Look at our quick low interest personal loans
If you are looking for an online loan, you have probably come across the term quick loan. PurplePayday can help if you’re in a rush.
A quick loan is a small amount of money, which is typically between DKK 1,000 and DKK 10,000, which is paid out in a very short time.
The quick loan will normally be repaid within 1 – 3 months, after which you will be debt free again.
This loan form can, therefore, be identified as a small and rapid consumer loan, often offered at a higher interest rate due to the low amount of money and the short repayment period.
Just like a regular consumer loan, you must neither provide security for your quick loan nor state the reasons for your loan request.
The loan is repaid via a monthly amount that you and the lender have agreed in advance in the loan agreement.
REMEMBER that interest and fees are usually charged when you take a loan. This means that you ultimately have to pay back more than the amount you borrowed.
However, if you only want to borrow a small amount of DKK 5,000, you can also quickly repay the loan, whereby you only pay the loan costs over a short period of time.
You borrow DKK 10,000 over 3 years at an APR of 15.89%, which means that the credit costs (the price of your loan) will run up to DKK 2,637.
The concept of quick loans is one of many terms for a small loan amount.
Looking for a small amount that you can get paid quickly, quick loans can be an obvious option.
However, please note that quick loans are usually a more expensive loan compared to other types of loans.
You, therefore, want to consider all your loan options before deciding on a quick loan. A common consumer loan can in many cases be an advantageous alternative to the relatively expensive quick loan.
Get an overview of your loan options
Here at Wake, it does not take long for you to get an overview of the loan offers.
Wake banks help you get an overview of the loans you can apply for.
Therefore, you do not need to visit each loan provider to examine their requirements, costs, and benefits that they can offer you.
All you have to do is fill in some information about yourself, including:
- How much you want to borrow
- Whether you are a homeowner or not
- Whether you have a permanent job or some form of fixed income
- What your monthly circular revenue is
- Personal information, eg your name, address etc.
Then I will show you a customized overview of the best loans for you, which you can quickly compare across factors such as loan amount, interest, payout and maturity.
From the list, you can freely choose the loan provider that can give you the most advantageous loan agreement.
Quick loans – pay attention to interest rates
When you borrow a small amount, the maturity is often shorter, and thus you become faster debt free.
It also means that you do not pay interest on the loan for a very long time.
In order for the loan providers to make money despite a short maturity, a small amount of money is often offered with higher interest rates than a loan amount of over DKK 10,000.
You must, therefore, pay particular attention to the creation fee and the APR (Annual Cost Percentage) of the loan you are applying for.
Competition OPEN is the total price for your loan. By calculating the APR, you can quickly find out how much it costs for you to borrow money (source: The Danish Competition and Consumer Agency )
If YOU are high, you will have to pay high-interest rates and fees for your loan. If it is low, you will not pay much for your loan. A larger consumer loan is therefore often offered at a lower interest rate than a quick loan.
Most loan providers determine interest rates and APRs based on their credit rating of you. You can thus first see the final interest rate for your loan when you get a personal loan agreement sent by the lender.
If you cannot agree to the terms of the loan, which are stated in the contract, you should simply not sign the agreement.
You first bind yourself when you sign the loan agreement and send it back to the loan provider.
It also means that you can easily apply more places at the same time. If you get more loan offers, you are free to choose which loan you want. The others you can just ignore.
How to get a cheaper quick loan
Have you already tried to apply for a loan, but have had to refuse the loan offer, as the interest rate has been too high?
However, there is no reason to believe that you will never get a low-interest rate loan.
I have here 3 simple suggestions for you who would like to strengthen your credit rating:
1. Apply with another
Although you do not usually mix money and privacy together, it can actually be a great idea to apply with another person. When you are two to borrow a sum of money, your credit rating will in most cases be significantly improved.
Of course, for you to borrow money together, your partner must also meet the requirements set by the provider.
2. See if you can save on your overheads
Do you have a membership that you don’t get used to or can you get your insurance cheaper elsewhere?
Review your monthly expenses and explore the opportunities to save more money.
According to the Consumer Council Think, it can pay to save on an ongoing basis so that you are protected against the surprising budget items that can suddenly occur.
3. Do you have a loan that is soon repaid?
If you already have a loan that you have settled in a few months, it may be a good idea to wait to borrow again.
The fewer fixed costs you have, the greater your availability is, and the better your credit rating will be.
If you want to find the best loan for you, simply create a free user at Wake Banks.
This gives you access to your very own list of loan offers, based on your stated circumstances.
Do you need extra financial freedom in your everyday life, but have difficulty finding your way around the loan market today?
Then you are far from the only one.
Especially when it comes to quick loans, there can be a lot of doubt when you have to make the final choice.
For how do you know if the loan will benefit you and not just hurt your finances?
We have developed Wake Banks for you who need help navigating the loan market.