There are a number of different players in the market that offer this type of loan in the current situation and this benefits the customer as the competition forces better and better conditions. You can also easily customize your quick loan for exactly what you need.
Where does instant loan with E-Money come from?
Fast-forwarding with text messaging is not something new, everyone is aware of, but it started much earlier than many people think. The phenomenon itself goes back to 19th-century America where there was something called “payday loan”.
The idea was that without having to open a bank account, at that time it was difficult for many to take a smaller loan, which was then repaid when you received their salary at the end of the month, hence the name. In America, these types of loans grew big already in the late 1990s, while in Sweden they only started to appear in 2006.
Initially, this loan was taken just as it sounds by sending a text message. The loan amount was also greatly reduced and no more than USD 3,000. Furthermore, the repayment period was short and usually not more than 30 days.
However, fast loans with E-Money grew and other types of similar loans emerged in the market such as fast loans and micro loans etc. Although it is still called a fast loan with E-Money or E-Money loans for short, E-Money today are usually not used by E-Money to apply for their loan without that process has evolved into something more complex but also better and still just as fast.
What is a quick loan with E-Money today?
A fast loan with E-Money is largely done via the internet nowadays. There are some lenders where you can send a E-Money to get a quick loan with E-Money on a smaller amount and a short repayment period but then you generally already have to be a customer for the lender before. The fact that the law now says that a lender must follow good credit practice means that there must be a credit report on all loans granted.
Therefore, there must be a registration of you as a person first. There are still opportunities to take a quick loan with E-Money without any registration but then the lender is in a gray zone which can be dangerous for you as a borrower when you have very little or no protection at all if something goes wrong.
The fact that you now have to sign up for a quick loan with E-Money and the opportunity to search for various conditions in the market has made it much easier for you as a borrower to take advantage of the competition and be sure exactly how much you need to pay each month and other important terms.
How do I apply for a quick loan with E-Money?
Applying for a quick loan with E-Money today is not at all difficult. You only need to register with the lender that you consider gives you the best conditions for the situation you are in. This can vary depending on how much the monthly cost is or how long you want to pay. However, a quick loan with E-Money is always in itself with a short repayment period and low loan amounts. You usually verify yourself by using BankID or some other e-identification.
When all this is done and you get the loan granted, you usually receive the money the same day or the day after. Just like with the first fast loans with E-Money, the money comes in directly which is crucial for many and the reason why they take this type of loan. A fast loan with E-Money has changed over time but is based on the same principle as 2006. Fast high cost credits with short repayment times for unpredictable expenses.
E-Money loans are used for marketing purposes
Some lenders of fast loans call their loan services as E-Money loans even though they do not offer the application via E-Money. The reason for this is because more consumers are familiar with the concept of E-Money loans than fast loans. This will of course be erroneous as many expect to be able to apply for the fast loan via E-Money, but since most lenders have very flexible application processes, there are usually no major problems.
Because so many fast loan lenders market themselves as E-Money loans, many E-Money look like a term for small and fast loans. Even media that often criticize fast loans use E-Money as a general term for fast loans.