Quick loans are considered to be the most expensive type of consumer loan, so the interest rate on its repay is much higher than all other types of loans. Thus, the bank reduces the risk of loss of sums of money, because the borrower's ability to pay is checked quickly and superficially.
Maturities of express loans are minimal and offered loan amount, compared to other forms of loans, are relatively small (up to $3000).
A lot of people are wonder, whether it is profitable to take quick cash loan. Let’s see.
If you need the money "this day", then an express loan could be considered the most suitable for the borrower. Better to take such loans for a period of few months, not more, otherwise, purchased goods or services may be more expensive than its nominal value by 70-80% with the interest on a monthly loan repayments. For the borrower will be economically advantageous, given the ever-growing inflation, the overpayment on the loan not more than 10% - 30%.
If you need a large sum of money for the loan, the deadline for its receipt is not quick and you're counting on a long stretch of time for redemption, it will be much more profitable to think everything over and to prepare an additional package of documents, proving your ability to pay. At the same time you will get the best loan terms. When buying furniture or appliances on credit, you should find the point of sale, where the product is discounted, thus, you will be able to cover the cost of your loan repayment.
Each of the borrowers decides for himself what kind of loan is more advantageous in certain situation. But do not forget that for many banks, express loans are the main source of income for successful existence!