Wouldn’t it be great if we could all have enough money to finance pretty much anything in our lives without ever needing to resort to certain financing solutions, loan options and similar? Well, yes it would, but this is not how the world works, so we all frequently need to turn to those financing solutions that could be best for us at a certain period. Sometimes, borrowing some quick cash from our friends and family is the right option, although it should only be used for rather small amounts, because you don’t want to risk not being able to repay the debt and thus put your entire relationship with someone you like in jeopardy. Sure, 20 bucks won’t exactly jeopardize the relationship, but when you need a much higher amount, turning towards a different solution is a much better idea.
One different solution you can turn to is known as a personal loan. Numerous reasons exist for getting these, some of which are listed on this website, but the bottom line is you can get them for pretty much any financing needs you have. Whether you want to buy yourself a set of wheels, consolidate your debt, organize your wedding or a different event, go on vacation or do basically anything else with the money, it doesn’t matter. You’ll have the option of borrowing money from a financial institution, at a certain interest rate of course, and then repay it in installments over a specific period of time. That’s basically the definition of personal loans.
Nobody will ask you what you’re getting the money for, and especially not if you go for the unsecured option, i.e. the one not requiring any collateral to be provided as a sort of a guarantee to the lender that you’ll repay the borrowed amount. Anyway, the point is that you can count on personal loans regardless of what you need them for, and there are numerous lenders ready to provide you with their offers and enter into a loan agreement with you. So, needing money doesn’t always have to be frustrating, now that you have a source to turn to when you find yourself in such situations.
Waiting for the personal loan procedure to be completed, however, can take a while, depending on the type you’ll get and the lender you’ll work with. What happens, though, when you don’t really have much time to wait, i.e. when you are in need of cash as quickly as possible and when those traditional borrowing procedures will hinder your possibility to fund those time-sensitive expenses? You could need car repairs, or you could have found yourself in any other situation requiring you to come up with a significant amount of money as soon as possible, in which cases you won’t really be open for waiting those procedures out.
What does happen in such cases? Well, as it turns out, there’s a solution for this as well among the lenders, and it’s called a quick loan, or a snabblån. Getting familiar with this option will lead you to understanding that the waiting period doesn’t really need to be as long as you might have expected it and that you could come up with the cash you need rather quickly, if you only use the right borrowing solution. Having come across this option now, you probably have a lot of questions about it – questions I’ll answer for you below, helping you figure out how it all works, whether you can get this type of a loan, as well as whether you should and which steps you should take if you decide to go for it.
What Is A Snabblan?
Starting with the most basic question here, you need to understand what a snabblån is before going into any further details and before checking if you should get it and how to do it. So, a quick loan, as the name says it, is one that’s issued in a very short period of time, but it stands out from those other options in another way as well. Basically, it is subject to less rigorous screening procedures and approval procedures, meaning that it is usually quite suitable for people who have poor credit scores. Having a better score will, of course, always be favorable, but it’s nice knowing that you have something to fall back on even if your score is not that great and you wind up needing money for one reason or another.
Speaking of reasons, if you’re still wondering what the common ones for taking out personal loans are, this should help: https://www.forbes.com/advisor/personal-loans/good-reasons-to-get-a-personal-loan/
Why are these types of loans approved so quickly, though? For one thing, those more lenient background checks shorten the procedure, and then there’s also the fact you can apply for these using online forms and that you can get approved despite that poor credit score. In any case, the applying procedure will last only a few minutes, because all you have to do is fill out a form, providing the lender with some data and then letting them process the filed application. Thanks to such a quick overall procedure, the snabblån has certainly become a rather popular option and it is sometimes the only option for those people who don’t have great credit scores.
Quick loans are usually also small, but they can range from SEK 1,000 to SEK 50,000, the latter number being put in the category of slightly larger loans. If you need an amount higher than that, though, you probably won’t be able to apply for the quick borrowing option and you’ll have to take the traditional route instead. Naturally, the maximum amount will depend on the lender you’ll choose, as they all have their own requirements you’ll need to meet if you want to cooperate with them successfully and get the quick cash you’re after.
What Are The Requirements For Getting It?
Not needing to have a good credit score can make you assume that there are actually not important requirements to meet when trying to apply for this particular loan in Sweden. That, however, is far from the truth. Meeting certain requirements is still quite necessary, and so is getting familiar with them before filing any kinds of applications, because you don’t want to waste your time filling out forms if you’re actually not eligible for these quick loans we’re talking about. Sure, the requirements are more lenient, which is clear given less emphasis on the background checks and on the credit scores, but they still do exist and you have to be aware of them before applying.
First off, there’s the age requirement, with 18 being the usual lower limit. Some lenders, however, require applicants to be no less than 20 years old, meaning you should check the specific age conditions and other rules set forward by the particular lender you’ve decided to work with. Apart from that, you’ll have to be registered in Sweden and have a Swedish social security number, and then there are also income requirements that can differ from lender to lender as well. Having no ongoing debts with the Crown Enforcement Officer is another requirement to meet.
Why Should You Get It?
Deciding if you should get a quick loan or not won’t be easy. Unless, of course, you’ve found yourself in certain unpleasant circumstances that require you to come up with a larger amount of money quickly, in which case you won’t have a different choice than to do this. Even so, you’ll still wonder if this is a good idea and why you should actually get a snabblån in the first place. You’ll wonder that especially if you’re not that pressed by time. Understanding the benefits of this particular option will make your decision much, much easier, so let me tell you a bit about those.
The lack of credit history, the fast processing time and the lack of paperwork are all among the benefits of this option that we’ve already mentioned. The loan amount being flexible is also a plus, as it means you can borrow a pretty small amount if it’s enough to cover your expenses and thus avoid paying a lot of interest, or you can borrow a much higher amount to cover all of the costs that have arisen at one point or another. Not needing to provide collateral is another great benefit to consider, as you won’t have to risk losing any of your assets if you default on the loan. On top of all that, the 24/7 availability makes this option life-saving in certain emergency situations, because emergencies don’t exactly have a habit of announcing that they’re coming, nor do they offer you the option of waiting for, say, the morning so as to get the money.
How To Apply?
Realizing you won’t have to wait for that long and figuring out just how beneficial the snabblån can be in some situations will make you start wondering about how to apply for one. We’ve made it clear that everything is done online and that all you need is your phone or your computer, so as to fill out a form that can be filled out in a couple of minutes, provide the lender with the BankID verification and then wait for approval. Fortunately, the processing is also fast, meaning you can get your answer within an hour, or even in as little as 20 minutes, depending, among other things, on the lender you’ll choose. The entire approval process will take a couple of hours, after which you’ll receive the cash.
What To Do Before Applying?
While applying is rather simple, as explained already, it would do you good to learn what to do prior to actually applying for the snabblån, since there are important things to do if you want to take full advantage of this opportunity. Knowing precisely which steps to take before filing the application will result in getting a great quality quick loan and being happy with the terms you’ve received. When in an emergency, you may not think too much about those terms, trying instead to come up with the money in any possible way so as to cover the necessary expenses, but I’d advise you to be a bit more careful and patient, and to take all the right steps prior to applying, which I’ll list below.
- Decide Precisely How Much You Want
Borrowing a random amount won’t do you any good, as it could result in two scenarios. You could borrow less than you actually need, winding up still unable to cover your expenses and needing to look for another financing solution as well. Or, you could borrow a much higher amount than the one you need, resulting in paying much more interest than necessary, i.e. resulting in the loan costing you much more than it should have. Thus, thinking carefully about the amount you need and doing proper calculations is a must.
- Research Different Lenders
Researching at least a few different lenders, instead of applying with the first one you stumble upon, is also of utmost importance. Checking and comparing their specific offers, the interest rates and the borrowing time-frames, as well as other types of fees that they could charge you, and checking their reputation among other borrowers as well is a must. By doing all of that, you’ll find the perfect lenders, while also being able to determine what the perfect offer should look like, i.e. the one that’s not too expensive and that provides you with the opportunity to get the exact amount you need and quickly. Thus, you’ll get the best possible deal if you take your time to do the research and compare different lenders.
- Think Of The Repayment Period As Well
Deciding on the right amount you want to borrow is a must, but so is deciding on the repayment period you want to choose. The longer the period, the more interest you’ll pay, as it’s perfectly logical. Don’t, however, go for an extremely short period if you find you’ll be struggling with the monthly installments. Find a balance between those two.