to find out the possibilities for receiving funds on holidays or weekends, it is recommended that you contact the particular loan company directly or do additional research on their websites or by talking to their customer support team.
What are the main differences between fast and small loans from ordinary ones?
The main differences between fast and small loans from regular loans are as follows:
- No collateral required: Fast and small loans are usually provided without requiring any collateral or collateral. This means that clients do not need to provide valuables such as real estate, a car or other assets as a guarantee of loan repayment. Instead, the decision to grant a loan is made based on other factors such as the client's credit history and income.
- Flexibility: Fast and small loans usually offer customers more flexibility in choosing the amount and term of the loan. Clients can choose the amount of money they need and determine the repayment period that suits their financial capabilities and needs.
- Efficiency of obtaining: Registration of quick and small loans is carried out promptly and quickly. Clients can apply for a loan online or by phone, and the decision to grant a loan is usually made within a short time. After the loan is approved, the funds can be transferred to the client's account within a few hours or days.
- Short term: Fast and small loans are usually granted for a short term, usually a few months or a year. This is different from conventional credit, which may be for longer periods, such as several years or even decades.
In general, fast and small loans provide customers with the convenience and speed of obtaining small amounts of money without the need for collateral and with flexible repayment terms.